it got as high as 5.31%. I suspect some serious intervention is taking place. The CPI numbers were mostly in-line with expectations, yes ex-food was 0.3% vs. 0.2% m/m and y/y 3.7% vs. 3.6% estimates.
Doesn’t seem like enough to create such chaos for pm’s but…..we get to do this all over again tomorrow with the PPI’s.
Hopefully, the SM is just beginning its descent while we are near the end of ours, ala 2001, but who can say? So much damage done in the sector over the last 6 months, will they really come back into the shares? I suppose they will, if the metals reverse course, and a lot of money will be made by someone.
OTOH, we might just wake up tomorrow and find that Europe has lobbed some nukes toward Russia after a false flag from Zelensky. EU leaders are desperate. Then none of this will matter. Pretty dumb move by France on the Russian tanker.
The general public has no clue about gold and silver, nor are they invested in miners. It has served them well not to be.
What they may not realize though is that their pensions are full of US treasuries by mandate, and that could be problematic, especially for gov’t. employees.
Physical gold might be a good hold, physical silver is a money trap. Down 6%. Better off holding fertilizer, it’s the same sh*t.