Silver up big today, over 6%, and other metals also up nice. The dollar has sold off somewhat after peaking last week. Nice to see the metals finally clawing back somewhat from their extended swoon.
The CPI and PPI data is this week, and the Fed rate hike next week. Looks like another 3/4 point rise is likely. No Fed meeting in Oct, so next rate hike decision will be early Nov. I see Europe and Canada are also in tightening mode, with recent 3/4 point raises. Europe is facing severe energy shortages this winter, and the ECB is tightening into a an almost certain recession, so not a great backdrop.
Corporate earnings will be the next aspect to watch. Considerable weakening is expected, which might send the stock market back down to test the June lows. Fwiw, I used the recent bounce in the S+P 500 to lighten up on the stock allocation.
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