For much of 2024 we noted that the precious metals were not unique, as they were part of the broad asset market rally. However, in 2025 things began to change as stocks topped and corrected and the precious metals (especially gold and gold miners) have gone the other, northerly way.
You can’t get any more unique than this, and the Macrocosm is clearly in effect.
Gold ticked over 3300 this morning.
GDX implied open is well higher, above 52.
Silver is breaking above its 50 day moving average.
Meanwhile, SPX halted at its daily EMA 20, just below the first resistance level we’ve noted. With the power of terribly over-bearish sentiment, I’ve been thinking the rally can push through there and test the 5700 area. However, if we take the TA in a vacuum (disregarding sentiment), let’s note that this is also a viable rally top area. I’ve expected higher, but would not be surprised if the 5500 area were to hold. SPX is indicated to pull back a bit in pre-market.
