Yellow Bounce

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This morning, gold is enjoying a desperately-needed relief rally, up nearly $40 per ounce as I am typing this.

gldsour

Sadly, for precious metals fans, I think this is just another fake-out. Don’t get me wrong philosophically, I would love to see gold and silver absolutely skyrocket and shove a knitting needle right through Powell’s right eyeball. But the fact is that for fourteen solid months, precious metals have been grinding lower, and I don’t think one day is suddenly going to break the trend.

slopechart GLD