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Gold and silver each retreated in price today with silver down about 3% to and gold down about .25%. The significance of the gold drop is not the change from yesterday’s close. The significance is that it reached an all-time high then reversed over $25 per ounce. Buy the dip!
The equity markets were mixed with the more tech-oriented S+P 500 down over 1% and NASDAQ down over 2% due to potential tariffs in a Trump administration, his statement that Taiwan would have to pay for its own defense, and a rotation out of tech stocks. And… in an interview Biden recorded on Tuesday with the BET network he said he would leave the race if a doctor or doctors said he had a medical condition and could not continue. My guess is that he has a medical condition and will release the report as the fall back to leaving the race if needed.
One of the best-known contrarian indicators, financial journalists, the “buy at the top and sell at the bottom” crowd did not disappoint today. Weren’t they the group not too long ago that said Nvidia was going to be a multi-trillion stock among other sage comments?
The Fed’s Beige Book which was released today and reports economic activity from the Fed’s 12 reserve banks showed slowing economic activity over the next six months in part due to election uncertainty. The report is released every six weeks. Earlier this week Fed Chairman Jerome Powell said that the Fed may be looking to lower interest rates sooner rather than later.
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