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Fighting the Fed

Commentaries & Views

S&P 500 couldn't convincingly break below 4,015 and reach first 3,980s and then towards 3,965. Fed minutes merely reinforced the tighening ideas amid decreasing voice of „no landing“ and „disinflation“ narratives as amply described in Tuesday's key analysis.

NVDA earnings marvellously spurred erasure of the rightful slide on Fed minutes, Today's incoming data also confirm the Fed has further room to go in the short term before the 2H 2023 contraction arrives.

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Let's move right into the charts (all courtesy of

Gold, Silver and Miners

Gold and silver don't look fine here, and more time in carving out sustainable local bottom, is required. If I were to allocate fresh money to the sector as a buyer, I would wait.

Crude Oil

Oil looks troubled in the short-term still, no traction from China reopening or chiefly those credit infusions just yet. The longer it stays close to $71 - $73, the more concerning it becomes.


Copper keeps showing the way, boding well for other real assets – more in the months rather than in the weeks ahead.

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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.