US equities are very significantly lower. Meanwhile, the precious metals are broadly lower, Gold -$15 (0.8%), with Silver -1.6%. The miner ETF of GDX is currently -2.8% at $37.04.
Weekly charts for perspective…
GLD
SLV
GDX
Summary
*we have bearish engulfing weekly candles for GLD, SLV, and GDX, which bode problematic into next week. Much like the main market itself.
Gold/GLD: gold printed the $1928s… partly due to the stronger dollar. Set for a net weekly decline of around -1.9%.
Silver/SLV: silver printed $24.08. A s/t mess until back above $25.50. Set for a net weekly decline of around -5.2%.
GDX: miners hit by lower gold/silver, and the main market. Set for a net weekly decline of around -9.3%.
*I hold long the sector via GOLD, AG, HL, KGC.
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notable miner: NEM
Newmont saw broadly fine earnings, but below market expectations. Whilst net lower, today has seen a rather good reversal from key price threshold.
notable stock: AG
Lower with the sector, after a clear failure at key price threshold of the mid $14s.
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Equities: sp’60min
A new intraday low, as s/t momentum remains on the extremely low side. This is one ugly end to the week, for the most bearish two days of price action since February.