Mrs. Ferguson has a favorite old joke. It goes something like this:
"What did the doe say as she left the forest? I'll never do that for two bucks again."
Pretty soon, none of us will be able to do much or buy much for two bucks ever again.
As gold and silver continue to relentlessly bore a hole right up Blythe's batooty, I thought I'd start the day with updates on the USDX and WTI crude. First, check out this updated daily chart:
I had to post another crude chart this morning as it is showing a "textbook" breakout.
I've got a gold last of 1435 and silver at 34.81. WOW! Very fun to type those numbers.
Again, the longer gold stays above and moves away from 1430, the more momentum money will come flooding into the pit. Watch the 1444 level closely as a spot where some might book some profits and hope to buy back on a dip. We'll see about that. It may just blow right through there, too.
More later on this wacky Wednesday. TF
10:30 EST UPDATE:
The metals are still trending slowly higher. This is fine and normal as the "market" adjusts to the higher price levels attained yesterday.
I wanted to give you this chart, however. Its a March Euro future. Looks like its ready to rally to 1.40 and, from there, 1.42. This will have clearly have a negative impact on the USDX and a correspondingly positive impact on all things dollar-denominated.