Loading ...It’s still super early but it appears London has been assigned to take the steam out of yesterday’s excitement.
They are tagging silver hard at the moment and have erased yesterday’s gains, down $.70. Gold down $10. Not really a big surprise as that’s just how our metals roll.
Too early to see if the shares are buying it just yet.
The other thing is that we also have more inflation data with the PPI this am. This could just be an effort to whack us before the pm bullish numbers come out and the pm buying begins. Making us dig ourselves out of an early hole so the best silver can do is come back to flat on the day. Never seen that before…
The dollar is a little weaker, rates a couple ticks higher. The PPI will probably weigh heavily, especially if the numbers are weak.
Captain – Interesting catch on the RUT – I think value makes sense now. The miners should have solid, hopefully sustainable earnings if the metals hold. They will definitely be value plays as it seems they mostly trade with low PE’s. I guess the explorer’s and juniors would be more of a “growth” play in that scenario. Regardless, the miners are just getting started unless the scum is somehow able to wreck the metal prices. That doesn’t seem likely as the Fed seems to be quickly approaching an easing cycle, and the economy is in crash mode, or even worse, war and crash mode.
It’s been a long and painful ride. The HUI has just broken out, and though it’s getting a little overbought, should be able to get between 320-340 on this run. After a pause, 380 should be on the horizon, something we haven’t seen in 4 years. I think NEM was $80 in 2011, now $46, so a very long way to go if we can overcome the constant manipulation.
We’ll see what happens when the numbers come out in a few hours. We should see the shorts start to cover going into them.