With the wild action in gold and silver this week, top Citi analyst Tom Fitzpatrick put together a ‘Gold & Silver Chartapalooza’ where he laid out the roadmap for gold and silver to hit new all-time highs. Below is his interview and the KWN Special Friday Gold & Silver ‘Chart Mania’:
“We are still of the view that this has been a base building process for gold, and I would the same is true for silver. This has been similar to the 2006/2007 base before we went higher (See chart below). It’s really just a question of timing more than anything else because we are increasingly convinced we are going to get the up move.
In terms of gold, it has bottomed out a couple of times around this $1,500 to $1,520 area (See chart below). If gold can close Friday at $1,600, we’re going to get another bullish outside week for the second time in the last nine weeks off of this base.