The selling just keeps going

Good Day... And a Wonderful Wednesday to you! I normally read and make notes all day about the goings on in the markets, so that I don't have to start at zero the next day... But yesterday, I failed to make any notes, so I'm at zero today... UGH! My beloved Cardinals failed in their 9^th inning rally last night and lost to the snakes... Queen greets me this morning with their song: I Want It All

That song plays well with the SPTs right now, as they have taken Gold / Silver to new lows, and the attack is relentless... The dollar too is making highs and in the RSI it is so overbought... But that's not stopped the dollar bugs or even giving them caution... The BBDXY is up 8 index points from Monday's close...  The economy is still mixed in growth, but the new mantra is that the FOMC will hike rates before year-end, maybe even 2 times! 

But the war continues with words shouted across the fence, with one side blaming the other, and vice-versa... So, the dollar bugs just keep buying dollars and all this dollar strength is being used by the SPTs to keep the pressure on the metals . Gold was down $93 yesterday, to close at $4,100... And Silver was down $3.75 to close at $61.46...  

The price of Oil continued its ride on the slippery slope, and ended the day yesterday at $71.71... The 10-year is selling some yield control by the Fed Heads and it's offsetting the selling... The yield yesterday was 4.48%

In the overnight markets... As Ed Steer says, the Wash, rinse, and repeat cycle continued and this morning Silver has fallen below $60, down $1.62, and Gold is down $66... Shoot Rudy, even Copper is getting sold and is $6.12 this morning... 

The price of Oil remained trading with a $71 handle overnight and the 10-year also remained in its same clothes at 4.48%

I said last week that I thought that the low for the metals was nearing, and then we had a couple of days of healing, only to see the SPTs return with a vengeance... So, I'm not going out on that limb again... We'll know when the low was put in after it happens, and not before... 

I've been around currencies since 1992, and in that time I don't recall ever seeing a sudden rise in the dollar in such a short time... Currency moves historically have been slow moving but this has been totally different... The thing that's knawing away at the back of my brain is that this scenario is built like a house of cards... But I guess we'll have to play it out to see if my inkling is correct. 

The U.S. Data Cupboard today finally has something for us to view with May Leading Indicators... I think I may have jumped the gun yesterday and said they would print then... UGH! Tomorrow, we'll see a ton of economic data starting with Consumer Spending and Income... 

To recap... The dollar is kicking tail and taking names later and it's not stopping! The dollar is way past "overbought" on the RSI, but that's not stopping the dollar bugs... Gold/Silver are being left for dead... That's a sign that it's a buying opportunity to me... 

For What It's Worth... I know, the selling in the metals is really giving me rash, and it seems like an unlikely time to tell people that this is a buying opportunity, but that's what I'm doing...

Here's your snippet: "Gold’s recent correction has created an attractive entry point for investors, even as short-term headwinds continue to pressure prices, according to one portfolio manager.

In an interview with Kitco News, Jerry Prior, chief operating officer and senior portfolio manager at the KraneShares Mount Lucas Managed Futures Index Strategy ETF (NYSE: KMLM), said that the factors driving gold’s long-term bull market remain firmly intact, particularly the growing global shift away from the U.S. dollar as the dominant reserve asset.

“I think, given the repricing of gold here, it’s probably a pretty good entry point,” Prior said in an interview with Kitco News. “There’s a long-term de-dollarization theme that is structural, and I think it will be persistent.”

Gold has faced significant selling pressure in recent weeks as traders responded to a more hawkish policy stance from Federal Reserve Chair Kevin Warsh and easing concerns surrounding the Middle East conflict. Prior noted that speculative investors, sovereign buyers, and systematic trend-following funds all contributed to the recent decline. He added that, given the extreme shift in speculative positioning, much of the downside has already been priced into the market.

“Maybe prices go below $4,000 an ounce, but once the oil starts flowing again, we’re going to see some sovereign buying of gold as central banks rebuild their reserves,” he said.

Chuck Again... This guy didn't make a clear and concise description of why this is a good buying opportunity, but I'll give him a B.

Market Prices 6/24/2026: American Style: A$.6895, kiwi .5646, C$ .7030, euro 1.1345, sterling 1.3166, Swiss $1.2310, European Style: rand 16.6153, krone 9.8320, SEK 9.7764, forint 314.23, zloty 3.7798, koruna 21.3760, RUB 74.94, yen 161.68, sing 1.2984, HKD 7.8407, INR 94.66, China 6.8108,  peso 17.61, BRL 5.1810, BBDXY 1,226, Dollar Index 101.64, Oil $71.71, 10-year 4.48%, Silver $59.84, Platinum $1,623.00, Palladium $1,218.00, Copper $6.12, and Gold... $4,034.

That's if for today... my good friend, Rick B. Just texted me about doing a ROMEO lunch tomorrow, so I'm looking forward to that... For decades, it seems, the Cardinals have had problems with crafty lefthanders, and last night was no exception... UGH! And our Bullpen was not good last night, so the combination led to a loss... a good friend of mine, Craig, told me about a book that mentions the Pfennig... The Almighty Dollar... I've got to read it now, when I'm finished with the Hitchhiker... The Moody Blues take us to the finish line today with their song: Driftwood... I hope you have a Wonderful Wednesday today and Please Be Good To Yourself!