US equities are broadly lower. Meanwhile, the precious metals are significantly lower, Gold -$23 (1.3%), with Silver -1.7%. The miner ETF of GDX is currently -3.6% at $26.75.
GLD daily
SLV daily
GDX daily
Summary
Gold/GLD: gold printed $1893, not helped by sustainably high bond yields, and the stronger dollar. Having lost psy’ $1900, next support is around soft psy’ $1850.
Silver/SLV: silver printed $22.64, not helped by the weak equity market, and the dollar. Sub $20 still looks probable.
GDX: miners powerfully lower with gold/silver, and further not helped by the main market.
*If you believe the main market put in a m/t top in July/August, then the miners could be expected to be broadly ground lower into 2024.
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notable gold miner: GOLD
The sixth day lower of seven.
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notable silver miner: AG
M/t… horror.
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Equities: sp’60min
A new intraday low, as we’re barely 1% from the daily 200dma (4196)
Been running some numbers… if Friday settles at 4175, target for Monday would be 3648-3593. For now… its KRAZY talk, and I don’t own ANY short side blocks.
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2.13pm UPDATE
On serious consideration, I’ve picked back up the crash position I sold on Monday.
50x SPY Oct’3rd $400 PUTS.
At least I’ve something… in case we spiral.
If we don’t see a daily close <200dma… then that position will likely zero out on Monday.