In an unsurprising development, both Comex digital metals are down this morning with Comex Digital Silver off nearly a full dollar. But the economic news is dismal and nearly the entire commodity complex is red so it's not simply a case of another Bank smash.
It's July FOMC Day. Expect the Fedlines at 2:00 pm ET and a CGP presser at 2:30 ET. To kill the time between now and then, here's an open thread to discuss the possible outcomes.
Let's hope for the best and an extension of this great run that we're on. However, experience informs us to...
First, it was Comex gold that filled the gap back to April 2013. Then it was GDX. We knew that GDXJ would come next and then the only hurdle would be Comex silver. As of tonight, it has finally happened....Comex Digital Silver got back...
However, even with the new all-time highs in gold, it is just the start of another week...and it's going to be a long week with much more volatility (in both directions) than last week. So let's take a moment to celebrate the new ATHs but then let's get out collective heads screwed on straight...
It has been a tremendous week in the Comex metals with all of our July goals being attained...and then some! We are poised to paint some magnificent green candles onto the weekly charts and the ongoing strength perhaps lends optimism toward even further gains in the days ahead.
Back in mid-June, we began to lay out the forecast of a "strong July" with goals of $41-42 HUI, $20.00-20.50 Comex silver and $1880 Comex gold. After an early morning surge to CDG $1888, I'm happy to report that all those goals have now been met.
It was another wild and crazy overnight as both Comex digital metals made new 2020 highs. While overboughtedness makes a pullback a certainty at some point, we are still smiling and feeling good about the week, the month and the year thus far.
Yesterday we hit our July target for Comex silver and today we are poised to hit out July target for the GDX. That leaves just $1880 Comex gold out there as our final remaining goal...and that goal is coming into view with each uptick.
But let's begin with Comex silver as this is where...
When was it...about the middle of last month...when we began telling you to expect $20 Comex silver sometime in July? Well, here we are. Now can we get $1880 Comex gold, too? There are still a few days left in the month.
And there certainly hasn't been a shortage of naysayers this past...
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