from Gold Silver Worlds:
Gold and silver seem to take a breather today. With a first significant correction since many weeks, the gold price is settling at $1329 (down 1% on the day) while silver is closing at $21,23 (down 3.3% on the day).
The recent charts revealed an enormous pressure cooking in the precious metals complex as we have shown here and here. All four precious metals are at major resistance or on the verge of a major breakout. However, today’s correction could delay a major breakout, depending on the steepness of the decline in the coming days and weeks.
Mr. Schnider, Head of Nontraditional Asset Classes at UBS Wealth Management, believes the prices of the precious metal may see a bearish decline of double-digit this year. In a CNBC interview he explains his view:
Some of the precious metals buying recently was not truly fundamental. We expect a double-digit decline on the precious metals. We are in a risk on environment going into the second quarter of this year: rates will go up again, the dollar will strengthen, equities will continue to grow.
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