(Kitco News) – Gold is down some $30 from the excessive right this moment and silver at one level gave again virtually .45 from the intra-day excessive. So is the bull market over? I don’t suppose so. Listed here are a few factors to think about: Month finish tomorrow, China chimes in, it desires to discuss. If you’re a portfolio supervisor, it makes your month finish look nice, let’s take some off the desk. Massive sellers, let’s wring out the weak longs. That stated, I proceed to be constructive with my normal caveats. Gold examined and held $1,522, retains me constructive. Silver hit my goal of $18.50, above $17.90 stay constructive.
The wager right here is Trump. It’s not China saving face, it’s Trump attempting to get a deal accomplished to protect the fairness market, with out wanting like he caved. If he succeeds, the fairness house runs larger after which the Fed perhaps steps again on reducing charges, a situation which might be brief time period damaging for the metals. If Trump blows his probability, the metals, after this correction, will explode. Will point out Brexit and European banks in passing as constructive, however your wager is Trump.
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