The trading sentiment is very weak among precious metal dealers and base metal dealers. Those who did not hedge in futures have incurred losses on their physical stocks.
Gold needs to hold yesterday's low, but the trend has not yet changed. Hard to find a bottom here. $1,743+ would help to just start to gold get out of this hole.
We should be getting very close now. 90-95% of bloodbath phases lasts 5 to 7 days. We are now entering day 7 (today). Gold looks like it is in a coil, hitting supports..
Emerging market bonds face a $237 billion cascade of defaults, reports Bloomberg, with Sri Lanka already stopping its payment to bond holders this year.
The precious metals outperformed even though they also went down. Signs abound that the precious metals could be in the throes of making important cycle lows even if the final low is still months away.
On one hand, the bankers are being honest about having lost control of the situation; on the other hand they're being somewhat dishonest about the economy..
