Are We There Yet?????
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The HUI Index of unhedged mining stocks continues its down trend. Today saw a nice bump from yesterday's low of 209.29. The trend remains decisively down. In normal years, July tends to be one of the weakest months of the year for the precious metals market.
Absolutely correct Sir Isaac, so until we see any form of a bottoming pattern the chances of LOWER LOWS is still on the table.
Gold continues to slide deeper into the great abyss. The good news, well not really news, but rather an observation is that gold usually finds a bottom in the later part of July.
Last week I wrote that IF silver continued its down trend then $18.80 per ounce was on the table. The low yesterday came in at $18.70 per ounce before rebounding.
One odd thing about these moves is that the premium on silver Eagles remains rather high.
JM Bullion is still asking over $30 per Eagle despite silver trading at $19.17 per ounce.
Strange days indeed across all markets.
I do not see anything bullish to report in the precious metals markets these days.
And I don't see any real bargains coming online for bullion.
Peace out and stack on!
It baffles me that the premiums won't come down further to meet the spot price. It would be one hell of a buying frenzy if it did!
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"If there's a fool present in th' galley who will pay a $12 premium fur an oonce o' silvers, thaur may be tois. If thaur ur tois, than thaur might be thee! Until we clear th' deck o' utopian dreamers, th' premiums will remain high. Bide ta hodden silvers mates, ye cannae gang wrang!" 😉 -Keptin
It is mysterious how that even the US Mint still finds it difficult to source silver in a declining price action that suggests an abundant market supply.
Silver is bleeding, gold is bleeding, bitcoin is in red. What is happening though
I think the premium for silver coins is expensive. I seem 1 oz coins going for extra 35 % over spot price !
Wild times indeed, hopefully this will be the bottom