21 June 2013

Gold Daily and Silver Weekly Charts

Unless markets collapse over all in a rush to liquidity I think gold and silver are both oversold short term and will likely find a footing here.

Next week is an option expiration for gold and silver on the COMEX.

I am waiting to see how the physical selling numbers come in. That is the most important thing to me as we work through a delivery period with short supplies.

In my mind this sell off was a just another paper based phenomenon enabled by slack regulation by the CFTC.

I would feel more confident if the metals can break up through their 50 day moving averages.

Today on Bloomberg Mr. Laszlo Birinyi said that 'gold is our biggest short.'  

I hear the commercial hedgers are near record lows on shorts.  

Let's see what happens.