Friday 29 May 2009

Precious metals battle week rollup

Well, $960 gold was bested and indeed held. Right now its Friday night and the pits are closed here and in the US, and the price closed out the week at $979.60/oz. Not bad, although I had hoped to see a push right up to $1000. Perhaps our friends at the TOCOM can do it for us Sunday night, so when we wake up and switch on our screens Monday morning the way forward is clear.

OR maybe the powers that be will see to it another time that there is a hefty push back at the open, so they can at least cover some of their deeply out-of-the-money shorts, who knows?

Silver has once again, reassurringly, lead today. I am slightly disappointed that it didn't make it quite up to $16/oz resistance, but $15.79 will have to do for another week I guess.

TBH next week I won't be that surprised to see a healthy pullback. But I really don't see it being long before silver is over $20 and gold is well past $1000. And then off to the races.

Since I am UK-based, clearly I am interested in the "pound factor" too. Really, do you honestly think the UK economy can justify $1.60=£1? No, me neither. So we should make out OK in the UK gold market on this score too I'd say.

OR MAYBE WE GET KILLED. That's the fun of the fair!

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