%% I Like commercial metals more, acquire + sell copper, several grades of copper ; some steel......................................... But I m not as price sensitive in cash metals ,as I am in QQQ, sometimes SQQQ, SH ,SPY + related Did buy some honey whole wheat bread for enjoyment + use LOL.
reuters.com China stimulus, US rate cut bets lift gold, silver soars above $30 mark May. 17th, 2024 May 17 (Reuters) - Gold prices, aided by China's stimulus measures, looked poised to clock their second consecutive weekly gain on Friday on renewed hopes for U.S. interest rate cuts, with silver breaking the $30 barrier to hit an 11-year high. Spot gold rose 1.5% to $2,412.83 per ounce by 1745 GMT, closing in towards an all-time high of $2,431.29 hit on April 12. U.S. gold futures settled 1.3% higher at $2417.40 per ounce. Reuters Graphics "Gold is moving higher despite (an uptick in) the dollar and yields. I think in this instance, China stimulus has helped as we're also seeing other (base) metals do very well," said Bart Melek, head of commodity strategies at TD Securities. The market was lifted after China, a major consumer of industrial metals as well as gold, announced "historic" steps to stabilise the crisis-hit property sector. Spot gold prices are up over 2% so far this week. Meanwhile, London's gold price benchmark ended the week at a record high of $2402.60 per troy ounce, the London Bullion Market Association (LBMA) said. "Ultimately gold is responding to the idea that U.S. inflation is probably under control ... any talk of a prolonged period of high interest rates is going to be mitigated," Melek said. Traders expect roughly two quarter-point cuts from the Fed this year, with November being the most likely starting point.
Silver really skyrocketed today. I think my DOTM SLV calls were up like 200% today. Was it just a catch up trade to Gold? It seems like an outsized move compared to GLD.
Same as penny stocks outperforming large caps. Anyway, if silver breaks above 33 in the coming days, we could possibly go up to 40 (upper channel line).
Oh wow it broke a triangle and is at 2k while Bitcoin is at 67k lol You do realize they were both $1300 in 2013...I wonder which one was the more sound investment?... I wonder how much $ you would have if you bought Bitcoin back then instead? I'm starting to understand why you are so sour towards Bitcoin.
That is a really scary position, the break happened near a high swing so.. idk if that is wise to enter!