In this report, I cover the early market action from London on Thursday, July 18th, 2019. I look briefly at the stock market, the dollar, the bond market and the price of WTI and Brent crude oil.
Today I will first focus on the technical picture for gold and silver and I will also look at the price of gold in British pounds or xaugbp. It looks to me that the precious metals could be poised to go a great deal higher as the recent move in the gold to silver ratio or GSR looks very encouraging. Historically silver will outperform gold in a precious metals bull market and I feel this phenomenon could just be starting.
The only downside for precious metals stackers is that it will become harder and more expensive to accumulate the precious metals as the fiat currencies continue to sink versus the money of kings and the money of gentlemen.
To conclude the report I look at some recent economic data out of the U.S. that show an economy that continues to slow down and has probably already entered a recession.
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