Quick Gold Update: "Nothing Has Changed"
Thoughts heading into Wednesday morning.
This note republished from my friend Anton Wahlman at Wahlman Market Commentary and will be provided free periodically to QTR’s Fringe Finance subscribers. Anton is someone who’s opinion I like to keep in my atmosphere — he’s sharp and definitely looks at the world differently. I don’t always agree with him, but his takes are always worth reading.
Gold started a decline last Thursday, which was followed by a radical 10% decline on Friday -- with the miners losing even more. Everyone waited with bated breath over the weekend to see if this was going to be followed by another huge decline on Monday.
Well, as it turns out, Monday was basically flat across the gold complex. It was a rebalancing day of sorts, with GLD being down more than the futures and the GDX, for some reason. The big picture, however, was a major sigh of relief.