It’s looking like another hot day for precious metals as better-than-expected June retail sales and a drop in unemployment claims bolster views that economic conditions are supportive of rising demand.The PowerShares U.S. Dollar ETF (UUP) is also off again today, down 0.6% so far.
The SPDR Gold Trust (GLD) is opening up 0.5% and the iShares Silver Trust (SLV) is ahead by 2.6%.
Miners are continuing to break higher. The Market Vectors Gold Miners ETF (GDX) is up 1.1% as key holdings Goldcorp (GG) and AngloGold (AU) are up more than 1%.
The Market Vectors Junior Gold Miners ETF (GDXJ) is gaining ground, up 1.6% as its No. 1 holding, First Majestic (AG), is up 4.2%. Its second-biggest name, Silver Standard Resources (SSRI), is ahead by 2.3%.
Meanwhile, the Global X Silver Miners ETF (SIL) is up by 3%.
The WSJ is reporting there’s still not a consensus among U.S. leaders about a debt ceiling package. Meanwhile, Greece and Italy are still very much in-play. As a result, economist Dennis Gartman is throwing out cautionary warnings to commodities investors, noting that the rate at which gold and silver and copper are rising “borders upon the absurd.”
“Panic is in the air, and panic almost always ends in tears,” he writes. “Suddenly, owning commodities is the only game in trading town and when that atmosphere pervades it almost always ends even more quickly than it begins and reaches its crescendo.”
Gold fever has risen shockingly in the past week, Gartman warns.
His firm has “quietly” cut its gold position in half. Gartman adds that “now we shall sit tight, for we remain long term bulls on gold but we prefer being less long than we were previously.”
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