Thursday PM: What is a Proper Dip to Consider Right Now?

PM Posts | Gold, Silver, China, Trump, Musk

Housekeeping: This is the PM GoldFix post combining AM emails with additional intraday posts.

Market Recap at Bottom

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Morning Rundown:

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Macro-Economics/Commodities:

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Geopolitics/Elections:

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Founders:

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Market Recap:

Gold and Silver had excellent days. They started strong, and stayed that way despite the strong dollar.

This AM the Dollar, Stocks, Gold, Silver, and Oil were firm while China’s equity market swooned and its own Bonds went bid again as discussed in the Morning Podcast. We presumed the Gold and Silver bid were the beginnings of bigger expectations of a China stimulus push in light of their stock market. That may be true, but the last half of the day was determined by something as yet unseen.

Between 7 a.m and noon, stocks began to take on water, but metals and Oil continued to chug along with the dollar also remaining strong. Right after Europe closed around 12:15 ET, stocks reversed lower, Bitcoin got whacked, the Dollar kept rallying and Gold went up right along with it.

ZeroHedge’s EOD Comment on stocks clarifies it:

Around 12ET-ish bitcoin and big-tech saw sudden major selling pressure (no obvious headline-driven catalyst) and as Nasdaq broke below its 50DMA selling pressure accelerated… The S&P is down for the 5th day in a row... the longest losing streak since April 2024.

Net-net, the behavior (flight to safety with Bonds flattish) was as similar to how markets behave when Geopolitical risk manifests. But there was nothing new to report.

On the day, Gold went from 100dma to its 50dma. Silver, while strong needs to keep going or Gold might stall. right now, it is still range bound. That said, RSI moved a bit confirming this was not all noise.

Good Night