Please follow us on Gab, Minds, Telegram, Rumble, Truth Social, Gettr, Twitter, Youtube
For the week gold was down 5.02%, silver was down 10.32%, and the Dow Jones Industrial Average (DJIA) was down .32%.
The last week showed silver attempting to get above its 50-day moving average and the last few days of the week had the bears in control and silver is below its 50-day moving average yet above its 200-day moving average. Speaking of the 200-day moving average, gold is now below its 200-day moving average which looks to signal a significant price reversal. The DJIA is above its 50-day and 200-day moving averages by a good amount. I have written before that when an asset’s price gets too far ahead of these moving averages reversion to the mean can take place. Foreshadowing this possibility the NASDAQ Index lost $1.7 trillion in market value on Friday! A one-day record for this index. Since the NASDAQ leads the markets, the stock market may not be as safe a place now.
The economic news on Friday was that the US economy created more jobs than expected and the unemployment rate held steady. Meaning maybe no interest rate cut at the next FOMC meeting June 16-17 which did not help the metals.
I will repeat my mantra. Nothing goes up in a straight line or goes down in a straight line.
Until next time…
Get the latest on NYC and the Empire State delivered straight to your inbox
