John Read Recent Quotations

Silver's recent rally appears to have been driven by intensifying speculation that the proposed ETF will soon gain approval from the SEC, although we have seen no indications on the possible timing.

Gold and the other precious metals appear to have found support after the recent sell-off, however, we believe it is too soon to turn bullish on gold specifically.

Gold is in search of a fresh catalyst to return it to recent highs.

We do not believe that this correction is over and suspect that gold will now consolidate between recent extremes of $545 and $568, with a break of $575 needed to bring back bullish sentiment.

We believe that gold is attempting to find a range with the recent extremes of $535 and $555 likely to confine the metal for a while.

I do believe that the recent run up in gold has been almost entirely driven by speculative and investment demand as jewelry demand has fallen sharply.