Loading ...Yesterday has to go down as one of the all-time greats in terms of manipulation we’ve ever seen IMHO. Although I suppose it could just be that simple explanation that Mr. Copper’s AI had for the selloff. The thing is, the metals weren’t sold off all that much. Silver down less than 1/2% and gold down 1% is nothing for our metals, normal day action.
Soooooo, whoever needed to raise capital to cover margin calls on their European and Japanese bonds, did it by dumping GDX, and they had a pretty good size position. The manner of selling is suspect to me, who dumps positions all at once over the course of a few hours? Maybe they had to, but professionals don’t usually do that. Nonetheless, it was pretty impressive. That being said, all GDX did was to come down and bounce off its 50 dma. Will it bust down through? Maybe. GLD broke back through yesterday, so it would make sense.
Anyhoo, the dollar is moving up a little this am. Gold back down below $3300, but nothing terrible. SLV is flat. The silver shares are trying to stay firm premarket. Gold stocks pretty much flat. Rates flat at 4.4%. SM futures up a smidge. Oil and Bitcoin flat.
Despite all the drama, silver is only $.35 below $37. Those silver shares may have been a steal yesterday.
We’ll see what the day brings.