The fundamentals and technicals have performed as expected, with the PMs coming under heavy pressure in recent weeks. Initially, the crowd assumed that a higher U.S. federal funds rate (FFR) was a recipe for an immediate recession. However, we warned numerous times that long-term interest rates created demand destruction and were too low to upend American consumers. Yet, long-term interest rates have risen dramatically, and it’s likely only a matter of time before an ominous economic event unfolds (which has been the case throughout history). So, while gold remains relatively uplifted, the GDXJ ETF and silver have ... (full story)