It is clear to everyone but Ray Charles that The Cartel is making a concerted effort at keeping gold under $1550. Take a look at this weekly chart:
The question is, why?
To me. it's quite clear now. Although overt quantitative easing will eventually continue, The Fed is making every effort to convince the world that it won't. If/when gold closes above 1550, it will quickly move toward a new all-time closing high above $1558. Pretty tough to SPIN a brand new all-time high in gold as somehow indicative of coming austerity and Fed hawkishness.
Silver, though still pennant-bound, is also looking pretty good in the short term. As I type, it is trading in the Globex at 37.54, just 0.08 off of its high. The longer it can stay above 37.50 this afternoon and evening, the greater the chances that silver will jump toward 38.40-50 tomorrow. Keep your fingers crossed.
I think you could tell that ole Turd was getting a little nervous yesterday but things are looking quite a bit better today. Let's see what tomorrow brings but, right now, it looks like we'll close out the week on an up note.
p.s. Would someone please sign up to follow TF Metals at Twitter. I'm stuck on 666 followers and its making me a bit uncomfortable...