• Gold & silver:
After a series of consecutive ATHs, both have adjusted very strongly in the last session of the week.
→ It is not a narrative of defensive errors, but rather a temporary profit-taking when interest rates remain high.
• Fed & interest rates:
Fed continues to maintain interest rates, USD has not weakened significantly.
→ Defensive assets are starting to lose strength compared to previous expectations.
• US Stocks:
S&P 500 is still hovering around 7,000 points – a historical high range.
→ Strong, but lacking a catalyst for further breakout.
• Crypto:
Bitcoin and the market are tightly sideway, almost unresponsive to fluctuations in gold/silver or equity.
→ Low correlation, volume not explosive.
• General signal:
The market is not lacking in data. It only lacks a sufficient amount of decisive capital to turn data into trends.
#GOLD #Silver #Equities #crypto
