The world is changing fast, folks. Gold hasn’t blasted THOUSANDS of dollars higher in the past few months just because mankind discovered how to craft it into jewelry. Silver hasn’t blasted HUNDREDS of percent higher in the past few months just because everyone decided to hammer out Ankh-shaped amulets of the stuff in their garage. This is a big deal, and one which my ratio charts telegraphed three years ago.
Last night was no exception, as gold rocketed to – – here come those words again – – a new lifetime high. As I am typing this, /GC is up about $175, well over 3%.
Keep in mind, a $5,000 price seemed laughable last autumn, when it was in the $3,000s, and yet here we are hundreds above even that level.
In the same timespan, silver has moved from the 30s to well into the hundred-and-teens. This is the kind of move that happens maybe once or twice in a century.
Slope has built a reputation as a site specializing in short-selling stocks, but considering all the precious metals content I’ve cranked out over the past few years, I could plausibly reposition this as a gold bug site.
Still, those markets aren’t the only game in town. A big focus today will be the FOMC, which frankly will probably turn out to be a we’ll-keep-our-eyes-on-the-data non-event. The /ZB has a pretty good topping pattern, although it has just stalled out at rough 115 for weeks.
As for equities, those, sadly, just keep cranking higher, still driven by AI mania. Strong reactions to TXN and STX last night fueled the fire, and the /NQ has cleared the hurdle of that resistance line. Lifetime highs are beckoning at the next line higher.
I’ve got to say, though – – and I’m sure you’ll agree – – doesn’t it seem high time for the VIX to give everyone a good scare again? Things are quiet. Too quiet.
I’ll close by saying that the new Journal feature on Slope is probably one of my favorite things on the site now. The content is specifically geared to the watch list of my choice, and the quality is dynamite. It is, however, VERY expensive for me to provide this, so even though the ticker-based portion is just for Gold and Platinum right now, I am thinking of maybe it just Platinum only.
In any case, I hope those receiving it appreciate it as much as I do. Good luck out there today. The next 48 hours are going to be unhinged.
