There is still a lot of trading left until month’s end…
Half Dollar’s Note: These charts were set-up at approximately 10:00 a.m. EST on Friday, June 26th, 2020, unless otherwise noted.
If you’re the cartel, and gold’s breaking-out to multi-year highs and busting through the last major resistance en-route to all-time record highs, what do you do?
Do you bring down the broader stock market, so that gold & silver can be brought down in a “sell-off”, because, you know, those unfortunate investors and traders just keep getting caught on the wrong side of the trade, and they need to raise cash by selling gold & silver!
Or is that not how the spin goes?
Regardless, we’re close to the break-out, so for now, the beat-down on price this morning is nothing more than some good old-fashioned spite.
That said, please excuse a shorter than usual Friday Wrap this afternoon.
Zooming out from a chart that I took a screenshot of a couple days ago, we can clearly see why $1800 is such a critical line in the sand for the cartel:
We’re talking about the last bit of major resistance to fresh, all-time record highs.
Still, gold’s daily chart remains healthy and bullish:
I don’t think the cartel is going to be able to hold price down for much longer.
The gold-to-silver ratio is still in the upper 90s:
Next week will be an interesting week, but it’s also the end of the quarter, which would give me reason to be bullish at the start of the third quarter, however, we do have a holiday-shortened week, with next Friday being the day the 4th of July is observed, and we all know the cartel loves to smash around the market holidays.
This year, however, with many Americans not able to go on summer vacations:
The cartel might not be able to smash like they have in years past.
Either way, they no longer are subtle about their smashes, and, in fact, they have no shame in smashing gold & silver, not at 2:15 a.m., but whenever they dang well fell like smashing!
Silver’s chart doesn’t look as bad as it did a couple weeks ago:
It looks more like base-building now, and check out the imminent golden cross!
Palladium’s chart, however, continues to look all sorts of ugly:
We were in a difficult position to start the week, and we’ve since broken down.
Platinum is also not faring too well right now:
Platinum is south of its 50-day moving average, although slowly, but surely, the golden cross is coming.
Crude oil is indeed a nailbiter:
I think we could roll-over here, especially as global (and national) activity, trade and travel is still a fraction of what it was.
Steve St. Angelo also thinks crude oil’s price is heading lower, and that was just one of the many topics we discussed during an interview on Tuesday:
Thank you for your consideration!
Copper continues to climb its epic Wall of Worry:
I know a lot of people speak of deflation, but I just don’t see it when looking at copper’s daily chart.
The dollar’s round-tripped to basically “unch”:
Or is that a first higher-low?
It may be, but I don’t think it is the first critical step towards a bullish trend, but rather, it’s a dead cat that’s bouncing!
Yield on the 10-Year Note continues to drift sideways:
Another crash in the stock market will show another crash in yields to even closer to zero.
I’d expect volatility to begin surging again:
I say that, in part, because the MSM sure is pushing the ‘second wave’ meme very hard, which to me says the “fundamentals” are about to come storming back into the “market”.
Dropping the stock market here, however, does buy the cartel some time when it comes to gold & silver:
It may also come down for reasons of impact and timing.
Specifically, devastation right up until the election.
Because Trump does love the stock market.
And yet, if they decide to crash it?
Trump will not be to pleased.
Americans will feel poor.
Many will be poor.
Some will lose.
– Half Dollar
About the Author
U.S. Army Iraq War Combat Veteran Paul “Half Dollar” Eberhart has an AS in Information Systems and Security from Western Technical College and a BA in Spanish from The University of North Carolina at Chapel Hill. Paul dived into gold & silver in 2009 as a natural progression from the prepper community. He is self-studied in the field of economics, an active amateur trader, and a Silver Bug at heart.