Today, we have a shot at hitting the exacta, maybe even the trifecta. For the record, the #s to watch are:
In gold: All-time weekly closing high is 1399.80
All-time daily closing high is 1412
In silver: Post-1980 weekly closing high (looks to be a cinch) is 27.25
Post 1980 daily closing high is 28.99
As I type at 10:52 EST, Feb11 gold is 1409.40 and March11 silver is 29.34.
New, weekly all-time closing highs would be very bullish for the intermediate term.
New, daily all-time closing highs would be very bullish for the short term.
Establishing new monthly, weekly and daily alltime highs within the course of three days would be extraordinarily bullish...The Trifecta!!!
Now, before we get our hopes up, lets start by aiming for Comex closes that would establish new weekly highs. If we get to 1:00 EST and Blythe decides to let the Monkeys leave early for the weekend, we can begin to get excited about hitting The Trifecta. To continue with the horsey analogy...As of this moment, our PM thoroughbreds are running 1-2-3 up the backstretch and headed toward the quarterpole. Can they maintain their momentum through the stretch and make it to the wire??
Hold on to your hats. The next 150 minutes will be very interesting, indeed.
12:30 EST update:
First up, please go back and review "Another Quick Buck" from yesterday. The Dec10 USDX is desperately trying to hold the bottom end of support at 79.25. Today's low is 79.27. Failure there will take it 78.60, then 78.20 and 77.80. It will be next to impossible for the EE to repel the PMs from new highs if the dollar continues this rapid collapse.
One hour to go and Feb11 gold is hanging in there at 1407 and March11 silver is 29.26. Keep an eye out for Blythe in this last hour as I can assure you that she is looking at the same numbers we are.
1:30 EST update:
Alright, then. What a great day and week. I have a Comex closing price of about 1406 in gold and 29.20 in silver. That gives us an extraordinarily bullish trifecta in silver and a very bullish exacta in gold!!
I'll try to add a summary and recap later this afternoon. In the meantime, however, I took some heat last week for suggesting that this week was going to be fun and UP, mainly because of the $36B in POMO that was coming. Now, of course, POMO wasn't the sole reason for this great week but, you have to admit, ole Turd made a nice call. Gold, for the week, up about $40. Silver up $2.30 or so.
Again, more later. TF