Hmmmm....let's see. Was it HOT? Yes, most definitely. Real, real hot. How about EXPLOSIVE? Ehhh, kinda. Silver from $27 to $35 ain't too shabby but not necessarily explosive. HISTORIC? Definitely not. Nothing historic about it. Lots of new longs and lots of fresh paper shorts, happily supplied by The Cartels. So, summer passes without an "HEH" move. Again, hmmmm. I wonder what's next?
I guess there's no sense in me going over the details again. Yes, I expected some historic, explosive price action this summer. Not knowing the true timeframe, I asked for the period 6/21 - 9/21. Nuts.
Didn't Hasn't happen(ed). All we can do now is continue to wait. In the meantime, I'm at least gratified by the fact that I pleaded with you all summer to buy and add to your stack while silver was bouncing between $26 and $28. Since there are still folks out there who criticize me for suggesting you buy at $47, I can now rightly claim that anyone who followed me at $27 is just $2 away from being even. (For the mathematically challenged, 47+27 / 2 = 37.) And, rest assured, $37 is right around the corner as is a return to $47 and beyond.
Very soon, acquittal will be at hand and vindication will be ours. In the meantime, we'll just watch the metals grind forward in their Cartel-enforced pattern of "managed ascent". Today, after a week of increasing pressure, the cap installed at 1780 has fallen. Closing above that level today brings 1800-1805 into focus for next week. Silver has finally cleared $35 and only resistance near $35.50 can slow it again before it stabs toward $37.50.
Continuing to underpin the gold market is a real rush to exchange euro for gold. We've been watching the euro/gold chart for weeks now as it has led $/gold. Today, euro gold made a new alltime high. Could $ gold be far behind? http://www.zerohedge.com/news/gold-euros-hits-all-time-highs
And if you have a few minutes today or tomorrow, please take the time to watch this episode of Capital Account with the Lovely, Leggy Lauren. (New acronym "LLL"?) Many folks buy and trade ETFs without giving them a second thought. After watching this video, you might begin to tread more carefully.
Lastly, I'm confident that we will see more than our usual share of trolls today as they will likely emerge from the subterranean abodes to give me grief about my "failed summer forecast". Again, as my Old Man says "Let om." What most can't seem to understand is that, even though my timing was off, the "historic" events are still looming just over the horizon. It will be interesting to see just how many naysayers return to humbly apologize when I am finally proven correct.
I leave you today with some Friday music. I friend of mine introduced me to JD McPherson a few weeks ago and I'm hooked. He's touring the states this fall and I'm very much looking forward to seeing him. In the interim, youtube provides the fix. Have a great day and a relaxing weekend. Watch for closes above 1780 and 35 and then prepare for more excitement next week.