If gold closes over $1,675 we just experienced a classic fake breakdown throw over. Bear trap. Momentum has diverged. Me thinks the bottom is in. @JoeCarlasare@FossGregfoss@jameslavish
(Kitco News) - The gold market is holding critical support around $1,675 an ounce as consumer sentiment continues to improve and inflation expectations remain anchored.
Gold prices holding support above $1,675 as UofM inflation expectations fall to one-… https://t.co/WmQKljXR2y
Agreed... however, when the world hits the Energy Cliff, and oil production declines...
Then, the $500 trillion in Real Estate, Stock, & Bond values will collapse.
Thus, Gold & Silver are Stores of Energy Value, but most assets are Energy IOUs
Gold bugs fighting with one another on twitter.
Tells you everything you need to know about sentiment.
We are officially in a full blown dumpster fire in this sector.
Markets now:
1. $VIX is down despite reversal and $SPX down 10% in 3 weeks
2. Stocks trading like the bear market just started
3. Commodities are down like inflation is gone
4. Bonds trading like inflation is at 20%
5. Sentiment is like $SPX is at 5,000
This can’t end well.
The other day a friend asked me if I had plans for the fall.
It took me a moment to realize they meant autumn, not the collapse of Western Civilization.
@SantiagoAuFund The sentiment is the worst I’ve ever seen, outside the day I was on the Comex floor in 76 when gold bottomed and one of the two other people there lamented ever trading the new gold futures contract in the first place…
Right now in Honduras we have the rainy season - Sept, Oct - which is a difficult time for our operations, however, with the upgrades to the production mill we will be producing more gold and silver then ever. Gold at $1663 is good, rain coming down is more of an issue. 😊😆☂️
Gold price hits 2020 pandemic lows as Fed rate hike expectations weigh heavily on precious metal https://t.co/ERPWbSaegm
FOLKS Glen Eagle is perfectly positioned for these difficult times in the gold market. We have a commercial gold mill in operation that is 100% paid for.
#Gold (XAUUSD, $1,688) likely forming a bottom at present levels given how contained the decline is so far. Key level of resistance comes at a 6-month trendline around $1,725 - 1,727, which is once broken upside will catapult gold above $1,800 mark very quickly!
I completely agree with @nickysiemens Also, the predominant religion in #Honduras, is Christianity representing 87% of the total population according to a 2017 estimate. (Wikipedia) and BTW in Quebec Christianity still dominates, accounting for 82 per cent of the population.