In a move that should have come as no surprise to anyone around here, gold and silver were both poached overnight in London. Gold had reached 1625 so it had to be put down. And so it was.
Then, the Always Dumb & Pandering (ADP) Report came out at 8:30 and showed an increase in payrolls for December of 325,000. Below is an approximation of my reaction when I read that headline:
At any rate, the damage has been done and now the metals must search for support levels from which to bounce. Let's hope we find some support near the lines I've drawn below:
Again, I just don't get the feeling that we've seen the true bottom yet. We might have but, even if we haven't, I know we are close. I just have this gut intuition that The Cartel isn't quite ready yet to take their collective foot of off the necks of the remaining specs. Let's keep watching the OI in gold and the CoT in silver. We'll find our clues there. Until I feel the bottom is in, gold risks a drop back toward the lows of last week and silver could still fall toward 25-26. If looking to trade or buy, be patient.
Just a couple of other items. My brother-in-law sent me the link below. I think you'll find it interesting and, frankly, quite sad:
While on that goldsilver page, I found this video. Maybe it will cheer you up. Not that the content is pleasant but it is presented in an amusing fashion:
Lastly, another article from the oldie-but-goody file. This one is from January 2009 yet it is certainly still relevant today:
OK, that's all for now. As I research and read, I am becoming increasingly optimistic of a big, huge year in the metals, particularly silver. When the time comes and my confidence has increased enough, I will post all of my thoughts in detail. Until then, keep the faith.