The U.S. dollar index futures (+0.19%) are up to 104.14, with the 10-year yield down 0.96%) to 4.327% and the 30-year yield down 1.06% to 4.679%.
Gold (+0.70%) and silver (-0.82% ) are higher, but copper (-0.21%) and oil (-0.27%) are down.
Risk barometer Bitcoin is down 2.44% to $84,947, returning again to bear market territory, down 22.3% from the top.
Metals
Gold and silver are responding to a big hedge book blow-up by Aussie gold miner Belleview Gold, whose 150k-ounce hedge with Macquarie Bank has forced them to market with an offering priced at an 80% discount to recent market prices. Silver has once again done its best to confuse and confound by vaulting to new highs above that US$35.07/oz breakout level that faked me out a week ago with embarrassing acuity.
If silver holds this level for the weekly close above the BO point, then I will be forced kicking hard and screaming bloody murder to take another run at silver calls. For now, because I am traveling, I will refrain from launching an open position, but subscribers can certainly consider it.
Copper is coming off an overbought condition so as long as it gold $4.95/lb. basis May futures, I will remain bullish. If the monthly close is above $5.00, it is yet another superb technical indication that $6-8 copper is on the immediate horizon.
Stocks
President Trump once again skewered the stock market recovery by imposing 25% tariffs on all foreign auto imports, sending the S&P into another dive yesterday.
These are the kind of absurd gyrations we are forced to accept with this constant barrage of Tweets and Executive Orders that are putting the market in a constant state of uncertainty. Traders are not in the habit of leveraging up in markets like these, so rallies are there “to be sold” with the SPY:US an outright short at the 50-dma around $570.66.
Fitzroy Minerals Inc.
I surfaced from a very long day of travel landing at Heathrow at 8:00 am followed by six hours of missed cutoffs and unbearably narrow “Roman roads” finally arriving in Cornwall about three hours after the markets opened. I was able to follow the trading in
