Are metals prices reversing?
Pausing. The US Dollar was up this week. The stock indices were up. Silver beginning to reverse to the mean after getting ahead of itself. Gold taking a rest.
Gold was down 1.26% this week, Silver was down .29%, and the Dow Jones Industrial Average (DJIA) was up 1.26%.
And my thought is prices are pausing. As they have done many times before. For long-term holders, it is noise and the potential to purchase more metals at advantageous prices.
There were some economic reports out though they were mixed and FED chair Powell spoke on Tuesday at a banking regulation conference and he was not permitted to mention monetary policy since the FED is in a blackout period from July 19th-July 31st on what they can say around next week’s Federal Open Market Committee (FOMC) meeting on July 29th-30th.
For what it’s worth, and it is probably not related, the equity indices were up for the remainder of the week after Powell spoke and metals prices reversed to the downside. My thought. US Dollar related.