Sunday evening, nearly 9:45 pm EST, and the metals are down… down enough, that our miners will get hurt in the morning, if this doesn’t begin to let up. I’ve drawn lines at my stops, and I’ll be doing some selling, to preserve gains, and buy back in later, hopefully at lower prices, when the timer says risk has been wrung out.
This is beginning to turn into something looking more like a correction, whereas up to this point, it had only been consolidating.
The issue, as I understand it, is that the Fed has been all over the place concerning interest rates, and I guess there will be a soon meeting in Jackson Hole, WY, and some pronouncement is supposed to come out of there and settle things. In the meantime, there’s uncertainty, and markets absolutely HATE uncertainty.
I’ll get back in the morning, and begin to strategize how I might plan my day, with some possible profit-taking sales.
Monday morning, 8:39 am EST. metals have come back some. They’re not down by so much as last night. This bodes well. The matter revolves around Fed speak, and whether, or when, they will raise rates. There’s a meeting this Friday to be followed by a Fed statement, and supposedly this will settle the metals markets for us here in the States. We’ll see.
Here’s to your accumulation of real wealth!
Harold F Crowell