If there’s been one consistent winning sector this year, it’s precious metals. All the ratio charts and long-term projections have pointed to that, and, importantly, the Big Round Number of $4,000 on gold seems almost inevitable at this point. Gold has exhibited one of the cleanest symmetric triangle breakouts I’ve ever seen. Crossing $4k will generate a lot of press and excitement, although I suspect, short-term, it would soon be followed by a “Sell the News” kind of weakness.
Silver has actually been much more consistent than gold. Since April 7th, there’s been nary a downtick in sight, and its own Big Round Number would be $50.
Palladium has had a weirder time of it. It reached its own peak in July, then it fell hard and has been healing ever since. Long-term, it still looks dynamite, but I simply cannot shake the idea that if and when gold/silver do weaken, palladium will swiftly follow, because it simply doesn’t have the ubiquitous support that the better-known metals do.
The absolute stinker news for me is AMD. This is one of those events that no chart could have ever predicted, because a big deal with AMD and OpenAI (where, cough, I know a lot of folks there!) has sent the stock absolutely exploding. None of my short positions ever accounts for more than about 3% of my portfolio, but still, this stinks!
Ah, well. That’s part of the game we play. Good luck today.
