For all the drama and excitement after hours yesterday about the virus ready to wipe out the Earth, it turns out to be, once again, a non-issue. The ES has recaptured the lion’s share of its drop last night. Trillions of dollars of new “liquidity” beats human death every time.
It’s really too bad that gold isn’t waking up. At the initial reports of the virus, it had a nice bump, but since then, it has been just bumping along. It’s a real pity that cryptocurrencies are blowing the doors off of precious metals. Pathetic, really.
There’s still hope for metals. The gold bugs index is still poised to go into rocket launch mode, as long as it doesn’t start failing the horizontal lines which it has struggled so mightily to establish as support.