iGold

The gold miners have just broken out of a major five-year base. Significantly higher valuations lie in store over the next 6 – 18 months for most of the world’s gold miners. However, this move higher in the gold miners will not happen in a vacuum: gold itself will tag along for the ride, albeit in lesser percentage terms. For investors expecting a top in the gold market imminently – the charts suggest otherwise.

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The silver price is just a few percentage points away from a 13-year high, with the current spot silver hovering at $32.60 as this article goes to press. Silver prices have not been this high since 2012 – if silver closes out the month of March above $32.50, it will be the highest monthly close since November 2012.

With prices hovering near levels not seen for over a decade, one would logically think that interest in the silver market would be booming. However, this is not the case, and what we see is the exact opposite: interest in the silver market is currently at multi-year lows.

From a contrarian standpoint, this is a good thing, since it means the mainstream western investor is not participating in the silver market currently. When he does, it will signify a warning sign that a top may be approaching. For now, we are nowhere near this point, and we must thus conclude that silver has further room to advance over the months and possibly years ahead.

Let us examine the evidence.

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