04 April 2013

Gold Daily and Silver Weekly Charts - Metals Oversold on Paper Metal Gimmickry

Ted Butler is looking at the data he follows, and he believes that the bullion backs are setting up the technical funds to hold the bag on the metal short positions if the metals markets turn higher. I think this is a very valid hypothesis based on the COT reports.

I have included a couple of my own technical charts as well as the usual suspects today.

I went into the market and bought some miners on weakness today and yesterday and also bought some new metals positions.  I do have them hedged out a bit for now.  I don't like to buy on the way down except to establish some initial positions held flexibly.

Let's see what happens. 

If the wiseguys try to bull up stocks and smack metals on a bad Jobs number I will be looking for additional entry positions counter that trend into the weekend.

Today is the 45th anniversary of the assassination of Martin Luther King.