As you know, I'm on a bit of a vacation but I do have a couple of random thoughts for you.
First of all, I hated the close of silver today. Look at the chart below and notice that silver was dumped, beginning at 1:23 EST, two minutes before the close. Similar to all the odd-hour and low volume-hour dumping we've seen recently, today's dump was clearly designed for effect and not for efficient execution. Does it portend more weakness and another raid? Probably. I'd put the chances at at least 50/50. If you can stomach it, keep an eye n silver overnight.
Next, as you can see, the dumping was limited to silver. The gold chart does not show the same drop.
And the longer term, hourly chart in gold continues to improve. IF we can avoid a raid and actually rally from here, gold might enter 2013 with a halfway decent looking chart. The key will be the action tomorrow and Monday. Let's see if gold can first extend through 1670 and then 1680. A move back UP through 1690 would be very positive, indeed. Keep your fingers crossed.
Crude has hung in there today and continues to trade north of $90. Tomorrow will be the key day. Will it hang in there and make a weekly close above $90 or will it fall back? Watch closely.
Lastly, please don't get distracted by all of the misinformation and SPIN regarding this fiscal cliff nonsense. The faulty analysis and outright lies being presented in the media might cause you to doubt yourself. Do not let this happen and DO NOT SELL YOUR METAL! Every political eventuality is precious metal bullish and you should be using this current weakness to aggressively add to your stack.
That's all for now.
p.s. Vacationing with two teenage can effect one's musical tastes, sometimes for the better. In this case, I present part of the soundtrack of this current holiday. Enjoy!