One Of The Greats Just Warned, “We Are At The Endgame” Plus An Update On Gold & Silver
One Of The Greats Just Warned, “We Are At The Endgame” Plus An Update On Gold & Silver from King World News
TDC Note – Hopefully, King World News will be releasing a podcast this weekend.
As we come to the end of another wild week of trading, one of the greats just warned, “We are at the endgame.” There is also an important update on the action in gold and silver.
Weak Correction In Gold Within A Strong Uptrend
September 6 (King World News) – Ole Hansen, Head of Commodity Strategy at SaxoBank: “Gold: Tactical longs reducing exposure in response to yesterday’s rise in stocks and yields. Above $1490/oz this will be categorized as a weak correction within a strong uptrend. With the Trade War on hold until early October potential buyers may need to be patient (see below).
GOLD: Longs Reducing Exposure In Response To Yesterday’s Rise In Stocks And Bond Yields
Nasty weekly bar emerging on silver. Support being the $17.50/60 area (see below).
CAUTION: Nasty Weekly Candle Emerging On Silver
“We Are At The Endgame”
Peter Boockvar: “After the Chinese markets closed, the PBOC cut its reserve ratio requirement by 50 bps to 13% but told the market that this is not part of a “flood like monetary stimulus.“Smaller lenders will get a 100 bps cut. Quantifying the extra yuan available for lending comes to about 900b, or around $125b. There was no discernible response in some traded markets as the yuan actually rallied after and after initially jumping, copper is back to where it was right before the news. I don’t think the news was much of a surprise as China continues its attempts at cushioning the blows to its economy. But, as here and everywhere, you can lead a horse (borrower) to water but getting it to drink (borrow) is a different story.