US equities are very significantly lower. Meanwhile, the precious metals are mixed, Gold +$2, with Silver -0.9%. The miner ETF of GDX is currently -0.5% in the $41.87s.
*weekly charts for some perspective…
GLD
SLV
GDX
Summary
Gold/GLD: gold leaning upward into the weekend, set for a net weekly gain of +0.5%. Momentum set to turn negative.
Silver/SLV: silver has turned broadly lower, set for a net weekly gain of +0.4%. Momentum weakening.
GDX: dragged lower with the main market, set for a net weekly gain of +1.6%. Momentum set to turn negative.
notable miner: KGC
A strong end to the week for Kinross Gold… on a positive outlook, and reinstating dividends! That will allow some institutions to start buying. The Scotiabank upgrade 9.50>11.00 also helped.
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Equities: sp’60min
So much for quad-opex chop… as support has FAILED. The door is wide open to the mid 3100s… as early as late next week.
Yes, a s/t bounce is due… but the weekly settlement isn’t going to be pretty.