OK. it's 7:00 pm EST on Monday. Time to get your gameface back on. First, a couple of things:
The metals are trading flat as we get started. Gold is 1360 and silver is 28.32. Watch Dr C, however. I've got a last of 439. A move down through 434 could be very bad for the short-term price of the PMs so watch that level very closely.
Next, as mentioned earlier, there will be a lot of talk about US/Chicom relations this week. Most of it will be noise and unimportant. However, you will find some interesting nuggets. I found such a nugget here:
About two years ago, when I first started mentioning to friends that the days of the US$ as global reserve currency were numbered and that it would, eventually, be replaced by an SDR or some such vehicle, everyone thought I was crazy. Preposterous was the usual response. When I mentioned that the renminbi would "un-peg" from the $ and become, perhaps not the global currency but a global currency, I was looked upon as some sort of lunatic. Hmmm....here it is two years later and this idea is becoming "mainstream". (By the way, when did Bernie leave Bloomberg for CNBS?) Anyway, I also used to think, as in the video, that the days of this change were 20-30 years away. I don't anymore. You and I both know that this is coming sooner rather than later. Now I'd say within the next 3-5 years.
I point his out because when I first started talking about gold and silver I was looked at as a loon then, too. A "gold bug", whatever that means. We "bugs" are still looked upon as bubble-chasing fools but we know we're not. Soon our ideas on the PMs will be mainstream, too, and you can bet your ass that gold won't still be stuck in its current range by the time that happens. Keep buying and taking delivery!
Next, read this great article Jeff Nielson just posted today. More great stuff from a very smart guy:
Lastly, read this. Harvey often cites this guy, Heller, and I read his stuff, too. An informed opinion.
Keep your fingers crossed that copper and crude hang in there overnight. I'll check back later if I have something significant to add. TF