I sold out of my last miner during yesterday’s trade, KL for a 6.7% gain. I was all out as of this morning, standing before you an incredibly smart and prescient man. See pal, that’s the type of person that I am — here one second and then POOF! — gone the next. I was bullish on gold and now I’m not. The trend is overdue some relaxation. Look at the King Dollar here, man spreading, showing the Euro who’s boss.
Gold is in the tank, lower by 2% and miners are down a lot more. Typically speaking, you want to get in gold on big down days. My only caveat is rates, which seem to want to bounce here. The 10yr is up a staggering 8bps. Who knows what the fuck is going on here? All I know is that markets are up on weak breadth, based off some idiotic notion that Trump is, once again, on the cusp of a Chinese trade deal. You and I both know that is a lie.
Betting against upward surging stocks has been a fool’s errand. We all know it’s bullshit, but our thoughts and prayers continuously go unanswered in this heathenistic America. We hope for collapse, but continually get MOAR gains. How annoying.
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Agree with you on PMs here. But the broader indices looked to be rolling over before all the recent drama and nothing has changed as yet IMO.
Broken Elevator Down!