Just a couple of quick charts to start a new thread.
First, here and actual chart of the POSX. Note the severity of the drop through the old lows as, once again, stops are triggered and the move accelerates. From here, there's nothing keeping it from dropping below 75. Surely, The Fed will roll out some crusty, old, keynesian hack geezer to to try to talk it up next week. Will it help? Maybe, in the short run, kind of like last week. Will it make a long term difference? No.
we have to suspect there will be some resistance along the way. However, these are levels from three years ago, set under entirely different circumstances, so really I'm just guessing. What I do know is, there doesn't look to be much in the way of chart resistance between here and 113.50 or so and, beyond there, 122.
OK, my point is, all three of these charts support even higher PM prices. As discussed earlier this week when gold broke out, there's not much to hold it back until it approaches round-number resistance at 1500. Silver will keep heading higher. If mid-to-late February can be used as a guide, then it is headed to 44 or 45. I promised you this month would be fun....and it's got a long ways to go!
More later this morning. TF