(Gold needs to hold key support ) Bad Market Ju Ju part deux...
Dow down -500 pts + and the Naz is down nearly -300 points.
Copper down nearly -6%% is a huge move.
Silver's down over -4%... and has huge gains relative to gold that can still be shed.
We keep getting bounces, but those have been followed by a series of lower lows
and lower highs - we have to break that trend technically.
Mining stocks are extremely cheap if gold quickly finds a bottom, but if gold pierces
critical support at $1671 we could easily test $1450 if the broad market correction
continues.
Powell didn't deliver what the market wanted, now we wait to see if the Fed just wants
to cool the markets off with another 10% pullback before coming to the rescue, or if
THIS is the trap door opening for another 2008-esque meltdown.
It will be pretty hard to pull off their Great Reset with markets near all-time highs, they
need a market meltdown and an economic pullback, because they can't sell "building
back better," until the present system is in freefall and the public is in panic.
With Texas now leading a trend to end all the Covid lockdowns, they need something
besides Covid to keep the fear and panic in place.
Two things come to mind given their past history, their playbook, and common sense...
A market meltdown and/or a false flag.
Trumps massive support at CPAC shocked them...
They can not let the MAGA movement come back to life or their Great Reset
and permanent one-party system dream is dead.
It's all or nothing here, and they're clearly all in (purging the military of patriots, DC still militarized)...
So be prepared for the worst and stay commited to the fight.
For me, added a few broad market puts (QQQs etc) and patiently waiting to put cash back to work,
my first step will be buying what I think may be the last great buying opp in physical gold and silver,
then mining shares (still holding a core position here, but at 50%ish cash as well).
I'd love one last chance at $18ish silver and $1450ish gold to get me to the physical levels
I really want to be at... while making a little money on my broad market puts.
My .02 cents...
SOTB |
