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Gold/Mining/Energy : Gold Price Monitor

GDXJ 92.99

+2.9%

4:00 PM EST

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To: Rarebird who wrote (115755)	10/25/2023 12:16:03 PM
From: Rarebird	Read Replies (1) of 116753

The Fed is no longer buying Treasuries. That is what QT is all about. So, in principle, the Fed is very happy seeing the long bond market sell off, putting downward pressure on most stocks. China has been a big net seller of Treasuries and so has Japan to a lesser degree. Many US banks are gun shy here because they are carrying major paper losses. SCHW and BAC come to mind immediately. This brings the brunt of the buying on insurance companies, asset managers and retail. Clearly, that is not enough buying power to stem the downward pressure. I continue to see the area right below TLT 80 as good support. But for how long, who knows?

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