Precious metals (PMs) were up today with gold getting very near its all-time high again today. One thing I noticed last week was that the PMs were strong even when the dollar was up and the market was down which is a divergence that could have been the tell for this next move higher. Plus, I have been hearing alot of people talking about gold pulling back lately (even bulls on gold saying I will rebuy lower). That is usually when those "experts" are surprised and miss the first 5-7% of the next run. I would imagine a lot of stops are set right above all time highs and new money will come in at that same point.
More on my thoughts on the PMs later this evening.
Posts
8 hours ago
dollar getting ripped this morning, PMs up, market up...
ReplyDeletei assume one reason the dollar is down is Australia unexpectedly raised rates and the US is expected to be the last to raise
ReplyDeleteGOLD to new all time highs premarket!
ReplyDeletethe demise of the dollar article fir those interested
ReplyDeletehttp://www.independent.co.uk/news/business/news/the-demise-of-the-dollar-1798175.html
gold strong today despite the stronger dollar
ReplyDeletekind of a character shift