Top silver market expert David Morgan tells Silver Doctors the gold and silver markets have just seen a significant positive change in momentum.
As soon as Treasury Secretary Steve Mnuchin said at the World Economic Forum a weak U.S. dollar was good for trade, the U.S. dollar slumped to a three-year low, sending gold above it’s key resistance point of $1,350. Silver also spiked, outperforming gold.
Silver outperforming gold is a bullish sign for silver. Morgan sees silver continuing to outperform gold this year.
Morgans says the U.S. Dollar has no support. The chart looks like “a toothpick holding up a big building.” But he says gold is more negatively correlated with the stock market than the U.S. dollar index. Therefore, if gold is going higher, expect a correction in the stock market.
Saturday was President Trump’s one year anniversary of his inauguration. While Morgan does not consider himself a huge Trump supporter, he is encouraged by Trump’s first year in office. “What a shakeup,” Morgan says.
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