Joel Elconin – Markets Consolidating Big November Gains, Bitcoin Hanging Around $44k, Gold, GDX and Oil Outlook

December 8, 2023

Joel Elconin, Co-Host of the Benzinga PreMarket Prep Show and Editor of the PreMarket Prep website joins me to share his outlook for US markets, Bitcoin, gold and GDX.


US markets have been broadly moving sideways, with a slight upward bias, since late November, after a very strong move in November. I ask Joel if this is a risk-on or more defensive market, considering the concentration of money still in mega cap tech stocks.


On the Bitcoin front we discuss the pop higher up to over $44,000. The key catalyst being focused on is the potential of an approval of the ETF.


For gold and gold stocks, Joel recaps the breakout and reversal from last week. He comments on a decoupling of the stocks from the underlying gold price.


Finally, we comment on the breakdown in oil over the last month, which picked up steam this week.


Click here to visit Joel’s website – PreMarket Prep.