US equities are choppy, if still net lower. Meanwhile, the precious metals are significantly higher, Gold +$29 (1.2%), with Silver +1.2%. The miner ETF of GDX is currently +1.4% at $40.29.
Weekly charts for perspective…
GLD
SLV
GDX
Summary
Gold/GLD: gold printed a new hist’ high of $2651, as gold is warning you about ‘something’, arguably geo-political. Giant psy’ 3K is 14% or so to upside, as is clearly viable… even before the election.
Silver/SLV: silver printed $31.76, and that is still 99 cents shy of the summer high. Any main market downside will be a problem, and the cautious will favour gold.
GDX: miners are higher with gold/silver. The s/t concern should be the main market ahead of the election.
notable gold miner: GOLD
Despite the new high in gold, Barrick is struggling… prone to settling with another black candle.
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notable silver miner: AG
Silver miners will be even more vulnerable than the gold miners… if the main market washes out ahead of the election. Those wanting to add… will wait for (at least) the SPX 5200s.
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Equities: sp’60min
S/t momentum remains negative, and should keep the market restrained into the weekend.