As Gold Declines, The Stock Rally Shows Signs Of Exhaustion – US Market Wrap

Calls for a pause emerged amid indications of buyer fatigue, halting a rise that had put equities on the verge of all-time highs. As the dollar increased, gold and silver witnessed sharp declines.
The S&P 500 closed with minimal change as stocks failed to catch on. Barclays reports that stock exposure among global macro hedge funds and long-only strategies is at its highest level in more than a year, despite recent de-risking due to trade and credit concerns.
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Fearing that the recent record run in the precious metals had overpriced them, investors locked in profits, causing gold and silver to have their greatest crash in years. The value of Bitcoin fluctuated. The yield on the 10-year Treasury note dropped two basis points to 3.96%
The US government shutdown and the end of a seasonal purchasing binge in India, along with a stronger dollar, overstretched technicals, and positive trade discussions between China and the US, all contributed to the decline in precious metal prices..