US equities remain moderately choppy. Meanwhile, the precious metals are very significantly lower, Gold -$47 (2.7%), with Silver -5.1%. The miner ETF of GDX is currently -4.6% in the $35.08s.
GLD daily
SLV daily
GDX daily
Summary
*today’s higher dollar, currently +0.7% at DXY 91.85s, sure is causing problems for the precious metals. Further, yesterday’s notion that rate hikes (inherently bearish gold/silver) might be seen in 2023, is an added pressure.
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Gold/GLD: gold is seeing a massive washout, printing the $1767s. Zero sign of a s/t floor.
Silver/SLV: silver is getting smashed lower, printing $25.82. Support with the monthly 10MA in the mid $25s.
GDX: miners smashed lower with gold/silver. Next support… $34s.
*I hold long the sector via GOLD, NEM, AG, HL, KGC
notable miner: NEM
A very ugly day for Newmont, and I’d note the 200dma in the $62s.
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Equities: sp’60min
Price action remains choppy, as the bears still can’t manage anything significant/sustained. Tomorrow’s quad-opex argues against anything ‘dramatic’.