Equities markets have seen some strong selling activity in the last week due to lingering uncertainties in the economy, said Gary Wagner, editor of TheGoldForecast.com, who is concerned about gold and silver potentially not holding their base at current levels.
"We are seeing a recovery, but the recovery is much slower than anticipated," Wagner told Kitco News in an interview Tuesday. "I think what we're seeing is the realization that the economy is not going to recover as quick as we thought it would."
Stocks are rebounding Wednesday morning from Tuesday's selloff, with the S&P 500 up 1.15%, and the Dow up 0.9% on market open.
Tesla shares are down 30% from August highs.
Gary Wagner has been a technical market analyst for 25 years. A frequent contributor to STOCKS & COMMODITIES Magazine, he has also written for Futures Magazine as well as Barrons. He is the executive producer of "The Gold Forecast," a daily video newsletter. He has been a speaker for financial seminars including Futures West and the Dow Jones Financial Symposium which travels throughout the world.. Coauthor of "Trading Applications Of Japanese Candlestick Charting" a John Wiley publication.