First, let's sum up what we know:
1) In the face of dollar weakness, the EE manufactured a selloff in the PMs last week. It began early Thursday after March silver traded up to 29.81 and looked a cinch to blow back through 30. It continued on the Globex Thursday afternoon and culminated on Friday at 28.10. All in all, about 6% drained from price in about 30 hours. Pretty impressive, Blythe.
2) After retesting those lows just above 28 yesterday, silver jumped this morning back toward, but not through, 29.
OK, as you imagine I do have some thoughts:
1) Hold greed in check. It is not safe to buy with impunity just yet.
2) Watch Dr C for clues. A break above 444 that holds for a few hours or a day will inspire confidence.
3) I'd love to see some buyers emerge in gold once it holds 1365. If so, we'll at least head back to 1385.
Of course, I will keep you posted. TF
ps Some nice folks in the UK asked me to post a link to this short, educational video. You might pass it along to any recent or would-be converts: http://www.youtube.com/watch?v=-HaqwFJj4ZY