Gold & Silver Will Smash Through All-Time Highs
September 18, 2012
Today Tom Fitzpatrick spoke with King World News about the recent move in both gold and silver. Fitzpatrick expects the price of gold and silver to smash through their all-time highs as gold surges to $3,400, and silver heads to $100.
Here is what top Citi analyst Fitzpatrick had to say, along with some powerful charts: “You can still have corrections and track sideways occasionally, but to us the trend is solid. The pattern is quite clear, and we still believe this $1,791 area is really quite critical in terms of the next leg higher for gold, as well as the $37.48 level on silver.
When we get a weekly close through both of those critical levels, we anticipate that will give us an acceleration which will take us up toward the targets on gold to the $2,055 area (see chart below), and silver back to the old highs near $50. However, on a longer-term basis we believe we have a setup here which suggests that gold could continue to go higher for some time to come.