Silver is leading this afternoon and is very clearly UP.
If silver bests $15 and closes above, I'll be pretty pleased and looking forward to $16 before too long.
Similarly, if gold can jump through $960 and hold to the close, this could be a trend continuation and a run at $970 should be on the card lickety-split.
I do notice a couple of other related items. 1) XAU/HUI gold stock indexes are not on a tear today at all, they are sympathising with a flat/down day in the general stocks. 2) The big mover in the currencies is the Rand, with to a lesser extent the Pound and lesser still Canadian Loonie. This does suggest money moving to commodity locations (lots of miners listed in London, and of course in Canada and South Africa) but specifically maybe to precious metals mining locations (since Aussie and Kiwi dollars are not up big). Hmmm. Lots of possible excuses in here.
Another interesting day in the precious metals markets.
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Update: Sure enough gold got a bust in the chops. Funnily enough, silver didn't drop to the same extent at all (suggesting manipulation if you ask me; if it was fundamental selling for some good reason, they would trade pretty much in tandem, no? ;-) ). And at such a sensitive price point -- who would have thought it.
Update: Sure enough gold got a bust in the chops. Funnily enough, silver didn't drop to the same extent at all (suggesting manipulation if you ask me; if it was fundamental selling for some good reason, they would trade pretty much in tandem, no? ;-) ). And at such a sensitive price point -- who would have thought it.
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