Precious Metals Are Clear

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S&P 500 ran with CS relief that had something for both bail-out and bail-in proponents, disregarding further KRE weakness outdoing XLF, as tech continues attracting fine bid no matter what yields are doing. Together with general bond market underperformance, this is building up non-confirmations and vulnerability to any hawkish Powell statements tomorrow. Stocks in their daily risk-on turn are willing to run with the current moves as being enough to maintain and restore confidence. Even if the banks don‘t need to compete for deposits, and didn‘t hedge the rising rates totally, stocks are disre…

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