The precious metals of Gold and Silver saw net August gains of +$404.57 (10.0%) to $4447.54, and +$8.90 (15.4%) to $66.52 respectively.
Gold, monthly1b
Silver, monthly1b
Summary
Gold: a massive net monthly gain,
printing a high of $4697, and settling at $4447. Momentum weakened for a sixth month, and is on the moderately low side.
Silver: a massive net monthly gain, printing a high of $71.16, and settling in the $66s. Momentum weakened for a sixth month. and is marginally negative.
If August is telling anything, its that the July lows are likely a m/t low.
---
The concerns into the fall should be...
1. If equities see a washout between now and the midterms. Even if the SPX sees just a basic correction of 10%, its almost impossible not to see gold/silver/miners get dragged down to some extent.
2. If the dollar strengthens.
3. If the Fed raise rates in Sept' and/or Dec'
4. If the US 10yr yield climbs to around 5.00%
Right now... I'm guessing we see all four of those things before year end.
Again though... the July lows for gold and silver look pretty secure.
--
For more of the same... > https://www.tradingsunset.com
