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IndexClose% Change
Dow35630.550.2
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Dow Utilities919.74-1.23
S&P 5004576.72-0.27
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10 Year Gov't Yield4.041.8
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Spot Silver24.31-1.75
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Crude Oil81.65-0.2
Dollar Index102.220.36
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Japanese 10 Year0.69.8
Shanghai SE3290.950
Long Bond 20-year123.12-1.05

Fixed-Income Undertow

08-01-2023

The stock market was under a bit of pressure early on, with the Nasdaq the heaviest. There was no proximate cause other than weakness in the bond market, which has been ignored a lot, so I'm not sure why that would matter today necessarily. At any rate, as of two hours to go, when I had to leave, the market was modestly weaker. (Given the NFP report is Friday, whatever happens prior to that may not matter.)

Away from stocks, as noted, fixed income was under pressure while green paper was higher. That combination was again negative for the metals, as silver lost 2% and gold fell 1%. The miners were roughed up disproportionately once more.

Hit and Miss In company-specific news, Silvercrest released an updated 43-101 independent technical report and while it showed that costs will be higher and reserves were lowered, the company continues to have substantial upside from these prices. However, given how depressed its valuation is already, I was surprised to see the stock price hit as hard as it was, but that is a function of the current apathy towards the metals complex as much as anything else. I'm going to sit tight until Silvercrest reports result next week (which I will discuss afterwards), then I will most likely add to my position.

Positions in stocks mentioned: long SILV.