In honor of the men staring at silver’s daily chart, let’s highlight NFTRH 518’s Precious Metals segment this morning. We have 60% of the new trading week in the books and not much has changed for the PMs since this was written. You’ll notice that this man who stares at charts gets a little wordy at the end. There is much context that would-be gold bugs need to have in hand.
Precious Metals
Last week:
Here is how I see the precious metals situation. It’s one or the other of…
- US dollar declines short-term and the precious metals bounce with the rest of the anti-USD trade, or…
- US dollar rises (likely along with the Gold/Silver ratio) and the precious metals decline again into a real buying opportunity.
Thing 1 carried the day (week). I don’t care (well, actually I do but work with me here…) how many gold bugs leave the subscriber base while I am not able to give a long-term green light, but we are going to track the proper fundamentals, not the imaginary ones. And this bounce along with China, copper, global stocks, US stocks and everything else in the cyclical world is not proper. Not until all that crap tops out.
It. Is. A. Bounce… until it proves otherwise by seeing gold rise against CRB, SPX, ACWX and while we’re at it, global currencies.
So for now it’s just a bounce, and the [daily] Silver/Gold ratio did make a positive hint of Friday. Continue reading "NFTRH 518 Excerpt: Precious Metals"
