Are The Precious Metals Percolating For A Big Move?

|
Includes: AGQ, AMZN, BAR, DBS, DGL, DGLD, DGP, DGZ, DSLV, DULL, DZZ, GEUR, GHE, GHS, GLD, GLDI, GLDW, GLL, GTU, GYEN, IAU, OUNZ, PHYS, PSLV, QGLDX, SGOL, SHNY, SIVR, SLV, SLVO, TSLA, UBG, UGL, UGLD, USLV, USV, ZSL
by: Dave Kranzler

Since the beginning of 2018, gold has been stuck in a trading range between $1310 and $1360. Silver has ranged between $16.20 and $17.50, though primarily between $16.80 and $16.25 since February. So what's next? While most analysts base their views largely on chart technicals, I have found - at least for me - the Commitments of Traders "tea leaves" is a more reliable forecasting tool. Friday's COT report showed a continuation of the trader positioning pattern that I believe will support the next big move higher.

Elijah Johnson and James Anderson invited me on to their weekly Metals and Markets podcast to discuss why I believe the metals may be bottoming. In addition, we discuss the why Amazon.com (NASDAQ:AMZN) and Tesla (NASDAQ:TSLA) are horrifically overvalued: