With the price of gold surging solidly above the $1,700 level, here is a look at silver, gold and gold bulls, plus Fed balance sheet heading toward $10 trillion with no endgame.
Lots Of Gold Bulls Still On Sidelines
June 9 (King World News) – Fred Hickey: “Lots of gold traders (long-term bulls) sitting on sidelines expecting the seasonal correction period (correction began in April) to deepen. However, long gold managed money futures positions are way down and even with maximum effort to break key $1680 level – they haven’t succeeded.
These traders may be running short of time. In past gold bull markets, some seasonal gold declines ended early-to-mid June with bull markets resuming (typically terrific 2nd 1/2s). If they don’t get some help from Fed tomorrow (and hawkishness is not their forte) – correction could be over.”
Fed Balance Sheet Heading Toward $10 Trillion With No Endgame
Sven Henrich: “Imagine the highs the Nasdaq can hit during the next recession. Imagine the highs the Nasdaq can hit during the next recession.
On a more serious note: In their panic to go all in and crossing all sorts of red lines the Fed has no plan or clue how to pull out.
They couldn’t even pull out from a $4.5 trillion balance sheet without tanking markets. Now they’re heading toward $10 trillion with no end game.”
SLV vs GLD
Graddhy out of Sweden: Silver/Gold Ratio is now right up against the resistance line for my blue falling wedge. And downwards it is holding orange dotted EMA150 (=EMA30w). So it is squeezed between blue resistance and orange support. Looks to me like an upwards resolution is not that far off.
SILVER BULLS: Silver/Gold Ratio Close To Major Breakout
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