Last week's big blast higher in gold, silver, and the mining stocks was the best an investor could ask for! It continued Friday after the US jobs report is released.
Gold has shown impressive strength weathering 2024’s summer doldrums. Now through the worst of its weakest seasonals of the year, gold didn’t suffer any prolonged selling. That was despite entering June very overbought...
Interestingly, gold could dip to $2200 or even lower and the flag would still be intact. I’ve outlined $2265 as a solid zone to buy silver/mining stocks and $2220-$2000 to buy more gold.
Gold continues to bounce around as it has done for the past three weeks. Given that a close over $2,400 remains elusive, we can’t at this time eliminate the downside risk.
Most striking is the dollar's ability to hold aloft a mere 4% below 2022's peak of around 115. This is tough to square with apparent reality, since the greenback's global hegemony for the last 90 years has come under increasing challenge.
