A buying spree in precious metals ETFs creates bullish signals.
[This article previously appeared on HardAssetsInvestor.com and is republished here with permission.]
Gold prices edged closer to the $1700 mark this past week and look poised to test a downward trend line near that level in the coming sessions. However, overall, price action in the yellow metal has been fairly muted.
That said, we continue to see big moves in the other precious metals—platinum and palladium. Moreover, even silver gained traction last week thanks to a surge in ETF buying.