20 May 2013

Gold Daily and Silver Weekly Charts - Twentieth Century Fox - RIP Ray Manzarek

Silver and Gold plunged on the Globex Sunday open yesterday as a large number of silver contracts were dumped at market.

Commentary on this was given here and here.

The metals were slow to recover until this morning, and then took off, going out near the highs in a classic short squeeze.

The physical offtake of bullion from the world markets into strong hands is getting intense.

It is far too early to say if this is any kind of a bottom. We have not even broken the down trend yet.

Bernanke gives his testimony to Congress on Wednesday, and tomorrow is the newly traditional 'rally Tuesday' for stocks if the bulls can shove the overbought SP 500 any higher.

The US commodity futures markets are a bucket shop. It is a shame that they have any influence at all on real world prices.

RIP Ray Manzarek, Keyboards, The Doors

'The Architect'