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Chart 1: Gold & Real Interest Rates
Negative and/or declining real rates is what drives Gold.
In the chart below we plot Gold along with the real 5-year TIPS yield which is a calculation based on the TIPS market. We also plot simple calculations using the yield minus the CPI.
The market shows strong and rising real rates while the simple calculation shows a rise but not quite as strong. In any case, real interest rates continue to rise and that is bad for Gold. We continue to think Gold won't change course until the Fed stops hiking.
TheDailyGold Premium #588
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The 25-page update was published and emailed to subscribers Sunday morning.
The rally we predicted is well underway though it began sooner than we expected. We currently see GDX and GDXJ have about 4% upside to their August highs with a best case scenario of 10% more upside for this rebound. Who knows, maybe they rise 6 or 7% before topping out.
If the miners rollover again sometime this fall, we will be there to profit as we were hugely during the major breakdown in August.
We've been covering uranium because our junior uranium index is trading above all the major moving averages and is not too far from a new 52-week and 18-month high. If uranium gets going then our index could rise as much as 90% over the next 18 months. Other juniors could double and triple that amount.
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You nearly always read the trends and support and resistance extremely well. Please keep us posted if or when the outlook seems to change. which you always do of course. TDG is the most valuable resource for understanding what is possible to understand about the PMs.
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Disclaimer: This newsletter is intended for informational and educational purposes only and should not be considered personalized and individualized investment advice. Investment in the precious metals sector contains significant risks. You should consult with an investment advisor and do your own due diligence before making any investment decisions. This email may contain certain forward looking statements which are subject to risks, uncertainties and a multitude of factors that
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