Gold has been hammered to a hair below 1200, with 1150 but a drop in the bucket now for battle tested gold bugs. More interestingly, silver is green and more interestingly than that the miners are even more green.
In a stultifyingly brutal and dull market (it has been dull in its one way monotony) this divergence is notable. Gold blown up out of nowhere (ha ha ha) and the miners react bullishly? Are they just trying to get on board with the stock market? Gosh, I hope not because I want them contrary the market.
Whatever it is that is happening it is breaking the monotony today. As a subscriber noted to me:
“weird divergences. weird price action. feels like something about to happen.
i guess it could just be end of quarter nothing, but it feels like something is about to break.”
Yes PJ, I think you may be on to something.
I cannot say what if anything is happening of note, but I can say that ending action, as we have been scouting for will surely carry something different with it. Like gold down 20 bucks and HUI up 3%?
Just a little thinking aloud for you. We are looking for ripples in the market’s fabric. Today there is a ripple.