US equities remain rather powerfully lower. Meanwhile, the precious metals are significantly lower, Gold -$22 (1.3%), with Silver -2.4%. The miner ETF of GDX is currently -4.6% at $32.67.
GLD daily
SLV daily
GDX daily
Summary
Gold/GLD: gold printed $1854, mostly just hit by the main market. The broadly strong dollar (printing 104.21) didn’t help. Technically m/t bullish, but I struggle to take gold seriously until >$2100s.
Silver/SLV: silver printed $21.67, largely hit by the main market. Alarm bells if <$21s, as seems inevitable, much like copper <$4.00.
GDX: miners whacked lower by gold/silver, but also the main market. The sector is m/t broken.
*I hold GOLD, AG, HL, KGC. I’d only add with the sp’3500s.
notable miner: GOLD
Barrick Gold reflective of the sector. The problem shall be the main market into June.
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Equities: sp’60min
Yes, we’re s/t oversold, and we’re due a bounce. Bulls can argue we’re floor building. Bears can argue its just churn… ahead of a wave <4K to the low 3800s this Wed’/Thurs… with the CPI.
I’ll merely add, gods help anyone crazy enough to be using margin… as the volatility is set to zero out some of those using people’s money!