Well, well, well. What a day we had.
Let's start tonight by summarizing what needs to happen next. I truly believe we have found our hoped-for bottoms at 1321 and 26.54. We have risen nicely from those lows. The HUI has rebounded sharply and the FED confirmed today what we all know, namely that QE will last until The Second Coming. Next up, we need some follow-through. First, let's look at the most troublesome of the charts, copper:
Now let's look at silver. It looks a lot like copper but its next objective is a lot closer:
Here's an updated dollar picture, this time in a 1-hour format. This dog is clinging to the 78 level by the skin of its teeth. Absent some manufactured "news" overnight, the pressure will soon become too great for it to hold on. I expect 77.50 before I awaken in the morning. From there, it'll be 77 before any substantial amount of buying surfaces again.
A couple more things...
One of our friendly readers, who shall remain anonymous, sent me a link to this nugget. Apparently its a powerpoint presentation that the Sprott folks are using to market their funds. Nothing earth-shattering, it isn't marked "broker/dealer use only" and its in Goggle Docs format so I figured, what the heck, it looks like public information so I'm going to post it for you to look over. Here you go...
Nuts. I can't seem to get this into a format that will work. I'll keep trying...
Also, I got this idea from Harvey. Its a very interesting discussion from Jesse Whatshisname. I link it because it covers the main "conspiracy theory" everyone's been mentioning but Jesse also seems to see the situation as I do...namely that JPM is a proxy of The Fed and has put themselves in a rather untenable position. Here's the link: http://www.marketoracle.co.uk/Article25628.html
OK, that's it for now. Can't wait for tomorrow. TF
ps Today was the biggest day yet at TFMetals with 25,447 total pageviews. My "gold to 1600" post from last week has now been pulled up over 9,000 times alone! I'm am amazed every day by the incredible success of this blog and I want to thank you all again for participating in what has apparently become one of the foremost PM discussions on the internet. It would be nothing without your efforts and terrific input so please accept my gratitude. God bless us everyone.