Over the past few weeks, we’ve seen a lot of money move out of certain sectors of the market and flow elsewhere. And this past year in March 2020, when a similar thing was happening, gold and silver stocks were among the first to take off as buyers sought a safe haven amid the coronavirus crash.
So in today’s video, I’ll discuss what happened then and what’s happening now with gold and silver stocks. And, most importantly, how YOU can make money going forward!
Taking a look at SPDR Gold Trust (NYSEArca: GLD), an ETF that tracks gold, it bottomed at $136 before ripping to new all-time highs by July and August, topping at $194.
As you can see in the chart above, GLD spent the next several months retreating as stocks, cryptocurrencies and so on moved higher. But since April 2021, it’s been back on a big upswing as the price of goods like lumber, soybeans, corn, energy… so on and so forth all ripped higher.
Gold was overbought and took some time to digest its huge move up. Now, it was a big pullback from $194 to $157. And it tested that bottom twice, once in March and again in April.
Interestingly enough, $157 was also a bottom hit back in June. So the “King Makers,” as I call them — big, institutional buyers — defended that support level and started buying again in April.
And it’s been rallying hard ever since. So the new uptrend is still in the early stages and if this trend continues, GLD could easily take out the previous highs and then who knows how much it might rise.
I’d also like to break down the iShares Silver Trust (NYSEArca: SLV) ETF, so check out my short video on gold and silver stocks and let’s chat more in-depth. We’ll also take a look at a few miners as well. All of these names are acting well and making nice moves up.
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