We are getting close to approaching a decline in the 200-day moving average, which I suspect is going to stop this rally. Even though the stock market is back in a cyclical bull market and making higher highs, the banking index is not. It's making lower lows. You cannot have a healthy bull market in stocks if the financials are not participating, and they are not. The contagion is hitting the regional banks first and it's going to spread. The Fed is going to panic again and print more money. And that will give the stock market a bounce. I think it will be very bullish for the commodity sector in general and specifically for the precious metals sector.
July 25, 2023