At the risk of looking & sounding like one of these maniacs:
I hereby proclaim that the end of this current PM correction is upon us.
First, please allow me to present to you, with little comment from yours truly, four very important weekly charts. In order, look at the USDX, the CRB, Dr. Copper and crude. I've kept my notes and lines to a minimum as I feel that, this week, it is important for you to draw your own conclusions.
OK, here's what I think: We are about to commence another UP leg in the general commodity area, which is summarized by the CRB index. Led by a collapsing USDX, all commodities are about to begin rolling higher. The grains are extraordinarily strong. Have you seen my wheat?!? Crude only got smashed back because of the new bs margin requirements. Do you think OPEC cares about margin requirements? Copper broke down through a one-week trading range but has since rebounded. And the PMs...ahh, our precious PMs...
In the end, there is no way that the recent action, and our price position, in the PMs is a coincidence. That gold sits within $25 of the low of its 3-month range and silver sits within $1.00 of a 15% correction and major support at $26.50, all the while the USDX is falling apart and the CRB looks to spring higher...folks, the end is near for this correction. Chances are the lows were put in Friday morning but I still suspect that there will be one more move down, to the $1320-25 level in gold and $26.50-75 in silver. Whether or not it does is of zero consequence, the next UP move is imminent and it will culminate with gold at $1600 on or before 6/10/11 and silver at 35 or 45 or 55, hell if I know, I just know that silver ain't hanging around $27 much longer.
Now, a couple of things I'd really like you to watch and read. First, please take time to read all of Harvey's latest update. All of it. It'll take you five minutes but its worth it.
Next, my buddy, Trader Dan doesn't usually get all worked up but he's sure got a burr in his saddle regarding Mr. Andrea Mitchell.
Take time to visit King World News. Listen to the "weekly metals wrap" but be sure to read the two blog notes with James Turk. Extremely important info in both.
Lastly, I've heard radio ads about this item. The ads mention this "great investor" who "predicts horrible things for 2011" and "you must listen to this free audio". I ignored the ads but then got a spam email from the "Draft Peter Schiff" group (I'm not sure what they're drafting him for) which contained a link. Surprisingly, the presentation covers almost all of the themes we cover here, at least as they pertain to "The End of The Great Keynesian Experiment". Now, here's where I need your help...The Turd has performed an almost uncountable amount of public seminars and presentations over the years. I know a good speaker when I hear one. The dude in this deal is not a good presenter. He damn near put me to sleep so I never made it to the end to find out when, exactly, the world is ending. Would someone please sacrifice and hour or so of their life to listen to the entire thing and report a summary? Please? Thanks.
I'll add more tomorrow if I see anything that merits your attention. Thanks again for being part of the blog. Have a great weekend! TF