Comex Digital Gold is making another attempt at a first close north of its 50-day moving average since April 23. A rallying CNY, lower interest rates, a low CPI and a carryover safe haven bid from yesterday are all prompting today's move.
Late yesterday, President Trump stated that The Fed was moving too fast on hiking the fed funds rate. Now today, the PPI comes in slightly softer than expectations. What an interesting set of circumstances for Chief Goon Powell.
Our pal Ronni Stoeferle and his friends at Incrementum AG have just released the latest chartbook update in their "In Gold We Trust" series. Over the weekend, be sure to spend some time looking over this very valuable information.
Even though there are mentions of a blowout BLSBS number tomorrow...and even though interest rates continue to rise...Comex gold and silver are bouncing back today and once again positioning themselves directly below their respective 50-day MAs as we move toward the end of the week.
For the past several years, the Chinese holiday of "Golden Week" has led to steep declines in Comex gold and silver. So far in 2018 the opposite has occurred. What the heck is going on and is this related to the ongoing yuan-gold "peg"?