Getting Real Close
As we get set to begin a new week, I can't shake the feeling that we are getting real close. Close to finishing this basing pattern. Close to breaking higher. Close to an explosive move.
First, just a couple more items from FreedomFest. Friday morning I ran into Steve Moore of the Wall Street Journal. What a nice guy! I just walked up to him and struck up a conversation. Though he didn't know me from Sean Connery, we quickly hit it off and he has promised to come into Turdville for a podcast in August. Steve Forbes is an unbelievably nice guy, too. The guy's a billionaire yet he courteously took time to visit and pose with anyone who approached him. On the flip side...I'm walking out Friday, happy and relaxed. Not a cloud in the sky got the sun in my eye and then I see him...Prechter. Right in front of me, being interviewed by Reason TV. I wanted to freaking tackle him. Just bolt onto the "set" and barrel into him like I was a Free Safety. Lay him out like I was Jack Tatum and he was Darryl Stingley. Revenge for all the poor saps he's bilked out of subscription fees for all these years. I paused, considered my options and then moved on. He's not worth it. Not worth the trouble and not worth the hassle. That said, I really wanted to flatten the guy. Badly.
So, anyway, it's going to be a wild week. First of all, we've got the situation in Syria coming to a head. The next 48-72 hours look very volatile. Watch crude closely. Why, you ask? Remember that Syria and Iran are reasonably close allies. Any NATO move against Syria will likely generate some type of sympathy aggression from Iran. Maybe the mining of the Straits? We'll see. IF crude begins to move through $88 and then $90, then a move toward $100 will be imminent. Again, watch the headlines very closely.
And, boyohboy, is it hot as a firecracker in the U.S. heartland. Check out these two links. The first is a "drought monitor" from the University of Nebraska. Let the animation load and watch the progression. Yikes!
And here's the next 8 days of computer weather models. The big circle that forms over the Midwest is a nasty, hot high pressure system that will bring scorching temperatures and dry weather to farm country. Got DAG?
Which brings us to the metals. Last week's CoT reversed out nearly all of the Cartel shorting that was evident in the previous report. Though we remain mired in our 10-week consolidation bases, the time is rapidly approaching where price will catapult higher, break out and surge forward. First, read this from Trader Dan. As you know, I've gotten to know Dan quite well so I can assure you that he is NOT prone to KWN-type hyperbole. That said, please read and ponder this: http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2012/7/14_An_Absolutely_Stunning_Development_In_The_Gold_Market.html.
It is simply a matter of time now before gold and silver break higher. Remain patient and please utilize this time to add to your physical stack. The ability of The Bullion Bank Cartel to manipulate price is being curtailed. The LIEbor scandal being simply the latest wound to their seeming invincibility. The Truth is on our side and we are winning.
Have a great Monday!