Man On The Street … Inflation To Skyrocket
Even after gold and the miners have reversed lower, the press still implores gold to head higher.
Like something out of Moby Dick … even after Ahab is dead, he still beckons.
The above link gives us another report on ‘inflation expectations’ at a new record high.
Near the bottom, the text says that survey respondents expect ‘gold to continue acceleration higher’.
The problem: Gold’s not accelerating and currently, is not going anywhere.
The statement (or belief) is completely false.
Senior Miners, GDX
The short positioning continues (not advice, not a recommendation)
The daily chart of GDX, shows price action hugging the right-side trend-line. Each tap and reversal provides more data on potential direction lower.
With the understanding an exit could be required at any moment, the hits on the right side are being used to increase short positioning (not advice, not a recommendation).
The zoom chart above, shows every short entry, except one, at a lower price (higher for DUST).
Today’s ‘expectations’ report was released at 11:12, a.m.
If the day’s narrow-range bar is the best the gold miners can do with such high ‘inflation’, there must be something else more powerful at work (to the downside).
Maintaining short until the market itself says to get out (not advice, not a recommendation).
Note: Posts on this site are for education purposes only. They provide one firm’s insight on the markets. Not investment advice. See additional disclaimer here.
The Danger Point®, trade mark: No. 6,505,279