Friday, March 18, 2016
The Fed Calls its Bluff & Blesses Gold
The inverse cycle comparative that we’ve followed for the dollar took the next pivot lower as the Fed shifted posture this week.
Our GDX comparative with the banks in 2011 is also now aligning with a retracement move lower over the coming weeks. Coming out of this prospective retracement, we will be looking for silver to begin outperforming gold – if the reflationary trend is more than just an ephemeral condition.