Weekend Iran Deal Puts Bottoms In Silver And Gold Takes Big Risk Away From Financial Markets

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It now looks like we are getting real signs of a deal in the Middle East. I know Trump has announced potential deals before that never happened, but this time when he did so yesterday, he began to come under attack from politicians like Lindsay Graham, the real pro-Israel war hawks, who campaigned for the war for years and years.

It will take time for more negotiations to lead to a real deal, but more bombing is now off the table. If Trump had a real military solution he would have done it already, and the fact that he hasn’t means that he is doing what he must do, even if it is not what some want him to do. It isn’t just Trump here, it is regional actors and states that are a part of this.

The potential for more bombing was a big risk for the global economy and financial markets and I consider that risk now off the table.

Therefore, I think we should consider the recent lows we have seen in the metals markets as bottoms, even if they may continue to trade sideways in a range for a few more weeks or months.

Here is what the silver chart looks like now.