The rally that began last last week extended today as both CDG and CDS posted solid gains. It's a great way to start the week but there's a lot of week still to come so it's probably best to enjoy the higher prices without getting carried away in exuberance.
But what a three days we've had. Since last Wednesday, Comex gold is up $83 while Comex silver is up $1.36. If only we could keep going at that pace for a month or two or three! Alas, the fractional reserve and digital derivative pricing scheme will always get in the way so we begin today's discussion with a quick review of...
