Just a short update this morning as The Turd has a big weekend planned and it all gets underway in a couple of hours.
First of all, your charts. We seem to have survived the quick, 48-hour selloff/correction/setback...whatever you want to call it. Though I had hoped gold would hold 1750, it did find support between 1740 and 1750 and, with the benefit of hindsight, you can clearly see that support should have come in there. As to where we go from here, we finished last week at 1756 so anything above there would be terrific. From the looks of the charts this morning, I imagine we'll finish the day somewhere around 1775 or 1780.
Silver held in quite well this week and simply needs a close above $34.08 to close the books with another UP week. Always remember, "what had been resistance becomes support and vice versa". $33 is a magic level for silver. After the September correction, it took silver 5 weeks to crawl back above that level. It has now used 33 as support for the two weeks since. Look for this to continue. In fact, support for silver is from 33 down to 32 so only a dip and close below 32 would signal a trend change and cause me to rethink my $39-41 target.
You might enjoy this next item. Back on Tuesday, I had the honor of being a guest for one of Chris Martenson's podcasts. I was a little worried about how it would turn out as I has strained my back on Sunday and I was into the muscle relaxers pretty good. I'm happy to report that it seems to have come off OK. I hope you agree.