PHYS: 23 Jun

Don’t be shaken from the tree by the spin, smoke, and MOPE. The dollar is rising because risk is a turd in the punchbowl today. Nothing is fixed, if anything the release of oil from the strategic oil reserve shows the level of desperation both the Fed and and Obama are feeling. Releasing a small quantity of oil will temporarily reduce price but does not fix the problem of why the price is high in the first place, too many dollars flying around the global monetary system. Inflation is a monetary event, not a supply event. It is time to get your retirement funds in order and decide how to minimize risk while preserving your wealth. Please read my response to FOFOA’s latest here.

The gap on the PHYS chart will fill. Gold is going much much higher. The chart is back to neutral now that lower low has been put into place to accompany yesterday’s higher high.Price is now at the bottom of the intermediate trend channel and testing. Support is currently the 20 day moving average at 13.41 with the 50 day MA supporting at 13.21. Swing support lies at 13.16. Resistance is still the 13.68 level that was never breached in a convincing manner. All the technical studies are headed lower.

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