Who should be panicking about rates? Turns out it’s anyone who holds gold and silver!
Rates up 4 bips, but might as well be up another 2%. PM’s getting creamed.
This will destroy the charts. Same old rules, there’s never an upside gap that won’t be filled in the pm market. $70 silver and $4600 were just too much for the metals to bear. Apparently $65 silver is too much for silver to bear. GDX all the way back to $80 looks probable.
One more time, pm’s save us from nothing. Crimex and shorts will have a field day today, especially with a weak SM.