Gold and silver are down hard this morning – gold down roughly $17 as I pen this issue, silver down $0.20 – both reacting to news that the FBI has dropped its second-round investigation into Hillary’s emails.
I see it as a normal pullback, one that will fake out many, as the metals likely turn back around to the upside later today, tomorrow, or right after the election. Remember, cycles point sharply higher into December.
A cycle inversion – or a December low – only becomes possible if the prior low at roughly $1,243 is broken. I don’t see that happening. But if it were to unfold, it would prove very bearish for the metals, sending gold down to new lows below $1,045.
But as I said, a cycle inversion has a very low probability at this time.
Right now is not a good time to make any moves in the portfolio. Obviously, tomorrow will not be a good day to make any moves either. This election is the most insane in our country’s history, and I believe it won’t end tomorrow. No matter who wins, there are bound to be repercussions vast and wide.
For now, hold all positions. The dollar is starting to strengthen again, oil is looking very weak, and the stock market is (temporarily) bouncing on the Clinton/FBI closure.
I am watching all markets like a hawk. If anything needs to be changed, or I have a new recommendation, you will be the first to know.
Best wishes, as always …
Larry
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