When the COMEX opened today the BEARS came out in force driving the price down to $1,684.85 - ouch!
But with all great roller coasters the ride down is scary, it is followed by the rise. Gold spent much of the day moving upward and onward closing in the green.
Now that chart really doesn't look like a roller coaster, so lets take a look at the hourly chart.
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Gold is sitting just above the "line in the sand" of $1700.00
Silver held up rather nicely today.
It did look like silver was going to break today, but nah not today. Another day extending the handle. Fingers crossed!
Now for more serious issues today - the miners.
At one point GDX hit $32.54! And yes, like gold the miners did rise back up to close only 37 cents down BUT that is a heavy hit considering that last Tuesday GDX posted a HIGH of $37.49.
It is not easy being an "investor" in mining stocks right now but it sure is fun being a trader. The greatest gift a trader can have is a volatile market and these past months have been extremely volatile.
Is the carnage in the miners over?
The last two sessions have seen a "gap" to the downside, and often gaps will be filled but this is a general rule that can be honored in the breach.
Keep stacking the shiny metals!
In other news oil took a hit, as to the surprise to many US oil inventories rose this week!
Really!
Many were surprised? Who could possibly be surprised? Financial experts I guess, glad I am not one of them.
"Demand for gasoline fell 25% to 35% from a year earlier over the U.S. Memorial Day weekend, which usually heralds the start of the summer driving season and the peak of fuel consumption." zerohedge
WTI Extends Losses After Huge Surprise Crude Inventory Build: https://www.zerohedge.com/energy/wti-extends-losses-after-huge-surprise-crude-inventory-build
In early March, I began sounding the alarm bells about oil. In a nutshell, the market was ill prepared for a sudden and dramatic decrease in demand coupled with a sudden and dramatic increase in supply.
Here: https://hive.blog/steemsilvergold/@handofzara/will-the-world-turn-this-sunday
And then later here: https://hive.blog/silvergoldstackers/@handofzara/mayhem-in-the-oil-markets-and-mexico-shutters-all-silver-mines
The weekly chart in crude still looks ugly!
Oil is the commodity that drives the so called "petro-dollar", watch it very carefully.
Furthermore, much of America's oil industry needs higher oil just to manage its debts. I think their bankers have got to be beside themselves these days.
What else? Any other signs of things going off the rails?
Big surprise - right! America's only rail passenger service is requesting a bailout for the fiscal year beginning in October.
How much you might ask?
$1,475,000,000.00
That is a lot of zeros! For the counting challenged that is $1.475 Billion dollars.
Keep in mind Amtrak has already received emergency funding due to the lock down.
How much you might ask?
$1,000,000,000.00
That is a lot of zeros! For the counting challenged that is $1 Billion dollars.
The additional funds are of course on top of the Federal grant that Amtrak receives annually.
How much you might ask?
$2,000,000,000.00
That is a lot of zeros! For the counting challenged that is $2 Billion dollars.
At least the good people who work the rails will keep their jobs, right? (and I do think Amtrak employees are some of the finest people)
Not so fast!
Amtrak intends to lay off 20% of its work force.
Read more if you dare: https://www.zerohedge.com/markets/amtrak-seeks-billion-dollar-bailout-prepares-slash-20-workforce-ridership-crashes
Boeing laying off its employees.
Amtrak laying off its employees.
Tesla Motors slashes prices across the board.
https://www.zerohedge.com/markets/tesla-cuts-prices-across-entire-us-lineup-demand-cliff-secured
What is a fella to do?
BUY FORD!
(not financial advice but I did manage to write a post that covered planes, trains and automobiles)
Pay attention, we live in extraordinary times.
Peace out and Stack on!
It was funny when silver hit 11 dollars. I was actually on the sd bullions' page. The day before you could buy any coin with over 2000 coins available. Yet on that day everything sold out. The day before a hundred dollar order, got you free shipping. The day after the drop everything was sold out. I got lucky and placed an order while the pricing hadn't adjusted. My order came in a week later.
Meanwhile in a matter of twenty four hours, there was a five week waiting time. All their inventory was sold out, and the minimum order had been raised to 300.
Yet despite the fact that silver inventories were depleted, and you couldn't find an ounce under twenty dollars. The spot price stayed around twelve.
The premium paid for actual physical silver is amazing. There has been for some time a disconnect between the physical spot market and the futures market. Perhaps soon silver will be cut loose. Fingers crossed!
The banks are weakening so here's to them losing their ability to manipulate.
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