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Yesterday confirmed the risk-on turn in S&P 500 and beyond as Powell didn't spook the markets in the end. So, not even a temporary setback, let alone crash that many others had been calling for. Face ripper rallies stretching from stocks, bonds, over to precious metals, base metals and even oil (so contingent upon what's going on in China) ensued.

Following the Williams and Bullar duo, don't underestimate this key Powell pronouncement. Markets are running with that. The Q4 rally got a new lease on life, and the pace of gains (digesting this fresh momentum) are to determine not only the 4,065 support that held overnight, but also the next hurdle of 4,130 – with all that I would be guiding you on thereafter.

This sharp increase in volume doesn't hint at more than a tactical pullback at best – with risk-on bonds firmly confirming the rally, and the dollar again losing altitude. Some recap of the fresh daily levels - don't be disappointed if we don't make it to 4,130 today, the progress already has been excellent, and no market goes up in a straight line. Volume confirms. Finally, what's not to love about precious metals, or the whole portfolio? Copper going hand in hand with silver, miners on fire too, and oil…

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Today, I'm also offering the promised yearly packages to both Monica's Trading Signals and Monica's Stock Signals – see the two new tiers added at Patreon.

Let's move right into the key chart (courtesy of

Gold, Silver and Miners

Precious metals and miners cast the best light on the current phase of the monetary policy cycle. Bright days are arriving, and silver will lead. Potentially to $27 before Apr 2023 is over.

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Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.