Gold Daily and Silver Weekly Charts - Nice Day for Bungee Jumping
A rather volatile day to say the least, particularly in silver.
If you are an intraday trader there were numerous opportunities to make money and take positions. As noted in the intraday metals commentary, I took positions at what I considered throwaway prices in the metals, while flipping out of some of the short stock positions I had carried into the weekend.
Now there might be a better case for a short term correction or consolidation, but its all contrived really. The trends are clear and intact, and the fundamentals are aligned for gold and silver to go much higher.
There is extended comments on what is happening in the gold and silver markets posted today here
. I strongly suggest that you look at it.
As I noted last week, there was something on the tape, an indication of an approaching event. I think it was the SP downgrade, and that word had been quietly leaking out to insiders.