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On Thursday, retail sales for September were released and were up .4% from August which was .1% better than expected and unemployment claims were lower than expected indicating a resilient economy. This increased Treasury yields slightly.
Gold and silver were not deterred by these numbers with both continuing their upward march after the numbers were released and into this morning.
In an article in Business Insider on Thursday, David Einhorn, billionaire hedge fund investor who has had his fund, Greenlight Capital since 1996, says the stock market is overvalued and is the most expensive in decades. His two biggest winning holdings are a company that is a developer and land holder and gold. Yes, gold! He says that Warren Buffett has been selling stocks even though he says you can’t time the market yet he got out of stocks in the 1960s before the market peaked and sold stocks in 2007 before the market downturn.
In an article in Bloomberg this past Wednesday, Stanley Druckenmiller, billionaire investor and former hedge fund manager, said the stock market is “very convinced” Trump will win.
Buy metals on the dip or on the momentum.
Until next time…
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