Wednesday PM Post
PM Posts | LBMA, New(ish) ATHs, and Hartnett Charts
Housekeeping: This is the PM GoldFix post combining AM emails with additional intraday posts.
*Market Recap At Bottom
Morning Rundown:
Metals/Commodities:
Macroeconomics:
Geopolitics/Elections:
n/a
Founders:
Market Recap:
Today Gold once again neared—breached according to Bloomberg’s Spot mkt — new All Time Highs with no fanfare. While we are excited to be (somewhat) correct in our speculative assessment that new ATH would not be a problem once we re-breached $2672, we’d be lying if we said the afternoon selloff was a dip to buy short term.
Once again, funds came in selling at 9:30am pairing up with the US ETF buying. Today, they took it back down a few bucks before relenting. Slow and steady wins the race it seems now, at least until the BRICS/Election is over.
Gold could easily be $50 higher or $20 lower tomorrow. That was not an exactly authoritative test.
Is that the overseas market buying overnight? I think Tom Luongo talked about Europe trying to push prices