Loading ...Gold is up $48 at the moment, which is $30 off the highs here in the overnights. Silver down $.21
Looks like what we’ve been seeing lately with gold strong and silver susceptible. At least silver is at a higher level after yesterday’s rally.
Dollar resuming its decline. Rates down 2 bips. Oil up 1%. Bitcoin down 1%. All this with the SM futures down 1% or so.
Today’s big test will be how NEM performs post earnings. It’s up 2% in the premarket. Most of the other shares are up as well, including the silver shares. It’s way too early to tell how they’ll look by the time the SM opens, but hopefully they’ll get some traction. I believe the bellwether AEM is out with earnings today, so we’ll get another glimpse into the state of the majors.
Durable goods are the big numbers coming out in a few hours, although eco news hasn’t mattered all that much to pm’s in the last couple of weeks. Looks like they are expecting the numbers to tick up a little.
If this little correction in gold has run its course, it might break all records for being the shortest in pm history. GLD did fill a small gap at $300, but if that’s all we get it would be a surprise. According to ZH, GLD had the largest outflows since 2011 yesterday, surprised more damage wasn’t done.
Onward pilgrims!