US equities are choppy, if still clawing upward. Meanwhile, the precious metals are mixed, Gold +$7 (0.4%), with Silver -0.4%. The miner ETF of GDX is currently +0.6% at $28.27.
GLD daily
SLV daily
GDX daily
Summary
Gold/GLD: gold printed $1999, especially helped by the weaker dollar. Gold bugs should be content with any monthly close >$2K.
Silver/SLV: silver printed $22.76, helped by the positive equity market, and the dollar. For a geo-political ‘fear bid’, Gold is the superior.
GDX: miners are seeing considerable chop. Any renewed main market downside won’t help.
notable gold miner: GOLD
Earnings were broadly good.
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notable silver miner: AG
Earnings weren’t great, as the silver miners are struggling with silver subdued. First Majestic really needs >$30, but that won’t be easy if the economy slows into 2024.
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Equities: sp’60min
New cycle high of 4311… 208pts above last Friday’s low.
Basic fib’ retrace of 4232 looks realistic within 1-2 days.
Yours truly would be content if 4265 or lower before the weekend.