Technical Analyst Peter Lee of UBS Talks Gold & Silver

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.

[caption id="attachment_3571" align="aligncenter" width="618" caption="$GLD Chart via Yahoo Breakout"][/caption]

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.

Source:

Gold & Silver Are Moving Higher:...Much Higher Says Analyst (Breakout Yahoo Finance)