Wild Finish to a Wild 2013
What a remarkable year it has been for the markets, the precious metals industry, and for Texas Precious Metals. Thank you to our valued customers who have helped us build our business into one of the fastest growing private companies in America, let alone the industry.
Gold and silver opened 2013 at $1672 and $30.30, respectively. Early morning trading brought gold down to $1182 (the 3rd time it has tested the $1180 level in recent months) and silver down to $18.71 before each metal retraced its losses. The downside selling pressure was to be expected on the last trading day of the year, as large positions were liquidated for tax purposes (presumably).
The price target of $1180 appears to be shaping up as a key resistance level. A break of $1180 could send gold to $1050. If $1180 holds, gold could push towards $1300 reasonably fast. Time will tell, as this has been an irrational year for metals and an irrationally exuberant year for equities.
In the early part of the 2014, we will issue an extended report on the state of the retail precious metals market. The piece will be posted here on our blog, and we will send an announcement to our newsletter subscribers.
Happy New Year!