Precious Metals Too Dreadful To Touch Now
Tim Knight | Jul 07, 2022 01:54PM ET
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:
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):
And, look at gold:
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.
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