Loading ...Bad News-Short Term – But Not For Long
The gold and silver market got ahead of itself because of the emotions of the geopolitical developments.(I too thought a breakout would have legs, it didn’t) As usually happens, any geopolitical surge, ends up giving back the gains. The correction targets implied by the charts show some more downside. It should occur during the next two weeks and the excuse may be a deal to end the fighting in Ukraine. The very good news is captured in these paragraphs from an article on ZH. “… Someday you will see Comex suspend deliveries and make its future contracts settle in cash. The reason will be to stop the confiscation of US gold wealth overseas. Not unlike what happened in 1971 when Nixon took the US off Gold. Once Gold is off the market, Silver will ramp to another galaxy as a proxy. This won’t happen tomorrow. But it will happen. Demand is in the east.”
Today looks pretty good CM
Yes it does, BUT, I believe that is just the banks setting up for the next takedown later this week.
Sir CM,
With the runaway move in 10 year yields, gold may not be suppressed easily.
With gold still under USD 2000, IMHO this is not much of a geopolitical surge yet. The worst shock may yet come.
You may want to read this twitter thread: https://twitter.com/GarethSoloway/status/1504984058329243650
In a video, Gareth is now calling for lower lows on the broader stock market in a month or less.
Meanwhile the Fed is also exploring another emergency rate hike, as inflation is spiraling out of control.
Cheers,
GL
In the very short term, which is what my post is all about, gold is easily suppressed by the banks. They let it runup a little and slam it down. As I said in the post, it is just for the rest of this week. You will get another good entry point and as I also said, the very good news is it will be making a new high soon.(posted that recently)