Gold turns lower on Powell’s more aggressive rate tone
James Turk believes silver will break above $50 to join other soaring commodities

(USAGOLD – 3/22/2022) – Gold turned lower as investors balanced Fed chairman Powell’s more aggressive tone on rate hikes with worries of a prolonged war in Ukraine and its inflationary side effects. It is down $8 at $1931. Silver is down 13¢ at $25.17. Though silver’s reaction to Russia’s invasion of Ukraine has been muted thus far, James Turk, the long-time precious metals market analyst, believes that is all about to change.

“Given silver’s exceptional undervaluation at current prices,” he says in a recent report posted at King World News, “it appears to me that 2022 will be the year that silver completes the handle on this chart pattern by doubling in price from here. More importantly, 2022 is setting up to be the year that silver finally breaks above $50 per ounce to join the soaring prices we are seeing in so many other commodities because the dollar is being so badly debased. … Given silver’s exceptional undervaluation at current prices, it appears to me that 2022 will be the year that silver completes the handle on this chart pattern by doubling in price from here. More importantly, 2022 is setting up to be the year that silver finally breaks above $50 per ounce to join the soaring prices we are seeing in so many other commodities because the dollar is being so badly debased.”

Silver price
(Log scale, 1971-present)

Chart courtesy of TradingView.com