I must admit to getting a little frustrated over the course of the day today. The metals hit new highs and then pulled back but you'd swear the sky was falling. I spent a little time over at ZeroHedge and I read dozens of comments from folks that were seeming to panic. Then these poor folks get egged on by the same, old, worn-out topcallers who are glad to claim that its "all over". As if, suddenly, all the fundos have changed, QE has been abandoned and all global governments have been declared solvent. Give me a break! Besides, almost everything from crude to grains to PMs attained new move highs today before pulling back. All this was today was light selling in the face of a slight dollar rally. An excuse to take some profits. Remember, gold is up 8% and silver about 20% in the past three weeks. There are surely some profits to be taken.
Look, the PMs can't and won't go up every day. Got it? It sure is fun when they go straight up but it can't last and lets hope it never does because when silver starts going up $1.00-2.00 every day, the Fed/EE Complex will likely enact some of the most restrictive policies imaginable. Believe me, we don't want that. We want a nice, slow, steady climb. Just like we've had since late August and, frankly, since 2001 in gold.
The charts below tell the entire story. Nothing has changed. The fundos are overwhelmingly strong. Everything is still rosy. Gold is now $8 off its lows at 1411 and silver is at 29.90. Give that a moment to sink in. <pause> Let me state that again: Gold is at $1411 and silver is at $29.90. Have fun. Relax. Enjoy your afternoon. I'll try to post again after reviewing Harvey's report tonight.