Wow, what a strange day this was.
Crude reversed and actually put an ORD on the chart. As you know, this is not a friendly chart feature so I wouldn’t be surprised to see it trade all the way down toward 107.50 or so. At that point, I’m a buyer. As an aside, maybe my WTI chart from Friday had a little more validity than I thought. The high today was $113.46.
Tungstenman Sachs put out word that they were closing some of their profitable commodity trades, most notably copper. I’m confident that they will be as wrong with this move as they’ve been in predicting recent currency movements.
In the face of this, however, is gold. Showing the strength of the recent breakout, gold has been barely rocked by these developments. In the past, all of the above would have combined to send gold plunging. Now I realize that gold is still about $10 from its highs of last evening but, still, support at 1464 is holding firm. WHEN silver, crude and copper turn around, gold will undoubtedly surge back higher.
Keep the faith and hang in there. Don’t be surprised if The Monkeys try to come in and whack silver some on the Globex. Be patient. Tomorrow is another day. TF
3:00 EDT UPDATE:
“Don’t be surprised if The Monkeys try to come in and whack silver some on the Globex.”
Unless you’re new here, none of this should come as a surprise. I used to get all pissed off when raids would take place on the Globex. Most famously here: http://tfmetalsreport.blogspot.com/2010/12/ok-now-im-pissed.html
Now, I just don’t even care. All I see are the desperate acts of an increasingly desperate Cartel.
Gold continues to sit chilly and hang tough at 1462. Crude is just getting crushed and is giving Blythe the cover she needs to continue pounding silver. If she can get it below 40, down toward 39.50, you have my permission to BTFD. The miners are getting pounded, too. Let them come in a little more. I’ll be buying when the HUI gets back under 580.
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