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Precious Metals Too Dreadful To Touch Now

By Tim KnightCommoditiesJul 07, 2022 01:54PM ET
www.investing.com/analysis/precious-metals-too-dreadful-to-touch-now-200626820
Precious Metals Too Dreadful To Touch Now
By Tim Knight   |  Jul 07, 2022 01:54PM ET
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XAU/USD
-0.30%
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XAG/USD
-0.93%
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Gold
-0.03%
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Silver
-0.80%
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SLV
+1.36%
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GDXJ
+3.03%
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Precious metals have been stinking up the joint since the year 2011. That’s pretty pathetic when you consider how every other asset, from kitty litter to Dogecoin, has thrived in that same timespan. As I was looking at the junior miners (VanEck Junior Gold Miners ETF (NYSE:GDXJ)) I thought, hey, maybe that’s primed for a hearty bounce, considering where it is at relatively to its trendline.

GDXJ:

GDXJ Chart.
GDXJ Chart.

But, ya know, I went through my entire miners watch list, and there is nothin’ I’d want. Yeah, GDXJ might bounce higher for a few days, but as I look at the dreadful condition of silver:

iShares Silver Trust (NYSE:SLV):

SLV Chart.
SLV Chart.

And, look at gold:

Gold Futures Chart.
Gold Futures Chart.

It all just seems too busted to me. I’m not touching any of it.

There’s nothing I’d want to go long now. It’s a bit of a drab trading environment at the moment, but I think it’s only going to be a matter of days, or a week at the very most, before things get exhilarating once more.

Precious Metals Too Dreadful To Touch Now
 

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Precious Metals Too Dreadful To Touch Now

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Comments (4)
John McCarroll
John McCarroll Jul 07, 2022 7:23PM ET
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I think it was Charlie Munger who said : “Every 50 years, something happens.”
Carlitos76 Carlitos76
Carlitos76 Carlitos76 Jul 07, 2022 4:16PM ET
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Do u mean will go up
Rajesh Upadhyay
Rajesh Upadhyay Jul 07, 2022 2:47PM ET
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$ INDEX is VERY strong and further. 75% Intrest Rate increase will definitely take $ on New Height of 109 easily. Which will bring Gold down to 1680.
Shaheen Hays
Shaheen Hays Jul 07, 2022 2:47PM ET
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If dxy goes to 109, gold will be 1600, going from 105-107 took gold from 1830 to 1730
GalLih Gagak
GalLih Gagak Jul 07, 2022 2:32PM ET
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hlo
 
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