Here is a jaw-dropping $370 price target for silver, plus fear is good.

Silver Roadmap
October 4 (King World News) – Graddhy out of Sweden:  This long standing Silver roadmap chart is still showing the way. It is still respecting the pattern, and the quarterly close last week put in a bullish reversal candle right at double support. And at present it has a bullish engulfing reversal candle. Bull price objective $370.

Price Target For Silver Is A Jaw-Dropping $370!

You Are Early In Gold, Silver & Uranium Bull Markets
Graddhy out of Sweden:  If you think you are late to the precious metals or uranium bull, you are not, you are very early. So pat yourself on the back instead of questioning yourself. The broad retail crowd is nowhere to be seen yet, and that is one of many parameters that makes a massive bull market…

ALERT:
Billionaire and mining legend Ross Beaty, Chairman of Pan American Silver, just spoke about what he expects to see in the gold and silver markets and also shared one of his top stock picks in the mining sector CLICK HERE OR ON THE IMAGE BELOW TO HEAR BEATY’S INTERVIEW.

Fear Is Good
Charlie Bilello:  Why Fear Is Good…

CONTRARIAN INDICATOR:
AAII Stock Market Sentiment 3rd Most Bearish Reading In History

Busted
Otavio Costa:  Largest 4-month drop in job openings since the beginning of lockdowns. To be fair, this number is falling from very high levels but the current drop is massive and must be emphasized. Today’s decline is way worse than any other print we saw during the GFC and Tech Bust.

EARLY STAGES OF A BUST:
Job Openings Collapsing

Bear Market Rally
Art Cashin, Head of Floor Operations at UBS:  The bear market rally continues.  It is very broad and the breadth for the day is strong as well as the overall tick index, reaching levels that are nearing extremes.  Clearly, we have taken out most of the oversold condition.  On yields, the rally stuttered a bit when the yield on the ten-year got back above 3.60%, but now they seem to have ticked again into high gear as the yields went back to behaving. 

We think there may be some resistance up around the 3800 level, but the heavy resistance is above that. 

We should take a moment to look at some numbers this morning.

The VIX is ticking back below 30, which is a bit disappointing to the bulls, but probably symptomatic of the fact that we have eaten up most of the oversold. 

The yield on the ten-year, again, below 3.60% is somewhat supportive of the rally.  Above 3.60%, that support withers away.

So, I think we can spend the balance of the day concentrating on the yields and see where that brings us.

Stay safe.

Arthur

Gold & Silver Bull Catalyst
Peter Boockvar:  The 3rd member of the Fed troika, John Williams, did not echo yesterday the risks of continued tightening like Lael Brainard did but the markets didn’t need that as the Reserve Bank of Australia delivered a monetary present instead. The RBA hiked interest rates by 25 bps to 2.60% and not the 50 bps that was widely anticipated. Governor Lowe said “The cash rate has been increased substantially in a short period of time. Reflecting this, the Board decided to increase the cash rate by 25 bps this month as it assesses the outlook for inflation and economic growth in Australia.” This doesn’t mean they are done though, “The Board expects to increase interest rates further over the period ahead.” While their benchmark rate is less than half the pace of inflation, they are now more cognizant of the speed at which they are driving down the road even though they still plan on ending up at the same place, maybe. 

Gold & Silver Will Take Off Further
The reaction was swift. … The 10 yr yield closed down 17 bps to 3.73% and the Aussie$ is lower by .5% but after the 1.8% jump yesterday. Bond yields in the rest of Asia rallied in sympathy as did European bonds and in turn, US Treasuries. Gold and silver too are rallying and will take off further when the markets get further hints that the Fed is going to slow the pace of hikes, let alone end them.

Ahead of what will likely be another 75 bps rate hike from the ECB in 3 weeks, today we saw August PPI in the Eurozone rise by 43.3% y/o/y. 

Just A Little “Transitory” 43.3% Producer Price Index Inflation In Europe

There are not enough words to discuss the energy pain the region is experiencing. Ex energy prices, PPI was still up 14.5% y/o/y. The euro is up for a 2nd day to a two week high vs the dollar.

She’s Given Keynote Speeches To IMF, World Bank & Federal Reserve
To listen to Nomi Prins discuss the emergency Bank of England intervention in the UK, crisis in Europe and what to expect next for the US dollar, gold and much more CLICK HERE OR ON THE IMAGE BELOW.

To listen to Alasdair Macleod discuss the crisis unfolding in the UK and Europe as well as why the gold and silver markets are poised to rally CLICK HERE OR ON THE IMAGE BELOW.

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