Somehow the charts to the right got turned upside-down. How unusual it is to see spikes UP in the 8:00 hour!!
Just a quick update this morning. The metals are rocking. The were strong overnight and then got kicked higher by the "disappointing" ADP jobs number. So, I guess QE3 is back on again? What a joke! Can't wait to hear LIESman, The Coug and The Shill discuss things on Friday morning. Should be good for quite a few laughs.
Gold just looks fantastic. Even while crude is flat to slightly lower, gold has blasted through some resistance at 1424 and is charging higher. So confident am I that this chart looks great, I encourage you to buy any dip this morning back toward 1425. We definitely look to be headed now back toward the highs of last week. What id Santa say? The third trip over 1444 was the last one? Well, get ready because here it comes.
1427.20 in gold and
37.59 in silver
It should be an interesting day. TF
p.s. I forgot to add this link a reader sent me. Its an interview of the CEO of EXK.
10:50 EDT UPDATE:
The only reason I can find for the steep selloff is the crude inventory report.
These computer algo driven "markets" are enough to make you suicidal sometimes. Crude inventories fluctuate every week but this is clearly a reason to sell your gold. Now! What a joke.
As long as the metals remain tied to crude, they'll remain stuck in this rut. Fundos be damned. Apparently, all that matters is crude up, buy gold. Crude down, sell gold. Ridiculous.