The Great Raid That Wasn't
The Turd doesn't like being wrong. However, in this case, I don't mind so much.
Not sure what to make of this, though. Yesterday had all the markings of an impending Cartel raid. As we now know, it didn't happen. Why? That is the question of the day.
1) Are they saving dry powder for Friday?
2) Are they simply being overwhelmed by the overall demand and do not wish to get in the way?
3) Are they sucking in as many new longs as possible so that they can pull a "Sunday Night Massacre" in gold later this month?
I think it's a combination of 1 and 2 but I'm not foolish enough to rule out #3. All I know is that I've got $1683 in Dec gold right now and with the stock market in the shitcan again, it looks to go even higher today. IF we get a lousy BLSBS number tomorrow, gold will charge straight through $1700 and, beyond there, there be dragons.
Silver is trying to come along for the ride today. I have a last of 42.20 and it seems a bit stuck and unable to charge through the resistance of 42-42.50. However, if gold keeps slogging higher today, the strong hands that currently own silver may add to their positions and drive silver through 42.50 and on toward 43. At or near 43, silver looks like 45 is next.
So, here we are, another consequential day in the PM trade. I'm not looking to add anything today. I'm sitting tight and enjoying the theater while I wait for 8:30 EDT tomorrow and the monthly sob-fest of The Coug, The Shill and LIESman.
More later as conditions warrant. TF