Folks, I am ready to be the strongest gold bug there is one day when the time is right. Why did I write that sentence? Because this update is one…
From yesterday's ETF update: "TIP-TLT continues to indicate that the Treasury market perceives no inflation issues whatsoever. Indeed, the whole world is worried about anything other than inflation right now. …
A snapshot of the current daily technicals…
A lot has changed since last week’s ETF update. One notable exception is the first item…
A good report that departs from some of the nuts and bolts (so much so that I forgot to include the usual currency segment, which we have frankly had nailed…
A snapshot of current technical status…
GLD made a bearish breakdown below the equiv. of gold 1180. To even think about repairing the technicals, GLD would have to get above 115 at a minimum (gold above 1180).
Precious Metals I got back near the end of the day and observed that HUI promptly gave back any in-day bounce hopes and has now closed below the 2008 low. …
Post FOMC The Fed has ended QE 3 as expected. Here is the big picture view that has seen a post-2008 constant in Zero Interest Rate Policy (ZIRP) and systematic…
A technical snapshot of key ETF’s…
GLD has bounced from critical support (equiv. of gold 1180). MACD triggered up is positive.
Bloomberg headline:
Jobless Claims Drop as US Consumers Gain Confidence
Economic deceleration is sure not on the front burner. Yet the US continues to try to inflate, as does a good portion of the developed world. Questions include… will we get rising inflation concerns and will this inflation and precious metals bounce foretell economic drudgery (or worse) to come? In 2000 when the great stock bull blew out and the gold bull began, things were about as good as they get for the economy.
Silver is continuing its breakout on the weekly chart (ref. the comparison to the CCI index in 2013). Silver vs. gold is continuing upward (a good sector leadership indication) but is getting very over bought now (traders be aware). Gold is breaking through its 50 and 200 day moving averages and approaching the key ’round number’ resistance around 1300 that we have been noting.
Silver continues to lead gold and that is generally a positive. The ratio is sneaking above the MA 50’s, RSI is over 50 and AROON just went green.
As has been the case often lately, the precious metals are positive in pre-US open. These have tended to be fleeting positive vibes, but we should keep the technical parameters in view nonetheless because a) you don’t want to buy (or at least hold) a sucker bounce and b) just maybe the forces of right and good ;-) will one day break out of this funk. So we should stay tuned up on what constitutes bull and bear in the precious metals.
A post was made at the site with thoughts about any Ukraine inspired bullishness in the precious metals. You know my stance by now. I don't like it. In light…
The Semiconductor index made a bearish pattern with today’s decline. If it loses the 10 year breakout line (right about at the blue 50 day MA’s), look out Mr. Market.