Check out this 180-minute silver chart:
Also, look very closely at the horizontal lines I've drawn. Does it appear to you that the BoS has decided to put floors under the silver price at exact $1.50 increments? Could it be that obvious? Could it really be that simple? Maybe. If after the next leg up we find support at 29.50...well, you get the picture.
Obviously, one of the keys today is the dollar, which will get zero help from $9B in new POMO this morning. Last on the Dec USDX is 79.71. A move through 79.65 would send us to 79-79.20 which would only serve to induce more PM buying.
Crude's up over $1.30 and the grains are all indicated higher. Should be a fun Monday.
Lastly, if you have some time this morning, Harvey made a rare Sunday post. Seems he's all over this JPM et al derivative exposure. Check it out.
And Santa is traveling abroad this week, checking out his operations in Africa and the Middle East. He sent out this email this morning. Classic Santa!
The train wreck of Western finance is no longer the slow train wreck you witnessed watching Freddie and Fanny come apart. It is therapeutic, as Dean Harry Schultz instructs us, to travel enough so you can look back at your Motherland and see things clearly.
It is my belief that the relative lack of success in the recent attack on the euro - at least compared to the earlier effort - could well presage the inevitable attack against another monetary union currency, the United States dollar.
Market commentary here in Dubai by so-called experts universally proclaims a sudden concern that the US is mishandling its debt. All of this has been explained to you before in the context of down cycles which at some point move to a zero equilibrium - baring some enlightened intervention which is highly unlikely.
Intervention between 2008 and 2010 missed by a country mile but somehow managed to enrich the dastardly "banksters" who created this mess in the first place. The cause of what is now semantically presented as the "Great Recession" is no more than demons dancing on the head of a pin. The cause of all this mess is singular and so large that it defies conceptualization.
The cause of the Great Recession is the damned OTC derivative manufacturers and distributors. It is called a "real estate collapse" but again this is a semantic message for the OTC Derivative Securitized Mortgage Debt debacle.
The OTC derivative market has continued to grow, with Credit Default Swaps, another fraud, having a snowball in hell's chance of functioning when the spectre of default again threatens Western finance.
As soon as the sharks finish their feeding frenzy on the euro, the dollar will come up next in their crosshairs. It looks to me as if the minor euro nations do not offer large enough opportunities for the destroyers of wealth that Greece did.
Mark my words when I say that gold will reach for the stratosphere, trading at $1,650 and above sooner than many people think.
Being in gold and avoiding the US dollar no longer just constitutes a trading situation but a financial survival exercise.
Stay the course and win. Vacillate and you join the sheeple.