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Precious metals rallied strong yesterday based on the news that we beat Iran for the 39th time in the past couple of months. We are very close to a price gap, which, given the huge right triangle top, could be a good entry point for new shorts.
Late in January, a fellow Substack chap was bragging about how his newsletter (focused on the bull market in precious metals) was the single hottest item on Substack. I came this close to warning him that I know precisely what it feels like to be on top of the world, and to watch out. I didn’t bother, since I knew it wouldn’t resonate with him (or any other human) but I’ve got a feeling his subscribers are truly wondering WTF is going on. Simply stated, precious is toasted for the foreseeable future.
Pardon the mostly non-market related post. But it’s something I’ve wanted to put in writing for a long time. The Fed is at the controls of the inflation-making machinery in the US (as are global central banks in their own countries).
Inflation does not just appear, as if by some mystical financial mechanism. Inflation is produced with the ease of firing up the printing press. More dollars + finite assets = asset prices rising in those inflated dollars. Not rocket science.
(more…)Precious metals were the hottest thing on the planet until early this year. Since then, they have fallen well out of favor, and I think it’s just going to get worse. Gold, shown below by way of GLD, seems poised to crack below a huge right triangle pattern.
Before beginning this article, it is time to introduce a short note to precede my posts:
Never will you read one word of my material that has been edited or altered, let alone written by, AI. It is unfortunate that this even needs to be stated, but it’s out there, folks. Content written by machines. Outside of ‘quant’, you cannot automate real market analysis.
Gold’s utility includes…
