Keep in mind that US goldies are barely break even. AUD goldies are making money.
Ophir has it right:Monday is safe haven day...Asia/Europe etc.. Gold and silver safe haven as always...not even bonds are holding up...
Look at the last time the stock market plunged: GDX tanks.... But NST goes the other way... The AUD fell at that stage. Friday the USD strengthened
This time the AUD will likely also go down due to the USD strength, which keep the AUD gold price afloat...
We usually follow GDX but it depends on the context of what's happening... The market believes the Fed will hike ... it's a repeat of January... but the joke is that with the market plunging like this, they definitely won't hike rates.
Mark me on this: on Fox/CNBC/Bloomberg you'll very quickly hear commentary that the recent weak economic data has most likely taken the Fed hike off the table...You may even get some speakers from the Fed commenting on the recent weak data and that the case is now less likely than before etc... The narrative has to change as it's gone the wrong way for the Fed who has been trying to keep the US stock market up in the lead up to the elections.They need to do damage control before the elections... and when they don't hike....and they will NOT hike in September, then Gold will shoot the lights out... you'll feel your pc screen shake.
The open will be by the kids the think they know. The close will be by the players that know. Let's see how tomorrow ends rather than how it begins.
DYOR
BLK Price at posting:
80.0¢ Sentiment: Buy Disclosure: Held
