Do you have the feeling that gold and silver were going to get pounded, regardless of how the Greek elections came out? Me, too. And after all the finagling, dealing and double-crossing, did you actually think that the European central bankers and politicians were going to leave anything up to chance? Me, neither.
So, after all the hand-wringing and angst, the Greek people "voted" for austerity. Rrrright. I'm sure they did. It hardly matters, anyway. We've got much bigger fish (and frogs) to fry. The negligible rally in the euro tonight bears this out.
In an absolutely stunning development, gold opened at 1630 and silver opened at 29 before being mercilessly attacked by The Flying Monkeys. Fortunately, buyers once again emerged at the levels where they have been materializing for the past week or so, namely 1610 and 28.30. Let's hope this continues overnight and into Monday.
Attention now turns to the FOMC meeting on Tuesday and Wednesday. ( http://www.futuresmag.com/2012/06/15/fomc-feeling-pressure-for-more-easing). God only knows what those bastards have in store for us this time. The way The Cartels have been using any Fed statement or non-statement to jam the metals lower means that it might take a formal announcement of $20T in new QE to make gold uptick at 12:30 on Wednesday. We'll see.
I'm going to be out for most of the day tomorrow as I am playing in a charity golf event. I'll probably have another new thread by about 4:00 EDT. Until then, hang in there and keep the faith. I am still of the ardent belief that this summer (June 21 to Sept 21) is going to see some explosive moves in the metals, particularly silver. Keep the faith and BTFD.