As you know, Friday's have been very good to us lately. Silver, in particular, has had some stellar Friday's of late with stout gains coming after the close, on the Globex, too. No reason not to expect similar strength today.
Let's start today with the only "fly in the ointment", the only "sand in the gears", the only "wrench in the works". (I am Metaphor Man.) Gold. For some reason, whether Cartel-induced or not, gold continues to lack interest in surpassing the 1478-80 area. I don't know why. What I do know is this: if gold continues to fiddle around here, for another hour or two, you can bet your batooty that Blythe will unleash the monkeys to attack it. If they can shove it back and keep it there into the close, the Disinformation Agents will be all over the press and web this weekend proclaiming a double-top. Seen it, hated it, lived it 1000 times. So watch gold this morning. Failure to mount a successful rally through 1480 will almost assuredly bring an EE attack and some long liquidation and it could roll back down below 1470.
Silver, on the other hand, just looks fantastic. Some hesitation in gold may provide some friction in silver. Conversely, silver looks so strong that it may be the catalyst in dragging gold higher, too. I sold my puny, little June 1460 gold call this morning and bought 2 May 44 silvers. This leaves me with May silver calls at 41, 43 and 44. Turd putting his money where his keyboard is.
The June POSX continues to bounce off of 74.85, 74.65 cash. Why the line was drawn there I have no idea. All I know is that the line has been drawn. I can assure you that we're not the only ones seeing this so expect a sharp dropoff if/when 74.85 is breached today or Sunday night.
Gold has a last of 1478. Watch this closely!
Silver is 42.55 and rolling.
We got em on the run!!! TF