As the POSX breaks down, the metals are charging higher. Here are some updated charts.
First up, The Pig. Note that Pigatha has broken down and out of its nearly 2-week range. By breaking down, it is now targeting 78. Short-term movements in the POSX are very important currently. As you likely know, volume and participation have decreased considerably post-MFG. This leaves us with The Cartels and The WOPRs as the primary determinants of paper price and most WOPRs are set to buy/sell based upon minute movements in the POSX.
The Forces of Darkness on the LBMA tried the exact same trick last night as they tried yesterday. Unfortunately for them (smirk), the falling Pig has blunted their evil intent again today. For comparison purposes, here is the Sunday night/Monday chart:
And here is the Monday night/Tuesday chart.
Of course, "respected" and "big name" metals "analysts" like Hairy Fleckenstein still contend that gold is a "market", "free of manipulation". Rrrrright....
Anyway, here are the main two charts you need to be following. As I've assembled this post, The Pig has deteriorated and the PMs have rallied. Gold is pressing against 1750 and silver is above 34, near the highs of last week. I still think that the caps will continue to stymie things here for another week or so but, if the POSX continues to fall toward 78, Cartel resistance will be futile. Let's watch and see how this comes together.
I've got a lot more to add but little time to do it. Look for another post by later today or this evening. TF