General Stock Ideas

[gfp927z]

Gold and silver break support as dollar surge continues. The futures have fallen below 1200 and 15 respectively. Could be a bounce to retest those levels (which are now resistance), but if that fails then next support for gold is around 1125 (2017 low) and for silver the 2015/16 low down in the 14 area (approx).

After bottoming in the 88/89 area, the dollar ran back up to 94 and just recently broke out to near 97, and likely heading to 100. So that doesn't bode well for gold/silver in the near term.

The surging dollar also hits the emerging markets, making their dollar denominated debts more onerous. Richards has mentioned the potential for an emerging markets crisis for some time. He's said the Fed will likely need to back off on interest rate hikes soon due to a weakening US economy, but trouble in the emerging markets could also be the rationale for taking a breather on rate hikes. Trump's trade war situation sure isn't helping.

Starting to get a little queasy here..