US equities are powerfully higher. Meanwhile, the precious metals are very powerfully lower, Gold -$89, with Silver -7.1%. The miner ETF of GDX is currently -6.7% in the $38.65s.
GLD daily
SLV daily
GDX 60min
Summary
*a very rough start to the week for the metals and miners, but I would keep in mind multi-month price structure of a bull flag was provisionally confirmed just last week.
Gold/GLD: gold printed the $1848s, an inverse main market ‘everything is fine’ trade… further pressured by the higher dollar and higher bond yields.
Silver/SLV: silver printed $23.60, again.. an inverse main market drop, the higher dollar isn’t helping.
GDX: miners hit hard with gold/silver… if finding initial support on key price threshold of the $38s.
notable miner: GOLD
Recent earnings were good, and those who didn’t want to buy/add last week… are getting another opportunity. I would actually not be surprised if Buffett/Berkshire is adding this very day.
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Equities: sp’60min
Considerable chop… but clearly, a massively bullish day for the US market. The 3700s are very much viable within the immediate term. Its almost a wonder I’m not seeing more talk of 4K… although I’m not reading around too much.