Gold and Silver in Dullsville
So much for the expected volatility. After all the wailing and grinding of teeth over Greece, the market impact was negligible. U.S. stocks and bonds have been in a quiet, tight range all day. Yawn. However, the lack of buying enthusiasm allowed The Cartels to press their advantage in the PMs and down they went.
Really, it seemed that the only things moving today were crude, gold and silver. I guess I can kind of see a scenario where one might sell both crude and gold but silver, too?? It just wreaks of the continued, repressive and nasty manipulation scheme we are all sick of. If gold and silver were simply left to trade freely, today might have held the same boring, flat trading that we saw in stocks. Instead, when crude sold off, The Cartels attacked and tried to shove both metals down and away from the resistance levels against which they were beginning to press up. Fortunately for us, both metals eventually found some significant buying support and now those levels should serve to contain further Cartel advances later tonight.
With today behind us, the question becomes: What will the rest of the week hold? Well, keep in mind how rarely the metals trade in the same direction all week. If Monday and Tuesday are UP days, Wed-Fri usually feel some pressure and vice versa. Last week was your latest example. Today, the metals we pressed lower BUT they both found solid buying support. This should make the remainder of the week set up favorably. I'm still highly confident that the lows for this "manufactured correction" are in at 1680 and 32.80 but, clearly, in this post-Greece environment, anything remains possible so we must remain on guard.
Only one news item for you and it is linked below. Again, all the talk about resumption of overt QE is just simply nonsense. QE is ongoing and infinite as the U.S. government ran a $232B deficit in February alone!
That's it for now. Today was so boring that I simply don't have the enthusiasm to continue. More later if conditions warrant but I'll most likely file another update in the morning. TF