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Yep. Within the last week, gold and silver declined to their respective upsloping 50-day moving averages and closed above them with the Dow Jones Industrial Average (DJIA) declining to within .35% of its upsloping 50-day moving average and closed above it. Opportunities for long-term holders abound.
For the week, gold was up1.65%, silver was down 9.06%, and the DJIA was up 2.50% and closed above 50,000 for the first time ever.
The declines in the metals were, in my opinion, precipitated by the Producer Price Index (PPI) for December released on Friday, January 30th, coming in hotter than expected potentially delaying any further FED interest rate cuts for the near future. Adding to the decline were most likely margin calls on the metals and on crypto assets which also declined.
Until next time…
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