02 December 2013

Gold Daily and Silver Weekly Charts - Lions, and Tigers, and Bears, Oh My!

This is a fairly economic information heavy week, which will see both a Non-Farm Payrolls report and the second look at Q3 GDP. The weekly economic calendar for the US is included below.

The metals were pounded fairly steadily all day, in light trade. As I mentioned some weeks ago, we may see the 'December effect' in gold and silver, in which the metals are hit in the first part of the month, only to recover into the year end.

There was little movement in the Comex metals warehouses on Friday as we had one large deposit into storage, and nothing was done with the deliverables.

Bloomberg TV was recommending the purchase of bank stocks as a means of employing your wealth,  instead of gold and silver today, complete with a comparison chart.  And they included European bank stocks in that, as if they were somehow inferior to the wondrous US bank stocks, but were still better than precious metals.

Sometimes it really is that obvious.

Today was the first delivery day for the December contract.

Have a pleasant evening.

"Take care that you do not despise one of these little ones; for, I tell you, in heaven they will continually see the face of my Father."

Matt 18:10