Here Is Why I Am Not Worried About Last Week's Gold Pullback

We are finally getting a pullback in gold, silver, and precious metals. Although silver closed Friday above $30.00 an ounce, the price of gold went up towards $2450 an ounce, during the first half of the week, and then closed the week out at $2334

That’s a pretty heft swing up and down and now the price of gold is near it’s 50-day moving average, currently trading at $2318.00. It easily could touch that indicator this week or next.

We last saw a real pause in the gold rally after its first surge to $2200, in March, when gold then spent about two weeks consolidating between $2200 and $2150.