Joel Elconin – A Look Ahead To Inflation Data and The Selloff In Oil
Joel Elconin, Co-Host of the Benzinga PreMarket Prep Show and Editor of the PreMarket Prep website joins us to look ahead to the inflation data (CPI) to be released tomorrow. We all have seen markets and commodities pullback, more heavily in the second half of the month. This could help pullback inflation but we also might have to wait one more month. We also focus on the oil sector which has dramatically dropped recently.
Click here to visit Joel’s PreMarket Prep website to keep up to date with his daily market coverage.
After the Gold Miners New Highs/New Lows Percent Index hit its worst level in 7 years at -48% it bounced back to zero but has now plunged to -34%, about the same as the worst weekly closing level in 2018.
Everyone braced for the big drop tomorrow? Hope you are.
But you can do one thing to help cushion the blow…. SELL!!!!
SELL NOW!!!!! YOU STILL HAVE TIME TODAY TO SELL!!!!
Cash! It’s the only safe place.
Gold will be crushed, decimated, annihilated.
Next stop for old yellow is 1600.
Then, by the end of year, 1250.
This is your final warning.
New low for HUI this week but not for XAU or NEM:
IPT still hasn’t taken out its low of two weeks ago.
Hecla was as much as 8.5% off its low today on good Q2 production news:
Silver production of 3.6 million ounces, an increase of 10% over the first quarter of 2022 due to record throughput at the Lucky Friday Mine.
Gold production of 45,718 ounces, an increase of 10% over the first quarter, driven by better performance at the Casa Berardi mine.
Zinc production increased 12% over the prior quarter.
Lead production increased 23% due to increased production at Lucky Friday.
New lows coming soon for Bitcoin…
The graph in the following article reminded me of an old Paul Volcker quote regarding the 1970s inflation:
“It was probably a mistake to allow gold to rise so high.”
My very short term view on Friday turned out to be right:
“I’m not sure we don’t have yet another dip straight ahead based on the unimpressive intraday action from GDX…”