It seems as though gold, silver, and the mining stock ETF GDX are setting up to drop to lower lows in this correction, which should complete this correction that began in January.
Ira Epstein discusses the recent downturn in the metal markets, attributing it to the end of war-related inflation and hawkish signals from the Federal Reserve.
More central banks than ever expect to increase their gold reserves, a sign that one of the key forces behind bullion’s record-breaking rally remains intact despite this year’s pullback.
New Fed Chair Kevin Warsh and a hawkish June FOMC didn’t help things with a negative outlook for inflation and interest rates. The rising US$ Index doesn’t help gold either.
The best hedge against indirect currency devaluation is to use all the crash from here (for the rest of the year, if any) to increase long-term allocation to physical gold...
After having peaked year-to-date at 5586 on 29 January, Gold has been in reclusive withdrawal throughout, today’s 4173 level a net decrease from that All-Time High by -25.3%
