Loading ...Exactly.
Looks like the jobs numbers will be metals friendly so they are smashing the metals now. They need a friendly number to support the stock and bond markets now that the economy is crashing in plain sight.
Nothing in the macro matrix justifies this drubbing today … not rates … nothing.
On the bright side, it’s not a bad thing both Comex gold and silver lose some speculative interest before that, which could lead to a more sustained positive reaction beginning next week.
Would be nice to see the silver premiums maintained this week.
That would be a positive running into next week as well.
Worst case, with the open interest already down so much for gold, it would be surprising not seeing a typical seasonal low here in June – with support for silver coming from continued physical demand.
India and China will be back into silver as the price dips.
All things shall pass.