Volatility Is Back, Metals On The Roller Coaster
Equities aregetting clobbered again this morning as volatility is back. This week, theequities have had 300-point ranges everyday showing price volatility. Themetals have been active as well but remain in a consolidation range indicatingthey are setting up a big move as well.
The mostinteresting item of the week, with the equities seeing increasing fear,interest rates at 4-year highs, gold and silver have not rallied. This provesthat gold and silver are commodities and not protection against your portfolio.Based on the equities, the metals should be much higher, yet they look likethey are ready to break to the downside.
Wednesday andThursday, gold had big rallies that failed, this morning with the Dow down 250,gold is lower. Interest rates are rising, 10-year notes are 2.8% and the30-year bonds are over 3%. Gold and silver should be running higherbut they are not, which indicates the short-term tops are in.
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