Many people continue to argue with me that something has to change sentiment, like a news event or some economic news, for the market to change direction as it did on Thursday. Yet, I continually answer them...
Now, the private sector is basically being tasked to fulfill what the public sector has walked away from as a massive supply of Treasuries get pushed back into the system, (without a glitch?).
The Gold Story remains pretty much the same: lack of ownership interest (recall the below-average, declining volume table from two missives ago) plus the purported paper price suppression continue to keep the precious metals under wraps.
When weighed against other asset classes, gold has actually been one of the better performers of 2022. Gold has outperformed US bonds, foreign bonds, the S&P 500, foreign stocks, the NASDAQ, and TIPS.
Bollinger bands once again provided traders insight, please learn it and learn from it. CPI numbers are red hot. The Fed keeps pumping the brake, pumping the brake. The inflation numbers have not rolled yet.
