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Just about every ursine molecule has been surgically removed from this market. The bulls have run with this thing virtually nonstop since March 23rd. The S&P has very little work left to do in order to fill its February price gap – – the very last tidbit of resistance – – before it simply muscles its way to lifetime highs, courtesy of a debt that will soon be $30 trillion.
Now, I have not gone raving silver bug on you. The title says “silver bull” because that is what silver is in, a bull market by definition of having taken out the 2016 high of 21.23. We targeted that point as a cyclical bull market gateway, silver cut through it like a knife through warm butter… and there you have it. A key higher high. I don’t apologize for any of the above. It is fact.
So let’s catch up on Gold’s wild little bro as it hangs tough below the NFTRH ultimate cyclical bull target, which has been the 24-26 long-term resistance zone (per the 3rd chart below). Silver made a violent hit and recoiled, but…
Record high for gold. And this is just the beginning.
I must say, I’m a little surprised how the volatility for gold isn’t expanding like mad. As we can see with Slope’s unique price animation cone, options volatility is just ambling along, not really taking notice (and clearly missed the boat on this huge run-up). Interesting and odd………
Thanks to the multi-trillion dollar help from our buddies at the Fed, interest rates are reaching depths no one would dare imagine even a couple of years ago. 30-year fixed mortgages that start with the number 2? Incredible! Care to divine the trend of interest rates?
