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Remember all the zaniness in early March about how commodities were going to the moon, and metals such as nickel were so red-hot that the exchange literally had to shut down so that a short-seller in China wouldn’t blow up? Well, sure enough, the insanity top-ticked the entire market, and it has completely retraced.
After last week’s article, in which we noted a unique move on ‘CPI Friday’ as gold and the miners put in an expected test of the lows and quickly reversed upward, unique among a world full of bearish markets…
A pivotal juncture for gold and gold stocks
…let’s take a checkup on and important fundamental consideration in the wake of FOMC and the .75% rate hike that everyone knew was coming.
(more…)With FOMC on tap with an upcoming .5% rate hike, gold got hammered and bounced back with a vengeance on ‘CPI’ Friday. The Fed will raise the Funds Rate at least .5% next week. So says not me, but the wise guys whose job it is to correctly anticipate FOMC policy. Indeed, a full 20% of CME traders expect .75%, up from our last check on June 3.
Since TNRevolution mentioned how miners would be a great thing to acquire in June, this seems fitting:
As we all know, few assets have been as persistently disappointing as precious metals. They peaked well more than a decade ago, and even though on the surface it would seem this environment was tailor-made for a crazy bull market in gold………….nope. Oftentimes,, it’s the only asset that ISN’T rising.
For the immediate moment, it has managed to dust itself off and find a little strength:
