OTCPK:MEAOD - Post by User
Comment by
mstettleron Aug 24, 2016 7:19pm
94 Views
Post# 25174104
RE:RE:RE:RE:Carnage...
RE:RE:RE:RE:Carnage...fruitvale3067 wrote: mstettler, not to mention that gold is now less than $1700 Canadian. Tomorrow should be interesting with Yellens comments from Jackson Hole. Does the slide continue or do we get a reversal. Unfortunately, the last thing MTO needs is the price of gold to start dropping.
The GDX was down 7% today which is extreme relative to gold losing 18 bucks or so. I think there is some nervousness ahead of the fed comments tomorrow. The market has been ripe for a correction so we will find out if there is another wave of selling post fed. If this takes place then we could see a proper correction in the miners.
Keep in mind that we are in the seasonally strong period for gold. Having said that commodities were generally weak across the board today.