Before we dive into today’s market action…
Let’s talk about gold.
Gold caught a serious bid this morning — and honestly, I’m not surprised.
With the market showing signs of nervousness and the dollar pulling back, gold’s starting to look like a safe haven again.
It made a run toward $3,450 earlier, and even though it pulled back a bit, the momentum is still there.
Silver’s trying to follow suit — looking to reclaim $38 — but it just couldn’t hang on today. Still worth keeping an eye on, especially if gold keeps pushing.
Meanwhile…
The Market Didn’t Like What It Saw This Morning
The ISM Non-Manufacturing Index came in a little soft today.
Nothing dramatic — just a bit shy of expectations — but the market used it as an excuse to sell off.
We’re not talking panic levels, but there’s definitely a nervous undertone right now. Between the Fed staying hawkish and mixed economic data, investors are jumpy.
And then there’s crude…
Crude Slides on OPEC News
OPEC just announced they’re increasing production by 500,000 barrels a day.
That news knocked crude right back down from $70 to $65. That’s a pretty steep move, and it’s got energy stocks taking a breather.
Tomorrow, we’ll see what the EIA Petroleum Status Report has to say — and that could either calm things down or rattle them even more.
So here’s the short version:
- Gold is perking up on safe-haven buying
- Silver is trying to follow
- Crude’s sliding on fresh OPEC supply
- And stocks are pulling back on weaker-than-expected services data
It’s a choppy market out there — so keep your head on a swivel.
I’ll be watching all of it right alongside you.
Stay sharp,
— Geof
