gold chat, page-261

Dillinja,

The EW dude disagrees with you.


I'm bearish across the board in the metals," says Jeff Kennedy, Chief Commodity Analyst at Elliott Wave International. "I'm looking down in gold, down in silver, and down in copper." He lays out his case in the attached video, starting with the precious metals.

Gold and Silver

Kennedy dismisses the muted efforts of gold and silver to regain last year's momentum as classic corrective wave patterns. "Essentially the moves that we've seen the last few weeks, the last few months, are very indicative of a larger down-trending market," he explains.

Once he sees confirming price action, specifically a break below last week's lows in gold, Kennedy wants to get short. The analyst's favorite ways to play the dark side on gold and silver are via the SPDR Gold Trust (GLD) and the iShares Silver Trust (SLV).