To: bull_dozer who wrote (208576 ) 10/22/2024 8:46:09 AM From: TobagoJack 1 RecommendationRecommended By
Respond to it is what it is, if that is what is ...zerohedge.com Precious Metals' Monster Momentum THE MARKET EAR Gold and the dollar The short term gap between gold and the DXY (inverted) is huge...but we saw similar dollar strength earlier this year, without gold doing much to the downside.Source: Refinitiv Gold and rates The short term gap between gold and the 10 year (inverted) is very wide, but we saw a similar, and even more extreme action in rates earlier this year with gold holding...Source: Refinitiv Trailing gold The following chart with data courtesy of the World Bank shows gold’s trailing 1-year price performance on a monthly basis from 1970 to the present.Source: Data Trek China buying gold China has increased its gold purchases since Russia invaded Ukraine, likely looking to safeguard its reserve from potential sanctions. The price of gold has climbed 33% ytd to a new record high of $2,750. Global central banks, particularly those of countries unfriendly to the US, have been buying gold for their reserves since the US enacted heavy financial sanctions on Russia in 2022.Source: Yardeni Source: Yardeni Aggressive silver Silver continues squeezing despite being up some 10% over the past week. RSI is at the most overbought levels in a while, but as we all know, overbought can stay overbought for longer than most think possible.Source: Refinitiv Nothing is impossible Silver's bigger trend channel offers some perspective. We just broke out of a big range, momentum is strong, the 50 crossed the 100 day and the upper part of the channel is way higher.Source: Refinitiv To run AI you need.... ...among other things: power and silver.Source: Refinitiv
