Commodities: Silver
Silver is also looking very constructive here and potentially poised for a ~20% rally, we might see a flight to more defensive assets as we move towards the traditionally weak period for equities going into May.
Silver and gold reacted strongly to comments from the Fed with silver the best rallying ~2%, we believe the catalyst is now in play for a strong run up in the complex from the underlying metals to ETF’s, and stocks.
Conversely silver is looking very constructive and potentially poised for a ~20% rally, we might see a flight to more defensive assets and away from the likes of Bitcoin and to a lesser degree equities.
MM added to our frustrating position in Newcrest Mining (NCM) yesterday, hopefully we aren’t throwing good money after bad! The gold price has corrected almost 20% since the euphoric period last August and as we’ve seen this year when markets become too optimistic watch out and vice-versa e.g. Tesla (TSLA US) has fallen 40% this year while Bitcoin has fallen 23% before rallying almost the same amount in just a handful of weeks.
