Just a quick update as gold rallied today after the jobless claims report. I posted a comment on Golden Meadow, but since we launched just about an hour ago, I think it will be useful to send the notification also in the old way.

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As far as markets are concerned, please note that in the London trading, the GDXJ is making another attempt to break above its previous highs. And just as the previous attempts were invalidated shortly, so is this one likely to be.

Besides, today's reaction to jobless claims is in line with what is written in the main part of today's analysis. Market participants are doing the opposite of what makes sense. Weaker jobless claims = more room for the Fed to raise interest rates. And higher real interest rates are one of the key fundamental drivers pointing to lower gold prices.

This supports what I wrote about silver, too. Namely, it's the "general public" that is currently buying - as those purchases seem to have little sense. And that's what's happening at the tops.

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As always, we’ll keep you - our subscribers - informed.

Thank you.

Sincerely,
Przemyslaw Radomski, CFA
Founder, Editor-in-chief