Gold and Silver Prices at an Inflection Point

October 17, 2023

by Craig Hemke Sprott Money

It has been a grueling five-month downtrend for COMEX gold and silver prices, and the charts suggest that, once again, prices are at an inflection point and near a breakout. Can both metals rally and extend from here or is this just another lower high amidst the downtrend?

The first thing to understand about this current bounce in price is that it is due, in part, to a safe-haven bid given the ongoing and worsening hostilities in the Middle East. Rallies in price based upon geopolitical stress are often short-lived and rarely do they have staying power. Understand this first and foremost before we proceed.