Waiting for The Bernank
A nice little rally this morning. Hopefully, it's not a headfake. We'll know soon enough, I guess.
In honor of our rally this morning, let's have a Hat Contest!! Only one category today and that's silver. The winner must correctly guess the final closing price for spot silver on the Kitco chart in the homepage. This price closes at 5:15 EST before trading resumes at 6:00. Please use the comments section below for your guess. I'll close this thread at 12:30 p.m. EST, when the Fedlines are announced.
Speaking of the Fedlines....they are all that matter today. Everything else is just noise. Back in September, the Fedlines came out at Noon EST but today it is apparently 12:30. My guess is that LIESman complained to The Bernank that, back in Spetember, he didn't get a lunch break. It was Fedlines and then jet across town for The Bernank Gobbledygook Press Conference. With the extra half hour today, LIESman will be able to pound his baloney sandwich in peace before the big news.
So, anyway, things are liable to get pretty dicey around here later. Hopefully, the servers will hold up through all of the traffic spikes. As far as price goes, silver might see resistance at 33.80, 34.40 and, if we really get rolling, anywhere over $35. If The Bernank "disappoints", look for support at 32.60 and 31.80. Gold will encounter resistance at the old "Iron Dome" of 1735-1740 and, of course, our latest highs of 1750-1755. The 1750+ level would also represent the old buggaboo of a 2% daily cap so that level would be worth watching later today. If a gold cascade develops, look for support near 1705 and then 1680.
OK, that's it. I'll have a new thread for you shortly after the Fedlines are released. Good luck with the Hat Contest!