Loading ...Nothing crazy though. Silver up $.20, Gold up $6. Gold didn’t get hit for much yesterday, so $6 gets us pretty close to where we were Tuesday. Shares mixed premarket, nothing crazy there either. Dollar a little stronger. Rates up 3 ticks, at 4.186% Somehow, I missed oil going back above $82 from $80 – seems it’s wanting to stay above $80. Bitcoin up .7% just below $65K. QQQ’s trying to bounce a little. Wondering if they’ll engineer another miracle short squeeze today.
No major eco data this am. No worries there. Weekly job numbers.
We still have some strength in the large caps, so that keeps hope alive. Silver is still the weak sister but above $30, I think that’s good.
Captain – “patience is required” and “momentum” are conflicting ideas. When I speak of momentum, I’m talking about days and weeks of rally and strength. Pretty tough to say silver has momentum when they can knock it down 3% in a day and it’s well off the highs made two months ago. Call it an uptrend if you like – that’s fair – especially with gold. Momentum is what you see in the DOW right now with an RSI over 83, after having gone up 2K points for 6 straight days. 5+%
We are nowhere close to seeing what we saw with pm’s in the early 2000’s, when we’d see the HUI go up 10% in a day, and all shares catching a bid. Could have picked shares blindfolded with a dartboard. It may be coming, but nowhere close right now.