🔥METALS RALLY: Gold and silver are heading for their best week of the year.
GOLD has risen 6.6% past $4,300/oz, its best week since January.
SILVER has surged 11.6% past $64/oz, its best week since February.
Combined, market capitalization has increased by $2.2 trillion this week.
The catalyst is counterintuitive: PEACE.
As U.S.-Iran talks move toward reopening the Strait of Hormuz, oil prices have fallen around 10% this week.
Cheaper oil is easing inflationary pressure, lowering the implied probability of a Fed rate hike in September to 55% from 67% last week.
Gold is rising on de-escalation, not fear. This reverses the usual pattern.
However, gold and silver are still around 23% and 47% below their January peaks.
That means nearly $13 trillion in combined market capitalization has vanished since the peak.
A reminder that this is a recovery
GOLD has risen 6.6% past $4,300/oz, its best week since January.
SILVER has surged 11.6% past $64/oz, its best week since February.
Combined, market capitalization has increased by $2.2 trillion this week.
The catalyst is counterintuitive: PEACE.
As U.S.-Iran talks move toward reopening the Strait of Hormuz, oil prices have fallen around 10% this week.
Cheaper oil is easing inflationary pressure, lowering the implied probability of a Fed rate hike in September to 55% from 67% last week.
Gold is rising on de-escalation, not fear. This reverses the usual pattern.
However, gold and silver are still around 23% and 47% below their January peaks.
That means nearly $13 trillion in combined market capitalization has vanished since the peak.
A reminder that this is a recovery