Heed The Mavens
I'm not megalomaniacal enough to think that they are responding to me directly and I'm not foolish enough to ignore them.
James Turk and Santa have both forgotten more about the precious metals markets than I'll ever know so, when they issue statements like the ones below, they must be listened to. First up, please take the time to listen to Eric King interview Mr. Turk. It's a wide-ranging interview that gives you more credible information in 12 minutes than you'll get in a week of watching CNBS. I particularly like it when he describes the central banks as "barbarous relics"!
Next, Eric also posted an interview of Santa. He, too, is expecting a summer rally. Check it out:
That said, we should know in the next two days whether or not the "dome" pattern we noticed yesterday is going to serve to send gold down toward 1500. I still think that this is going to happen. There is no question that further quantitative easing is coming, not just here but globally. The Fed/EE will take any opportunity at this point to push PM prices lower so that they start their next, QE-induced rally from a lower point.
Lastly, just a quick comment on the Greece situation. Right now, it appears that the Germans are trying to buy some time.
IMHO, they are buying time as they, the Finns and other "Nordic" countries frantically scramble to conclude negotiations on the formation of a new "Nordic" euro. Countries such as Greece, Portugal and Italy will be left to fend for themselves. These countries will be forced to cover their debts in drachma and lira so that the "new" euro can be relatively unaffected. Ultimately, the Nordic Euro will become one of three, regional reserve currencies along with an Asian/Australian SDR and a revamped dollar/amero. More on all of that at a later date as I don't have the time to get into it now.
Have a great day and watch that gold very, very closely. TF