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Ruthless UT again near the close, tomorrow can only get better!
little sells at 686.40p. brutal drop in last hour. gold and silver look steady. view for tomorrow? i thought maybe we were on the way back up earlier.
887p is a fib level. didnt think SP would fall back to 870p again. heck.
blimey DBNO.
1 and 3/4's of an hour to change your mind and post contradictor posts. Must be a record.
Which one is it then. "kept under 877" or "900?"
i meant to say 887 not 877p.
*Gold sub-1800 rather
Gold at 1825 and silver above 27 again yet FRES still down >2% at 877p, absolutely comical. FRES was trading around 950 a few weeks ago with PMs both lower, sub-1820 and circa 26 respectively.
Nigel Farage tweeted today "US inflation figures today tell a story. Governments will inflate their way out of Covid debts, you have been warned!"
Rising inflation and interest rates = investors turn to gold & silver = prices rise = gold & silver stocks boom
https://www.providentoksmetals.com/knowledge-center/precious-metals-resources/inflation-precious-metals.htmlP
i think the bar stewards may keep this under 877p today. just my thoughts.
gold almost 1820
yes, I think once the traders/fed have settled the Tnotes narrative then gold will really start to motor. If YCC is wheeled out, gold will go to $3000 in couple of years I reckon. I really do see gold touch $2000 now that inflation appears to be everywhere.
It just shows how ridiculous the whole thing has become ...when the bitcoin and crypto prices seem to be so sensitive to the potty mouth of Elon Musk .... holy Moses ...
markets are moved by too many "influencers" these days... ..
PB, I think we are sort of highlighting the short term and long term thing here. Short term, traders trade 10yr Tnote but long term, it is real rates. Real rates haven't really gone negative for very much of 2021. The inflation narrative only started hitting headlines in the last couple of month. Coinciding with gold's rise from the double bottom.
Historically yes, a negative real rate environment typically drives a flight to PMs hence the 2020 run. However, real rates have remained negative throughout 2021 but we've seen a sharp fall in PMs and both struggling. Anytime there is a sudden spike in 10-year yield, like clockwork PMs get hammered along with tech. This is a constant sword of Damocles hanging over them which leaves both extremely vulnerable.
PB, not entirely. Gold was at these levels even when yields were way above 2%. The correlation of PMs is more perfect with Real Rates. Therefore I am relaxed with PM story.
If the 10-year yield continues to climb rapidly then PMs are only going south, it's been almost a perfect inverse correlation for decades.
The (apparent) popping of the crypto bubble could be very useful to PMs, given that it's acted almost as a competitor to gold for safe haven status and drawn not a negligible amount away from what would have landed in metals.
Couple this with this wider market correction and metals tend to get dragged down initially and momentarily but bounce back out of it fastest. Take last March for example: Fres faltered with the market but within 10 trading days was back up 10% higher than before the drop.