Ok, first post of the year, lets bring this up to date.
Remember, my purpose with this thread is to feature price action and nothing more. Predictions are worthless far into the future as they are a waste of time and those who try and predict are almost always WRONG. No need to make predictions when we can follow price action over time to know what direction an asset is going.
Last year was just a bunch of chop, side ways action, dips, valleys, day after selling and more. Gold did make yearly highs at one point, which was good and important but after that, fizzled. Silver enjoyed a flash crash and really went nowhere and barely hung on to its gains in 2017. Yet, both managed to stay positive, even if thin gains, for the year.
Gold-
Where we stand as of this writing- 
Lets keep this short and sweet. Gold is entering a time period of seasonal strength and so far, price is confirming this. Notice how gold has thus far received a bid for 7 days in a row.
Now, if you notice on the chart, we have 1308.40 as an important area to clear on a shorter time frame. Gold did clear that area but as it entered it, it did it after being up day after day. a Pull back here wouldn't be surprising or a period of chop, digesting the recent move up.
lets see if gold can hold these gains and build on them. Should it be able to do that, the yearly highs could once again be in sight and a positive sign of price action for gold. Remember, any asset hitting 52 weeks highs, also known as yearly highs, is a positive form of price action that usually brings higher prices and helps strengthen the trend.
Silver- 
Where we stand as of this writing- 
Silver was pretty ugly, rough and nasty in 2017. Big moves up, big moves down. NOT the kind of price action that you really want to see when you put money to work. It will be interesting to see IF silver smooths out in 2018.
Shorter term, we want to see if silver will clear and hold above 17.50. Notice how, just as with gold, there have several up days. There could be some more back and forth before silver tries to make its next move higher. Allow the element of time to play out, perhaps it may just chop around and not pull back deeply. Again, watch price action for clues.
What happens with silver going forward is not guaranteed. But if silver can build on these recent gains, hold them and avoid the swings of constant selling, yearly highs, also known as 52 highs, could also be in sight and that would be a positive in terms of price action and getting silver into a stronger uptrend. Right now the yearly high stands at 18.66.
So to wrap things up- gold and silver are moving higher as of this writing, Note that we are in a seasonal time period, of strength for the metals which roughly runs into February.
We want to see if in 2018 we get more of the go no where price action that we saw last year. You might recall in both silver and gold we would have weeks of consistent buying, day after day, the the buying would stop and the selling would run for days and days, week after week.
Let us see IF that pattern changes, lets see if gold and silver can finally trend in some direction and do it smoothly. I realize that the sentiment here on this forum is probably for higher prices in gold and silver and that is understandable but we must always pay attention to price and respect the price action, in which ever direction it goes.
My last thought is one I repeated a few months ago and that is regarding some other interesting speculative options that have been taken since September. You can refer to my earlier posts but this is the short version-
Its been interesting to note some very big option calls both in the futures market and for options on the PM ETFs, such as GLD and SLV. These bets were taken out way far into the FUTURE, as in late 2018, 2019 and 2020. The bets that were taken in size are speculative, not guaranteed, as markets always are.
What is interesting to note tho, is that all these speculative option plays are a bet on much higher prices than we see right now. Is the market trying to send a signal? Does the market already know something?
Finally, lets look at some PM miners as we enter 2018-
Wheaton Precious Metals- WPM
This was formerly know as Silver Wheaton. Very constructive price action and getting very close to striking its 52 highs, or yearly highs, this is a positive sign if you are looking for higher prices into the future.
Find out when the company reports earnings and follow it, IF silver and gold run higher in 2018, you want to buy gold and silver mining stocks that are doing the best as prices rise, avoid the laggard mining names. So far, WPM is doing well.
Kirkland Lake Gold - KL
This is a canadian gold miner who did an IPO in 2015 in the US markets. It has a great 2017 and trends usually continue to run in the direction they have been going for a while, so despite gold being choppy, this miner was able to maintain its momentum. IF gold does better in 2018, this one has good probabilities that it continues to sail higher. Again, find out when the company reports earnings and pay attention to how it acts.
Franco Nevada Corp- FNV
There are several miners like this one that ended the year positive despite the weak and choppy price action of gold. This is an example of a miner you want to keep an eye on as well on 2018. Again, follow when the company reports and pay attention to how it acts.
The above names are just suggestions, I am not suggesting you go and buy them right now, right here. Gold and silver miners are notorious for being volatile and these charts could change if silver and gold move lower or if they have a bad earnings report which the market does not look on favorably and thus begins the slide in the share price.
For that reason, pay attention to the earnings calls and announcements of these miners, dont buy in front of their earnings calls and wait to buy based on how positive the reaction is from the market. Furthermore, some miners might take hits on brokerage houses downgrades or perhaps some geopolitical event where their miners are and so on. So remember, miners are a tough buy, pick wisely by paying attention to their price action.
What the future holds for gold and silver, we do not know, I have no no clue and really no ones knows. All we can do is follow price action which paints an overall picture for us as time goes on. Time, that very important element in markets, will show us what happens, little by little.
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Posted 12/09/2017 6:18 pm
