Gold Hits 1-Month High as Market Expert Says Silver Looks 'Fantastic'

As gold prices hit a one-month high on Monday, silver prices--which tend to follow the yellow metal's lead--were also reaping the benefits.
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KITCO NEWS -- As gold prices hit a one-month high on Monday, silver prices--which tend to follow the yellow metal's lead--were also reaping the benefits. May Comex silver settled the day 2% higher at $18.108 an ounce. Phil Streible, senior market strategist for RJO Futures, said that while gold is looking strong and could reach $1,300 an ounce, it is silver that is looking 'fantastic.' He told Kitco News that he would not be surprised for the metal to hit $20 an ounce. "As long as silver shows resilience to the upside, $20 is a real feasible target," he said. On the gold front, the metal rallied following President Donald Trump's failure to push through a health-care reform package on Friday. This raised questions over his ability to deliver promised tax cuts and spending plans, in turn knocking the dollar to a four-month low and helping gold, which is priced in the greenback. "We have a lot of people going into these safe-haven assets," Streible said. But the yellow metal can also turn direction easily, "you definitely need a plan in place," Streible said. Spot gold rose 0.94%, at $1,255.30 an ounce, after hitting a one-month high of $1,261.03 earlier. U.S gold futures for April delivery were up $7.20 to settle at $1,255.70.

This article was written by a staff member of TheStreet.