We are near the end of this major correction in gold and silver, but it may get a little bit worse before it gets better.
GOLD: Act Accordingly
June 9 (King World News) – Otavio Costa: China’s gold buying spree continues.
The metal is steadily moving from weak hands to strong hands.
Act accordingly.
KING WORLD NEWS NOTE: China Is Doing The Right Thing By Trading In Fiat Money For Physical Gold During This Decline
Gold
Otavio Costa: This is the kind of headline you tend to see at the bottom.
Act accordingly.
KING WORLD NEWS NOTE: Costa Is Right, These Are The Types Of Headlines You See Near The End Of A Big Correction In Gold
This Isn’t Over
Ronnie Stoeferle: That’s not how a secular bull market ends.
KING WORLD NEWS NOTE: Implied Allocation To Gold (RED LINE) Is Nowhere Near Signaling The End Of The Gold Bull Market
We’ve Seen This Before
King World News note: This chart from the brilliant Ronnie Stoeferle does a beautiful job of keeping investors focused on the big picture during this correction in gold:
KING WORLD NEWS NOTE: Remain Focused On The Big Picture During Gold’s Decline. If Gold Were To Fall Another $200 That Would Mark A 25% Correction From The Highs
Meanwhile In Japan
Peter Boockvar: As the BoJ likes to leak their intentions, it looks like they are going to raise interest rates next week. According to the Nikkei Asia news wire, “The Bank of Japan is set to raise its key interest rate to 1.0% from the current .75% at its upcoming policy board meeting on June 15 and 16, Nikkei has learned, as the Japanese economy faces upside inflation risks. The central bank is also considering pausing the tapering of its government bond purchasing program, starting in April 2027.” That would be the first rate hike in six months and a 1% overnight rate would be the highest since 1995
The story was not enough to help the yen which is unchanged at 160, the level at which triggered intervention recently. The 2 yr JGB was flat and longer end yields are lower on that pause in the tapering part of the story, and maybe too why the yen didn’t rally. We should continue to have our eyes on the BoJ, the JGB market and the yen because of the global flow impact they all have.
https://asia.nikkei.com/economy/bank-of-japan/bank-of-japan-set-to-hike-key-interest-rate-to-1.0
Gold & Silver Takedown
To listen to Alasdair Macleod discuss the gold and silver takedown and exactly what he would be telling his clients to do if he was still a broker CLICK HERE OR ON THE IMAGE BELOW.
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