The price of gold and silver hit all-time highs on Friday, with silver closing at $31.26 an ounce, up over 4.50% for the day. This rally in precious metals started back in late February when silver was still trading below $26 an ounce. Since then, both gold and silver have broken through key resistance levels and are now accelerating in their upward trajectory.
Market analyst Mike has been advocating for buying gold, silver, and mining stocks since March, and has been making videos to alert people to the opportunities in precious metals. He believes that we are in the early stages of a bull market for these assets, with gold and silver making breakaway moves and running away from investors.
In this early stage of a bull market, violent upward moves are common, and it often pays off to buy into market leaders and look for opportunities in lagging stocks or sectors. Mike has been keeping an eye on high dividend paying palladium and platinum miner SBSW, and has made a recent buy in the company.
While Mike already has a good position in precious metals and mining stocks, he is considering buying the physical palladium ETF – PALL – in a small account that he had forgotten about. Palladium is the only metal that has not broken out yet, but Mike believes it could experience a significant short squeeze in the future.
Overall, the precious metals complex, including copper, has seen explosive gains in recent months, indicating the early stages of a bull market. Mike is watching stocks like DRD and AU for potential upside moves and keeping an eye on the China market through the FXI ETF.
As silver bulls and gold bugs anticipate further gains in the precious metals market, the coming week promises to be an exciting one for investors in these assets.
