Isn't It Just Amazing.......how the crooks on Wallstreet can manipulate the price of gold and the narrative that supports which way they want want the markets to go to aid their long or short trading ambitions of the day.
This past Friday the narrative was the unstable situation in the middle east and whether Iran would retaliate against Israel over the weekend but then things didn't get quite as bad as thought so this morning, the Business News (who are Wallstreet's puppets) are attempting to change the narrative and go back to preaching how the Fed is now unlikely to lower rates anytime soon which of course supports Wallstreet traders taking gold down nearly $70 US and of course the gold stocks with it. If you saw the pre-market this morning, taking Newmont shares down was driven by the US side of the markets who are like pigs at a trough just waiting for a chance to eat.
Don't be fooled, the geopolitics will decide the price of gold in this environment and who cares whether the Fed lowers rates a 1/4 point or not, it's just noise hoping to spook the retail investors. We went through a year of the tentatively changing rates narrative in 2023 until the price of gold finally broke out because the geopolitics took an unepected turn for the worse (insert Middle East here) and Wallstreet couldn't hold gold down any longer.
We just got another test of the 200 DMA this morning and have bounced off it nicely. Newmont Q1 earnings release on Thursday is what will decide Newmont's share price by year end not the Fed's 1/4 point rate decisions, although that's what Wallstreet would like us all to believe (at least until they realize that isn't working for them). I see Jeffries just raised their PT on NEM from $38 to $45 US this morning so either they know something about NEM's upcoming Q1 earnings that the rest of Wallstreet hasn't or their PT increase timing is just really bad. Let's see how long this little drop in gold price lasts, I'm guessing not very long.
My opinion only, please DYODD.
HB77