Maybe its simply St. Patrick’s Day but I sure have an unexpected amount of green on my screen. Perhaps through the intercession of St. Patrick himself we have been saved from the Great Carry Trade disaster? Now, if we can just get him to drive all the snakes from Wall Street and Washington, we might have a real fighting chance…
If I had told you 18 hours ago that the grains would be nearly limit UP, that copper would be up 15 points and crude would be back to $101.50, what would you have guessed gold would be trading at? $1420? $1430? How about silver? $36? $37? Nah!!! Not the most manipulated, bullshit “markets” on the face of the planet! They’re not UP! Of course not! In fact, silver is actually down on the day! What a joke…
Here’s your gold chart. Again, we need to convincingly clear 1405 before we can get interested. We need a push back through 1420 before we can get excited.
Silver has two options: break UP through 35 or break down through the lows of Monday, near 33.60. Your guess is as good as mine at this point. The longer it can string out above 34, the higher the likelihood that the break is UP. Also, gold moving UP through the points mentioned above will bring “little brother” along, too.
OK, that’s it for today. I’m headed out to watch some basketball and drink some green beer. This has been such a tense, nerve-wracking and exhausting week that I suggest you do the same. I also encourage to click the two links below. The Elders are simply the best Celtic Rock band in America. Turn off your TV. Close your other open windows. Kick back, enjoy, be happy and relax.
Happy Saint Patrick’s Day, everyone!!! TF
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