Gold & silver correction before macro catalyst
Bank failures coupled with the anticipation of the Fed pivot pushed Gold to new monthly and quarterly highs, but the breakout move through $2,100/oz has remained elusive.
A stronger stock market pushes out Fed rate cuts and leads to higher real interest rates in the short term. Furthermore, the US Dollar is rebounding. All of these factors could pressure precious metals into summer. In the chart below, we mark key lows in Gold and the associated declines in the stock market . The next slide in the stock market should set the stage for Gold to make its breakout.
As for silver and the mining stocks, they will outperform Gold in earnest only when Gold surpasses $2100/oz.
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