Ira Epstein discusses a significant downward movement in the metals market, focusing on gold, silver, and copper. He describes the day’s trading as a potential “blow-off” day, highlighting that gold dropped to the 4500 level before rebounding slightly. Epstein notes the oversold conditions and suggests that the market might be trying to find its footing after a substantial decline. He also examines the gold-silver ratio, which currently favors gold, and mentions that while none of the metals are signaling a buy opportunity, the recent price actions might indicate that bears have capitulated.
Read the full article here