In this video Mike Maloney and David Morgan are together in Puerto Rico. They look at the precious metals charts. Both feel that a rise in precious metals prices is coming but speculate on whether this indicates a breakout or fake out in precious metals prices.
Spikes in volume in the last few days indicate this move up in precious metals prices will probably be sustained.
Mike is hoping that the price will come back down so he can make another large purchase. Mike believes we will see silver in the $30s by the end of the year.
David wants to wait a little longer for confirmation. He is also a little more cautious in speculation for the price of silver by the end of the year. David believes it will be in the $20s.
We are probably at the lowest sentiment level. David believes precious metals prices are on their way. But he is a little more cautious.
Sentiment is so important. Mike wants to buy when everyone else is not interested. No one is interested in gold or silver now. Sentiment is at extreme negative levels.
Tremendous increase in volume and that has not changed. Sentiment is low but volume is high. That indicates there is a lot of institutional interest despite the press you may here.
We are at the end of the coil patter and both Mike and David believe that we are the end of the coil pattern and the precious metals prices will be rising.
Commitment of traders is impressive. Speculative longs are short five weeks in a row. The net position of commercials is only a couple of percent.
When you put all of these factors together Mike feels it is a great setup and he is going be making another large purchase of silver if the price goes back down to 17 dollars but he might even pull the trigger and make a purchase now.
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