Straight UP, For Once
Wow! Isn't it strange to see lines on the gold and silver charts that go straight up? I'd forgotten that that type of action was even possible.
This continues to be a very interesting saga to watch.
Though it appears that The Comex can raid SLV for paper silver whenever it is necessary, the dwindling supply of "registered" silver is still an extremely significant, ongoing event. That the bullion banks and their customers are choosing to hoard silver by reclassifying it as "eligible" speaks volumes to the very real and very tight supply of physical silver.
Let's start with the POSX today. It is once again benefiting from selling in the euro. Not that the US$ has more tangible value than the euro or any other currency, its position as "global reserve currency" still drives the "safety" trade. For today, with apologies to any vertically-challenged Turdites, it is simply the tallest midget.
Gold decisively broke through 1525 on that spike up this morning. IF it can now maintain its footing above 1527, it looks primed to run back toward 1545.
Silver continues to struggle mightily as it seems as if buyers have called a general strike. There is little if any conviction on the long end, which allows The Cartel to continue pressing it down as there are simply more offers to sell than there are bids to buy. It's good to see support holding at 34.25 or so but we need silver to trade back UP through 36 before anyone will get excited.
OK that's it for now. I'm glad/relieved that so many of you have found the new site to be fun and helpful. Let's keep it up. Please continue filling the forums and the comments with quality information. Have a great day! TF