Tuesday 12 May 2009

Precious metals on a tear this morning

Silver knifed straight through $14/oz this morning without looking back. Its at $14.10 as I write. Gold is up sharply so far too, but not through any significant resistance yet -- currently at $918.10/oz. If it continues and gold motors through $920/oz in the next hour or so, I don't know if They will find themselves being able to defend this price level any more, at the COMEX open.

Let's see. Could be an interesting day in this market.

Update, as I write silver now up to $14.17 and gold up to $918.80. Those of your that know me personally, will know that I am not the slowest typer either.

1 comment:

DP said...

Quelle surprise -- a big knock-back at the 13:00 UK time (09:00 NY).

Had made it as far as $923, which was somewhat disappointing given the earlier impetus and I'm not at all surprised to see the price whacked back until $920 in short order here.

Silver, however, is currently still comfortably over $14 resistance, at $14.20 as I write.

Further interest at Chicago opening time in an hour or so...

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