US equities are in nano-chop mode. Meanwhile, the precious metals are moderately higher, Gold +$8 (0.5%), with Silver +0.7%. The miner ETF of GDX is currently +1.2% at $31.59.
GLD daily
SLV daily
GDX daily
Summary
Gold/GLD: gold swung from $1796 to 1815, as there are buyers around psy’ $1800. Still… we’re going to settle 2021 well below the most recent key high of the $1879s.
Silver/SLV: silver swung from $22.63 to $23.15. Its a mess until >25.50… which looks out of range until late January.
GDX: miners are sig’ higher, helped by gold/silver. Broadly… its a mess until >$37s.
*I hold long via GOLD, NEM, AG, HL, KGC
**special note… I’ll be inclined to exit the miners (if I can get breakeven) in Jan/Feb’. As any main market correction of 10% would likely drag the miners lower to some degree.
notable miner: NEM
Newmont reflective of the sector. Big target is teal gap… which seems probable in January.
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Equities: sp’60min
Price action is effectively nano-scale chop… and there is little reason to expect anything else for the remainder of today.
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*fully exited XOM, minor net gain of around 1.5%. I’m just a little twitchy that a main market washout of 1-2% would knock this back to the 59/58s.