Analyst Says Bull Market Still On for Precious Metals

Bull markets are perceived differently by investors focused both on the long term as well as the short term. In 2019, gold entered a bull market after exiting a basing channel at $1,370. Before that, the metal was trading for a little below $2,000 in 2011 and fell to $1,200 in 2013. After this, the metal entered a new channel in 2014, before exiting it once more in 2020. Analysts now reveal that the long-term outlook for precious metals such as silver and gold is positive, despite the recent decline in the price of precious metals in August last year.

In a recently released video, CPM Group managing partner Jeff Christian stated that the current prices of both precious metals were in the consolidation phase, given that silver usually follows gold. The veteran analyst noted that the consolidation phase occurred after a rally, which began in 2015–16, depending on the metal. Data from Yahoo also shows that in August, the iShares Silver Trust SLV +1.5% and the SPDR Gold Shares GLD 0.2% exchange-traded fund, which track the prices…

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