I have to hit the road today for most of the day. But a little note here as USD is firm and gold is getting dropped because, well, GDP was revised down and home sales weakened. There is a lot in motion right now folks, from the technical to the fundamental to sentiment. But that stuff ain’t bearish for gold (or theoretically, bullish for USD outside of a liquidity bid).
Gold and silver have had support down lower that has been yawning and waiting for a test. I think that’s in play. Don’t personalize it. The best state for gold and especially the miners is when the economic numbers are weakening, yields are weakening and the Fed is weakening. Later, when silver gets a scent relative to gold, comes the inflation play. Meanwhile, those bugs are selling.
Okay, bye now. Try not to over intellectualize every day or week. Markets don’t work that way.
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