The PMs close in 55 minutes.
All signs indicate that everything we've discussed in the past 72 hours is happening.
We will begin to have some certainty by 1:30 EST.
Be excited. Be cautious. Be excited.
ps The Colonel just called me and said that he saw Silver Eagles being offered at $39! Can anyone confirm? If so...........
1:05 EST UPDATE:
In April gold just a close above 1385 is big.
A close above 1389 would be significant.
A close above 1391 would be huge and would clearly signal a near-term run back toward the old highs.
1:30 EST UPDATE:
I've got Comex pit closes of about 32.38 and 1389.
I'm confident that what you saw from 1:10 to 1:25 was simply the selling of the greedy, trend-chasers that had piled into the March contract over the last two days. Better to take profits while you can than put up the extra margin and hold for delivery. These folks never intended to hold for delivery, anyway.
What would be nice now is to see silver and gold both rally over the next few hours on the Globex. What we should mainly be left with now are resolute longs. These folks should take advantage of the $0.50 drop and add to positions if they're truly serious about standing for delivery. Therefore, I'll be watching the next couple of hours with significantly more interest than the usual Friday.
I'll also be out until mid-afternoon so I won't post a summary for a while. Check back after 4:00 EST.
Thanks! What a day! TF
ps: Please take the time to read this:
Read this, too. Potentially very bad: