We are watching the equity markets, which tend to trade inversely to the metals. This is a potential positive for gold and silver if the markets finally lose traction at these levels and begin to decline.
If you think about it, it makes a lot of sense. If people sell an over-owned and overbought asset class such as equities, that money has to go somewhere. It would flow into perceived safe havens but it would also include the true safe haven which is gold. This would provide additional fuel to the upside in terms of a bounce in the metals from extremely oversold levels.
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