In this week’s talk with National Numismatics’ Tom Cloud, he covers the tightness in the silver market and why the coming debt ceiling increase is good for gold.
DollarCollapse: Hi Tom, the tone of the precious metals markets seems to have shifted from utter despair to cautious optimism. Is this the bottom?
Tom Cloud: I’m not sure that the bottom is in, but it certainly will be between now and the 27th when the government raises the debt ceiling. In the meantime there’s the possibility of gold going lower, maybe breaking down to $1,540, which from a technical standpoint certainly looks possible.
But the fundamentals are there for it to go much higher. You just need something to jump start it, and I think that event is the raising of the debt ceiling at the end of the month. History tells us that when the debt ceiling goes up gold and silver go with it.
Read the complete article at The Dollar Collapse here.
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