It's the start of another new week that culminates with a BLSBS report on Friday. In between, we can count on continued volatility, that's for sure.
But let's just focus on getting through Monday, first. I'm not going to be around much between today and tomorrow afternoon so I need everyone to hold down the fort. Let's try to keep this main page on-topic and utilize the forums for everything that isn't gold and silver related.
Here are your charts. It seems like it has been several weeks since I've been able to state that the rally objectives are pretty clear...Take out Friday's highs and keep going! In gold, this then means a shot at the psychologically-important $1500 level and then the all-important bottom of the previous, 19-month range at $1525-1530. Silver is equally clear. It simply needs to best Friday's highs near $24.80 and then it's clear sailing to $26. The only potential sticky point in between is the 20-day MA, now near $25.13 and sinking fast.
The only other item I have time to discuss this morning is the continued draining of the GLD. It shed another 7.22 metric tonnes on Friday. This brings the total gold in "inventory" down to 1,083.05 metric tonnes, down from 1,349.92 back on January 2. This is a drop of 19.77%. So, for all intents and purposes, the GLD now "holds" 4 bars for every 5 it had back at the first of the year. Friday's withdrawal alone is almost exactly three of these pallets.
In stark contrast, the SLV held 10,084.96 metric tonnes of silver in "inventory" on 1/2/13. As of Friday, it held 10,349.42. UP 2.5%.
Hmmmm.....So were supposed to believe that "investors" are "liquidating precious metal investments" and "re-allocating elsewhere". OK. Well, then, let me ask you this, Bob Pissonme: Why are "investors" only liquidating gold and not silver? Got an answer for that one, big boy?
When this is all said and done, one of the things we'll look back at is this extraordinary draining of the GLD...happening right before our eyes...and so many pundits will express amazement at how they could have missed such a clear warning sign.
Alright, then. Have a great day. Try to enjoy yourself while keeping in mind The Golden Rule. Back tomorrow.