April 10, 2024
Mish's Daily
By Mish Schneider
In the face of higher yields, higher dollar, gold has been rallying since early March-and really since October 2023 after the trough.
Although there have been periods of consolidation, the move over 2100 sealed the deal.
Huge central bank buying, buyers at Costco, have helped, but the essential question is why has gold been going up all along well ahead of today's CPI?
I boldly made the call on FOX Bloomberg and other outlets at the start of 2023 that gold would double in price...and while it has not doubled, it has gone parabolic lately. What did I see?
News today is that a missile strike on Israel by Iran is imminent.
Oil spiked on that news-plus oil WTI-over $85 is bullish
Also as expected, gold miners and silver began to move higher.
Silver will move because of industrial demand, but also because it is the poor man's gold.
Silver outperforming gold is inflationary-we are not seeing that yet.
Miners are moving to meet anticipated demand for gold, silver, and copper-but again-not at inflationary levels-not yet.
Bottom line-
the overlay chart from the 1970s to now is interesting-
A bit too coincidental?
This is not 1979 inflation right now-but imagine if that happens with a FED behind the curve.
We believe that this parabolic run continues for some time-gold will hold 2300 silver 25 and run to 2500-3000 and 35-40 respectively.
But we also believe that when the time comes it has run its course-it will be obvious, and the PMs will go back into hibernation indefinitely.
For more detailed trading information about our blended models, tools, and trader education courses, contact Rob Quinn, our Chief Strategy Consultant, to learn more.
-
Traders World Fintech Awards
-
Get your copy of
Plant Your Money Tree: A Guide to Growing Your Wealth
Grow Your Wealth Today and Plant Your Money Tree!
"I grew my money tree and so can you!"- Mish Schneider
-
Mish in the Media - All clips here
CMC Markets Take a ride with Mish and she goes through commodities, indices and currencies and gives you a short-term game plan using long term bias 04-10-24
CNBC Asia Inflation is Coming Which bodes well for industrial and precious metals.04-10-24
Business First AM Mish covers the massive consolidation of many sectors and why solar energy is something to look at right now 04-09-24
Stockpick.app Mish teaches you why this most powerful chart pattern will lead you to stay on the right side of the market. 04-08-24
The Final Bar with StockchartsTV Mish covers uranium, solar energy and forex with Dave Keller 04-02-24
Making Money With Charles Payne Mish talks about small and mid-cap stocks and why sticking to companies with strong balance sheets and earnings growth makes for best investments 04-02-24
CNBC Worldwide Exchange Tesla is one aspect of a much larger megatrend in EVs. Mish covers the advantages/disadvantages of the company and the space 04-02-24
Coming Up:
April 11 Kitco News
April 17 Schwab Network
April 17 Singapore Radio
Weekly: Business First AM, CMC Markets, and new to us-stockpick.app
ETF Summary
S&P 500 (SPY) 520 now resistance 509 the 50DMA
Russell 2000 (IWM) Zoom out 199 support and now 201 pivotal
Dow (DIA) Confirmed warning phase 378 support
Nasdaq (QQQ) 437 the 50 DMA
Regional banks (KRE) 45-50 range
Semiconductors (SMH) Still outperforming 223 pivotal
Transportation (IYT) 67 pivotal with 65 bigger support and now under the 50-DMA
Biotechnology (IBB) 135 resistance 129 support
Retail (XRT) Sliced below support and now 71-72 has to hold
iShares iBoxx Hi Yd Cor Bond ETF (HYG) 76.50 broke so risk off for now
Every day you'll be prepared to trade with: