its flirting with sub 1700 overnight on signs that the fed will raise by a BUMPER 1% on the 27th July.... if data comes out that this is looking likely we can expect more weakness for the next two weeks till the 27th meeting....
however i dont believe it is all bad news (well it kinda is) as the day after the US GDP figures for the trailing quarter will be released and most likely it will show a negative number meaning the economy has shrunk (shrunked, shrunken?) which of course means that with the prior quarter negative figure , the US economy has entered a recession. Once the doom and gloom headlines are splashed across the world that the US is in a recession it wont be long before politicians start with talking stimulus for effected citizens and put pressure on the FED to ease/ pause the rate rises EVEN with ongoing high inflation. This is the time that gold will START to shine - i put emphasis on start as it wont be shoot the lights out rise to $2000 in a week but the long term bull trend is likely to start working again in our favour as PDI investors.
so, we have a rough couple of weeks coming up but hold in there and prepare yourselves accordingly for pressure on the goldies and remember what is coming up which is hopefully confirmation that Bankan is allowed entry to the TIER ONE deposit hall of fame.
GLTA
PDI Price at posting:
19.0¢ Sentiment: Buy Disclosure: Held
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