The precious metals sector moved higher in the first days of this year, but based on yesterday’s decline and the current price levels, 2018 is already a down year for silver and mining stocks. Is the rally indeed over?
The dollar, U.S. bond prices and stock index futures all tumbled as safe-haven gold and yen jumped on the back of a report that China is considering reducing or halting its purchase of U.S. government debt.
Crude oil prices traded at the highest level since OPEC declared a production war on Shale and laughed off an estimate of record U.S. oil production from the Energy Information Administration. The reason why the oil bears got it wrong was that they underestimated demand and overestimated production.