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Since peaking just above $16 in late January, the price of silver has moved into consolidation mode. In fact, in last week's update, I told you not to be surprised about any pullback going forward.
So far it's been a pretty mild correction in silver prices, which have dropped from a $16.07 peak to their current level near $15.65. Still, the precious metal is up 12% since November and has held up well despite recent strength in the U.S. dollar.
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Even though gold prices broke out in a big way to start the year, they've reached a lull in February.
But this is actually a good thing.
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The price of silver enjoyed a bullish uptick over the past week, so any pullback now should come as no surprise.
In fact, silver prices rallied 5.7% in the last 10 days of January, and a stunning 15.3% from mid-November.
A near-term consolidation in silver prices would not only be expected, it will be healthy as such dramatic gains are digested before the next move.
I fully expect that move to be higher for a number of reasons.
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The price of gold is now trading at an eight-month high.
Only one week ago, gold prices finally closed above $1,300 after multiple attempts to break through.
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Gold has been a store of value and wealth for more than 5,000 years, dating back to ancient Egypt.
But the benefits of owning gold are made crystal clear by the crisis in Venezuela.
Here’s why and how you can avoid making the same mistakes the Venezuelans did…
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The latest action in the price of silver has helped confirm the newly emerging bull market.
In early January, silver prices twice tested $15.75 to close above $15.70. The second time they tested that level, they quickly reversed, with silver dropping back to $15.55, then gradually falling even further.
The DXY dropped off considerably last week, as investors turned their interest toward earnings season and began pricing in continued dovishness from the Fed.
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After peaking twice just south of $16, the price of silver has started to back off.
The precious metal put in a stellar performance in the two months between early November and early January, climbing from $14 to almost $16.
That was a powerful 14.3% move.
Now, we're starting to see some traders take profits and even rotate back into stocks, which have turned higher in the last three weeks.
With silver prices holding near their 200-day moving average and possible renewed weakness in the U.S. dollar, we could well see this precious metal return to rally mode before long.
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The price of gold continued its lateral movement last week, but veteran gold traders are used to a plateau after rally.
But we're seeing a barrage of bullish indicators for gold right now, including a billionaire investing mogul jumping into the space.
Let's take a closer look at what's going on, including where I see gold prices heading next...
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These are truly exciting times for precious metals.
The price of silver has been performing exceptionally well, especially since late December.
That's when silver prices embarked on a string of higher closes for seven consecutive days. In the past, moves like this have proven themselves to be a strong signal that further rallies lie ahead.
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After a blistering rally in gold prices since mid-December, the precious metal is finally gearing up for a bull market run.
That rally vaulted gold from $1,237 to almost $1,300 – a 5% gain in a month.
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