Gold has finally broken free of the shackles of 1478 and now looks poised to make its first attack on 1500 by early next week.
Sweet silver continues to bludgeon Ruprecht and the boys. Any smartypant buffoon who stepped in and shorted this monster earlier this week has been beaten and left for dead. It will be very difficult for the Cartel to stop it next week. They could have their accomplices at the CME raise margins again but the last margin hike only affected price for about two days and the hike in crude margins last night had zero impact. Its actually UP $1.50 today. They could call an all-out raid but whenever, they do that, the BoS simply stand back and wait to re-enter. Silver, then, just shoots right back up. They are in a serious, serious jam. As you know, because its my blog, I get to make the rules. Therefore, after I collect all your guesses, I will provide my guess/prediction on Sunday evening.
Lastly, I’ve noticed a lot of wailing and grinding of teeth regarding some of the miners today. In all the hubbub about the PMs and “first notice” day, many of you seem to have forgotten that the third Friday of every month is equity option expiration day. Always shenanigans and hijinx today. Forget it. Look the other way. The HUI has corrected and is poised to spring to new highs. I’d say it’ll probably run to 620-625 before taking another breather. Keep the faith!
OK, as I type, silver just closed on the Death Star. I have a last of 42.52. About 35 cents off its highs but no big whoop. Lets see if it rallies on the Globex again today.
Gold is about to close and it has a last of 1485.10. Wow, that is just great! Hard for the AGAs and their willing accomplices in the media to ignore and/or SPIN that.
Have a great day. I may post again later but I may also wait for tomorrow am. It is Friday so please remember to toast The Great and Powerful Turd when you lift a glass this evening. TF out.