In a recent interview by Liberty and Finance, Steve Penny shared his insights on the precious metals market, highlighting the potential for significant gains in silver, platinum, and uranium.
Penny, a renowned expert in the field, emphasized the importance of fundamental analysis and technical analysis in making informed investment decisions. He stated, "Fundamentals tell me what to buy and technicals tell me when to buy or when to sell."
Gold: While acknowledging gold's long-term bullish outlook, Penny cautioned that gold may be nearing a short-term top. He highlighted the importance of the $2,801 resistance level. "A break above that would be very bullish, especially on a weekly basis," he said.
Silver: Penny expressed strong bullish sentiment for silver. "I think $50 has a magnet on it for fundamental reasons and Technical reasons," he declared. He emphasized the significance of the recent breakout above $30 and suggested that a pullback to the $20 to $30 range would present a compelling buying opportunity.
Uranium: Penny highlighted the growing demand for nuclear power as a key driver for uranium prices. "The world is going to need a lot more uranium," he stated. He pointed to a bullish triangle pattern in uranium prices and suggested that a breakout could lead to significant gains.
Platinum: Penny emphasized the historical undervaluation of platinum relative to gold. "Platinum is down at like 1,000, and gold is up at 2,800. This is a historic undervaluation relative to Gold," he said. He believes that a breakout from a long-term triangle pattern could trigger a significant move higher in platinum prices.
Beyond Metals: Penny also discussed the importance of monitoring interest rates and the potential for a disconnect between Federal Reserve policy and market expectations. "I think we've all known there's going to come a day where the FED kind of loses control of the bond market," he warned.
Watch the full interview:
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