menu-control
The Jerusalem Post
The Jerusalem Post: Business and Innovation

Analyst: If we see a pullback, buy it

 
 Analyst: If we see a pullback, buy it (photo credit: SHUTTERSTOCK)
Analyst: If we see a pullback, buy it
(photo credit: SHUTTERSTOCK)

BTIG strategists suggest temporary pullback could present great buying opportunity for those needing exposure to precious metals.

A short-term pullback in precious metals prices should be seen as a big opportunity to enter the market, according to a strategist at BTIG.

Jonathan Krinsky, chief market technician at the global financial services firm, said many traders believe a retracement in both gold and silver could be coming, with the metals up 29% and 35% year-to-date, respectively.

“We think we are at one of these inflections, despite their constructive momentum and trends,” he said.

 This one-year chart of gold prices shows a steady increase in spot value. (Source: TradingView) (credit: PR)
This one-year chart of gold prices shows a steady increase in spot value. (Source: TradingView) (credit: PR)

Kinrsky said he is targeting about a 5 to 8% pullback in the price of gold when considering a re-entry price.

Featured Partners (Ad)

Request Your Free Gold Investment Educational Kit

As for silver, it “has yet to fully breakout above its May highs,” Krinsky said. “While you could argue that is still fuel to move higher, our thinking is we see this pullback into October and then you look to add into that dip in anticipation of a bigger, more durable breakout.”

Gold and silver prices performed exceptionally well in September, which has historically been a weak month for precious metals trading. The one-directional trading pattern to the upside has led to analysts increasingly blowing the whistle that the market could be in for a short-term correction.

Featured Partners (Ad)

Augusta Precious Metals

Fees:

$0 (10 Years)

Minimum:

$50,000

"Best Overall" by Money Magazine, Award-Winning for 6 Years, Thousands of 5-Star Rankings

Expand DetailsRenowned for its exceptional customer service and commitment to transparency, Augusta Precious Metals has garnered numerous accolades, including "Best Overall" from Money magazine and "Most Transparent" from Investopedia. The company's dedication to educating and supporting its clients has earned it top ratings from organizations such as A+ from BBB and AAA from BCA.

Goldco

Fees:

Vary

Minimum:

$25,000

Industry leader with over $2 Billion in gold and silver. Top rated precious metals company with buy back guarantee

Expand DetailsFrom Precious Metals IRAs to direct purchases of gold and silver, Goldco have helped thousands of Americans place over $2 Billion in gold and silver. TOP-RATED PRECIOUS METALS COMPANY Rated A+ by the Better Business Bureau Rated Triple A by Business Consumer Alliance Earned over 6,000+ 5-Star Customer Ratings Money.com 2024 Best Customer Service 2024 Inc. 5000 Regionals: Pacific Ranked #17 2024 Gold Stevie Award, Fastest Growing Company Inc. 5000 Award Recipient, 8+ Years

Birch Gold Group

Fees:

Vary

Minimum:

$10,000

Since 2003 BGG served over 32,000 customers. A+ rating with BBB, AAA from BCA & has multiple celebrity endorsements

Expand DetailsBirch Gold Group is a leading precious metals dealer established in 2003. They empower customers with education and prioritize customer satisfaction. Their experienced team offers gold, silver, and other metals for investment and IRAs. With a strong reputation (A+ BBB rating) and focus on personalized service, they aim to be your trusted partner in securing your financial future through precious metals.

This article is for informational purposes only. The opinions and analysis herein are those of the author and are not financial advice. The Jerusalem Post (JPost.com) does not endorse or recommend any investments based on this information. Investors should consider their financial situation, investment goals, and risk tolerance before making any decisions. Consulting a qualified financial advisor is recommended. JPost.com is not liable for any investment losses from using this information. The information provided is for educational purposes only and should not be considered as trading or investment advice.

×
Email:
×
Email: