Keep them doggies rollin….
So, our pm’s have been on both side of the flatline all night, although silver has mostly been weak, and continues to be down $.12 at the moment. Gold, OTOH, is picking up momentum as the dollar has reversed course from slightly up to slightly down. Rates also are losing steam as they were up 3 bips earlier, now up 2. The pm shares are firm yet again, with most of them sporting 1-2% gains in the early going. NEM is up 1% after pausing yesterday. KGC and Barrick have been the superstars of the HUI. If you have a minute, take a look at the chart of B. It is up around 50% in the last MONTH. It has to pause at some point, but apparently not today. KGC too. The HUI itself is overdue for a correction, so is gold, but it just keeps moving higher. Silver just tapped a 70 RSI and is lagging. Pretty incredible.
All of this makes me think there might be something to that article that Putin says about Trump and the debt. He’s going to need to revalue gold a heckuva lot higher than current prices to get any bang for the buck. Will the rest of the world actually accept crypto as payment for our debt? I wonder.
I guess we could sort of keep going into the Fed meeting next week and then maybe the news will be sold. At this point, who knows?
Dow is flat, QQQ’s are up a little. Bitcoin and crypto in general is up around 1%. Oil is up another 1% but still below $63.
The turn in the dollar about an hour ago was pretty quick. The Yen turned higher forcefully. The Euro and Sterling sort of followed. We’ll see what that looks like later in the day.
Eco data is soft, just the small business index
Maybe silver will start to pick up after the Crimex open?
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