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Gold and Silver on Fire – Nick Santiago

Financial Survival Network, Released on 5/3/21

1. The ‘Friday Effect’ finally failed to play out. Believe it or not, the major stock indexes finished negative this past Friday. The trading volume was not very heavy so it did not mean all that much. Either way, the up-trend in the market is still intact. Amazon had a decline Friday, it couldn’t hold onto its gains. Now Amazon, Apple and Microsoft have had stellar earnings and all sold off. Apple hasn’t made a new high since January.

2. The major stock indexes are rallying higher this morning to start the week. Tech is a little sluggish, but there is no real issue yet. GDP was up 6%. Unemployment isn’t going down, largely because of the bonus unemployment insurance. Underneath the surface there’s lots of lead.

3. Warren Buffett’s business partner, Charlie Munger, slammed bitcoin this weekend. He said he hates Bitcoins’s success. Munger also said, “I don’t welcome a currency that’s so useful to kidnappers and extortionists, the whole damn development is disgusting.”

4. Gold/Silver On fire today. Gold is on fire after the big pullback, just under $1800. We built the base to break $1800. Miners are doing great. Silver up 4.4% over 27 on the futures. Breakout for silver and coming breakout for gold. It’s a powerhouse pattern. $30 plus silver is coming.

Nicholas Santiago started trading in 1991. In 1997, he became a licensed Series 7 and 63 registered representative. He successfully managed money for a large, affluent private client group. Nick is an expert in Technical Analysis. He is a highly regarded and accomplished technician in the studies of Elliot Wave, Gann Theory, Dow Theory and Cycle Theory. After applying his knowledge to his client base and meeting his personal monetary goals, he decided it was time to begin teaching those interested in learning his trading and investing methodology. In 2007, he partnered with Gareth Soloway to form InTheMoneyStocks.com and realize his dream of educating others about the truth of the markets. He now co-heads the education department at InTheMoneyStocks and enlightens thousands of members, along with providing consulting services to hedge funds and institutions.

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