Loading ...That was an interesting article from Kitco with the Jeffries guy Wood. He makes some good points, in particular about the shares and that they haven’t really responded to the move up in the metals and are really undervalued.
What is interesting is that he did not understand the timing of this rally. He could not see the catalyst and why now as opposed to the past several years when the G7 has been printing and spending like drunken sailors. He said that there still are outflows in GLD. He says there’s not been any money coming in from the west during this rally.
Someone big is buying though, for some reason, probably knowing that QT is or has ended, and rates will be cut. Someone big knows something. It’s hard to believe it would just be a whale coming in to challenge the Crimex and the big banks – especially after what we saw yesterday. They must have thrown billions in contracts and sold millions of shares in the ETF’s to get that started. The volume in GLD and SLV was massive.
Charts will say we go lower for a bit, but I wonder how bold the shorts will be. There was some short covering in the shares toward the close yesterday. We’ll see.