Gold settled to a three-month high on Thursday while silver marked its best close since late January. Both, along with platinum, are riding a three-day winning streak.
Gold for June delivery tacked on $7, or 0.6%, to end at $1,225.20 an ounce on the Comex division of the New York Mercantile Exchange. The settlement price was the highest since Feb 13 when gold closed at $1,227.10 an ounce.
According to Ken Ticehurst gold is an extreme value, but price stagnation remains in the short term.
Patience and an open mind are still required for the next few months, until we see genuine evidence that gold is either an extreme value play (still our preferred scenario), or it has gained enough energy to start to breakout in the months ahead. Either way, we are looking for evidence that sentiment is changing rather than concentrating on the great story that will inevitably drive prices far higher.