Technical Analyst Peter Lee of UBS Talks Gold & Silver
- Posted by JC Parets
- on August 4th, 2011
Peter Lee over at UBS talks Gold & Silver with Jeff Macke on my favorite new show Breakout on Yahoo Finance:
Gold is headed higher,” Lee says. “Gold is a great call. We don’t think it’s speculative at these current levels.” Discounting for inflation Lee sees the most precious of metals heading into the $2,000′s.
Touching on Silver, Lee sees it consolidating its multi-year move in a range from the mid-30′s to low-40′s. He says these are your levels to watch for a short-term trade. But the long term outlook is for a big move higher, that eventually sees silver prices climbing to $100/oz. For patient investors just buy it now as far as Peter Lee is concerned.
Lee’s bottom line: Buy gold on dips, or just about any day. Don’t bother making it complicated by trying to do so in non-dollar denominated currencies (e.g. buying gold in Euros as a bet that the Euro will drop faster than the dollar). Buy the SPDR Gold Shares etf ($GLD) for the liquidity.
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J.C. Parets is the Founder & President of Eagle Bay Capital, LLC. He earned the Chartered Market Technician designation (CMT) and is a member of the Market Technicians Association. More
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