US equities are broadly lower. Meanwhile, the precious metals are broadly higher, Gold +$14 (0.8%), with Silver +1.1%. The miner ETF of GDX is currently +1.2% at $38.21.
GLD daily
SLV daily
GDX daily
Summary
Gold/GLD: gold printed $1937, partly trading inverse to equities. Indeed, if the SPX loses 4K this spring, we can expect gold to break new historic highs >2089. Big target 2400/2500.
Silver/SLV: silver printed $25.30. It’d be useful to see a daily/weekly settlement back above the key $25.50 threshold. The cautious will lean to Gold, for a better ‘fear bid’.
GDX: miners are higher with gold/silver. My only concern is the main market might drag… or at least pin back, the miners.
notable miner: GOLD
Barrick Gold is somewhat laggy to the sector, as the current black candle bodes problematic for Thursday.
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notable miner: FSM
Fortuna Silver Mines has earnings in AH. Even the bold will lean to the gold miners, not least GOLD and NEM.
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Equities: sp’60min
A new intraday low, as s/t momentum continues to weaken. Soft target is the Monday low of 4424.