Where is the turning point for gold & silver?

Precious metals markets are under pressure once again as those long gold look for evidence of a sustained turnaround. ‘Gold as a safe haven asset has been sold off since the S & P broke the 2000 mark,’ said Tony Davis, sector analyst at Atlanta Gold and Coin. ‘But for those looking at metals as a long term investment, these are clearly some of the best levels we have seen in years and the current trends mark a very good opportunity to start building exposure.’
In the shorter-term, bearish trajectory has been driven by the latest round of macroeconomic figures. Non Farm Payrolls for the month of November came in at a very strong 321,000 jobs for the period, far exceeding analyst expectations and removing the need for investors to buy into safe haven assets. But whether or not these types of moves can sustain themselves is another question, and here we look at the longer term historical averages to determine where the key price points can be found in the SPDR Gold Trust ETF (NYSE: GLD) and iShares Silver Trust ETF (NYSE: SLV).

This post was published at TruthinGold on December 8, 2014.