As of this point in time, I cannot provide any clear guidance as to which path the market will take in the last half of 2023. I simply will have wait until the market provides clarity based upon the structure of the next decline towards 3700-3900SPX.
A stronger stock market pushes out Fed rate cuts and leads to higher real interest rates in the short term. Furthermore, the US Dollar is rebounding. All of these factors could pressure precious metals into summer.
Markets are not focused on much else except the coming pause in Fed rate rises. Gold is falling with a rising Dollar and could fall to the $1941.30 area and still be bullish...
A Financial Times article noted that collectively the world lost $23 trillion in 2022 in both stocks, bonds, housing. We still have the debt ceiling war looming over us.
Bloomberg reports that copper is at the heart of the latest spending spree by miners, amid expectations that demand for the metal will rise as the world decarbonizes.
Most traders do not recognize a trend until it is matured and then buy into the trend right as it is about to have a severe correction or go sideways. I think gold is going to trend again strongly after...
The question which I am asking myself is will be there new lows in gold, silver and copper or will be they near/break the high price of the month of May?
We cannot imagine any more Gold positives than are already in play. Yes, the Dollar’s been “firming” a bit, but you know, and we know, and everyone who’s being paying attention..
None of which argues that stocks cannot continue to climb heedlessly. It's not as though it takes bullish buying or even real money to make this happen. To the contrary...
