Gold, Silver Markets: There is Something Wrong
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
Since the FED hiked rates last Wednesday, the markets have been acting like something is wrong. The Bonds continue to push higher which is illogical with rates going higher; the dollar has failed to rally and the metals are under pressure. The trade is like being in the Twilight Zone Gold is just below key support of 1,260 and silver has broken initial support and now 16.50 must hold. The anomaly in markets will work itself out, but it promises to be interesting. We would call a top in the equities, but that doesn’t mean they are going down – they are just not going up. We look for Bonds to fall, gold and silver to hold. Bitcoin is holding at 2,500 which is the level we expected after trading 3000 last week