Is Anyone Else Getting Tired of the Precious Metals Market?

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Screenshot 2022-08-11 at 16-40-15 NYSE ARCA GOLD BUGS INDEX (^HUI) Charts Data & News - Yahoo Finance.png

Lets be careful here and pay attention. Last week I wrote that the downtrend in the precious metals remained intact. I see nothing on the HUI chart of gold mining stocks to change my mind. All I see is a pullback after a monster slide to the downside. The Bulls are looking rather weak as the HUI CLOSED today at 209.21.

I will admit yesterday's action was intriguing as the HIGH at 215.93 did take out the HIGH of the previous week BUT the gold miners gave it all back by the end of the session. Not exactly the sort of action to signal the end of a downtrend.

Screenshot 2022-08-11 at 16-51-16 Gold Futures Price - Investing.com.png

Gold rallied last week into resistance and has since stalled and is in danger of renweing the downtrend for another leg down.

Screenshot 2022-08-11 at 16-55-14 Surprised Roller Coaster Guy Meme Generator - Imgflip.png

Screenshot 2022-08-11 at 16-56-21 Grumpy Clown Roller Coaster Meme Generator - Imgflip.png

Screenshot 2022-08-11 at 16-57-43 Silver Futures Price - Investing.com.png

Was this week's action in silver a "false" breakout?????

Silver looks better than gold and the miners BUT needs some serious action to the upside and soon or its another leg to the downside.

And if you are wondering what could possibly be causing the precious metals to have such a difficult time, then look no further than the 10 Year Yield on US Treasury.

Screenshot 2022-08-11 at 17-01-38 US 10 Year Treasury Yield - Investing.com.png

Nothing kills the attraction to gold and silver like rising interest rates. Of course rising interest rates kill Stock Markets and Economies, so we have that to look forward to as well.

Peace Out and Stack On!

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15 comments
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You received an upvote of 100% from Precious the Silver Mermaid!

Thank you for contributing more great content to the #SilverGoldStackers tag.
You have created a Precious Gem!

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I don’t play with paper metals. If you think physical metal prices are manipulated paper is 100x worse

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There's no excitement in Precious metals market. It's more or less predictable, you get a little pump then dip just as quick !

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(Edited)

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"War, inflation, social decay...ain th' metals gang doon?....BLATCH!" 🙄 -Keptin

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Talking Heads say Silver is where it's at, now, but Gold is where to be when its day comes. Thanks again, @handofzara.

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I think the Fed will slow down the rate of tightening as inflation starts to cool down; this should be bullish for the market.

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I'm starting to think that the Comex is restricting PM supply for the Investing market even as industrial demand has slowed due to the Recession. Is it really that hard to divert excess Industrial silver to Investment market?

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It would be a while before I have any spare cash to take advantage these lows anyway.

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I am just getting acquainted with metals market. At times I get fustrated though most especially spot gold

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