Chart trader, Patrick Karim, believes gold and silver could soon reach their all-time highs. He told Kitco News that gold could be headed for $2,300 an ounce, and silver could reach $50 an ounce. However, Karim said both metals need to hit certain price levels first. In other news, several market experts say the Fed is going to taper soon. However, they’re still unsure exactly when that policy shift will start.

 

Kitco News/David Lin
$50 silver price, $2,300 gold are next, but not before this happens first – Patrick Karim

Gold and silver are about to break out in an “explosive rally” said Patrick Karim, technical analyst and co-founder of Northstar & Badcharts.

According to Karim, silver and gold both need to hit certain price levels first before another bull rally is confirmed, and once they do, new all-time highs can be breached.

“For silver, until it closes above $28 [an ounce], you’ve got to stay on the sidelines. If it closes above $28, then it’s $48 within six months, and probably faster,” Karim told David Lin, anchor for Kitco News.

Gold is on its way to $2,300 an ounce but needs to sustain momentum above $1,800 an ounce first.

You can watch the full interview, here.

 

CNBC/Eric Rosenbaum
The Fed is closing in on the taper, but there’s a lot the market, economy still can’t know for sure

The taper is coming. That much is certain. Recent reporting indicates the Federal Reserve may move ahead as early as September.

“It looks like they are probably turning the corner,” said Mike Englund, principal director and chief economist for Action Economics.

Three Fed officials all over the U.S. map spoke up in recent weeks about the taper. Dallas Fed President Robert Kaplan told CNBC that it’s time for the Fed to taper in the fall, starting the actual program’s end in October. Richmond Fed President Thomas Barkin said “we are closing in on tapering” though he wasn’t more specific. San Francisco Fed President Mary Daly said a few weeks before her colleagues that the taper could come “later this year” or in early 2022.

Interviewed on CNBC earlier this week, Boston Fed President Eric Rosengren said he could be ready next month to begin.

Many market watchers feel that the Fed has been so much more communicative this time around that the taper, when it starts, will be a “ho hum” event for investors, and that is the way the market is acting so far. Stocks continue to sit near records, even though they’ve been weak in recent days, and bond yields remain depressed. But there is a lot the economy and markets still don’t know about the Fed’s taper plans and the ripple effects. Here are a few of the major issues.

Read the full story, here.

 

Fox Business
Biden losing political capital over ‘botched’ Afghanistan policy: Expert

Morgan Stanley Wealth Management senior vice president Jim Lacamp argues it will be harder for Biden to push through certain parts of his agenda following backlash on his Afghanistan policy.

You can watch the full interview, here.

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