This Is My Warning to You All! Hold Your Gold & Silver Until THIS Happens - Craig Hemke

This Is My Warning to You All! Hold Your Gold & Silver Until THIS Happens - Craig Hemke

In April, gold briefly surged above 2400 dollars, reaching a high of 2431 dollars, before experiencing a sharp intraday reversal on April 12. Despite this setback, gold found support bolstered by factors such as the Federal Reserve's stance, demand from Asian buyers, and softer inflationary pressures.
Craig Hemke, from Sprott Money Weekly Wrap Up, noted the potential for a double top formation in gold's chart, which could serve as a defensive measure for banks with short positions. He suggested that silver will likely follow suit if gold and copper prices continue to rise, possibly breaking through its long-standing resistance level of around 30 dollars.
Silver saw its best settlement over 11 years, fueled by US government data indicating lower-than-expected consumer price increases in April. Analysts, like City Index's Fawad Razaqzada, anticipate silver surpassing the key 30 dollars level, with the "path of least resistance" remaining upward as long as certain technical support levels hold.
Hemke also highlighted the potential impact of rising silver prices on mining shares, which could experience significant gains. However, he cautioned against excessive market excitement, noting that such sentiments often precede market peaks. Despite a 150-dollar correction in gold prices, mining stocks have shown limited downside, suggesting a mean reversion in the sector.
Furthermore, Federal Reserve Chair Jerome Powell's emphasis on monitoring the labor market and indications of potential future rate cuts in response to weak job reports has contributed to traders' growing confidence in the possibility of interest rate cuts as early as September. This anticipation could have implications for precious metals prices in the coming months.
In April, inflation slightly eased, offering some relief to consumers, although it remained above levels that would immediately signal an imminent interest rate cut. The Consumer Price Index, which measures the cost of goods and services at the point of sale, rose by 0.3% from March, according to the Labor Department's Bureau of Labor Statistics. While this figure was slightly below the Dow Jones estimate of 0.4%, it still indicates persistent inflationary pressures.
Craig Hemke expressed skepticism about the accuracy of economic data, especially during election years, suggesting that it may be manipulated to serve political agendas. He also noted that despite the perception that quantitative easing (QE) measures may have ceased, signs indicate the possibility of another round of QE shortly. This could involve the purchase of long-term assets to stimulate economic activity.
The Federal Reserve initiated its fourth quantitative easing operation since the 2008 financial crisis on March 15, 2020, announcing approximately $700 billion in new QE via asset purchases to bolster US liquidity in response to the COVID-19 pandemic. This move underscores ongoing efforts by central banks to address economic challenges and stabilize financial markets amid uncertain conditions.

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