Bigworld, In contrast to the shaky stock market, the gold and silver charts look poised to move back toward the 2020-21 highs. Now that crypto has been largely discredited as a 'go to' alternative, gold/silver should resume more of that traditional role as a hedge. It sure has been a dramatic turnaround for the metals since Sept/Oct.
As Rickards points out, the direction of the US dollar is usually the biggest factor for gold prices. The dollar peaked in Sept/Oct, when the metals bottomed, and the metals have zoomed as the dollar has come back down to Earth. So the traditional inverse relationship between the dollar and gold is asserting itself, and the ongoing collapse of crypto is bringing people back to gold. And the emergence of a China-Russia-BRICS gold backed currency should be a big plus for gold. But what will the US/Western finance ghouls resort to in order to keep their grip on things?
The geopolitical risks are mega right now -- Russia-Ukraine, China-Taiwan, plus N. Korea, and if that's not enough, there is China-Covid, and the potential for Saudi Arabia to break the Petrodollar deal. Despite Covid exploding in China (and new variants?) they are reportedly dropping many of their restrictions for international travel, yikes.
Meanwhile the Fed is intent on driving us into recession, and maintaining it 'as long as it takes'. 2023 definitely looks ominous. Looks like the 'buy the dip' mentality has largely been wrung out of the market, to be replaced by 'sell/short the rallies'. To be followed by 'run for the hills' ?
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