The gold and silver markets are on fire as gold prices hit a record high this week and silver prices a two-year high. Safe-haven demand amid heightened geopolitical tensions in the Middle East is a major element pushing the precious metals markets higher. The charts for gold and silver are also fully bullish, which is inviting the chart-based speculators to the long sides of the markets. There are no early chart clues to suggest the gold and silver markets are close to topping out. More price upside is likely in the near term. Stay tuned!—Jim Wyckoff