What is happening in Japan is not good…but gold and silver remain firm.
A portion of today’s note from Peter Boockvar: Japan’s index for August was up a touch at 49.6 from 49.3 in July. It’s below 50 now for a 6th straight month which also coincides with the yen move from 120 to 100…
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Peter Boockvar continues: With the yen hovering just above 100, the Nikkei cannot get out of its own way EVEN WITH ALL THE ETF BUYING by the BoJ and it closed down by .6%. The 10 yr JGB yield was down by 2 bps at -.08 but still remains 20 bps off its extreme low of four weeks ago. The Topix bank index was down by 1.4%.
King World News note: Below you can see a 30-year chart of Japan’s Nikkei Index. This is the area where the bulls, in this case primarily the Bank of Japan, need to start the next leg higher. Because if the Nikkei breaks below that critical support level, it will trade extremely aggressively to the downside.
What About Gold & Silver?
King World News note: Meanwhile, gold and silver continue to remain relatively firm as we near the end of August and get ready to enter the seasonally strong time of year in fall. It will be interesting to see how the metals trade over the next couple of weeks.
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