There was no movement reported in the Comex gold warehouses yesterday.
A few more contracts stood for delivery yesterday bringing the total to 427,000 for the month.
Let's see how those contracts are resolved and what shows up in the warehouse reports.
The junior miners had a bit of a pop today.
We have a potential right shoulder forming up on the gold chart and on the silver chart as well. In this case follow through is everything as it is not yet a confirmed formation.
The shameless shills and trashtalk trolls keep putting the worst possible interpretation they can find on even positive developments in the metals, while supposedly interjecting 'objectivity' into our expectations. They are hardly objective and have missed every metals rally since 2000.
And on the other hand the legendary legends of legendarianism keep touting their sky high target valuations for gold and silver.
I would settle at this point for a solid breakout from this clamp that has been placed on the precious metals for the past fourteen months, ever since the Fed had to de facto default on the return of the German gold as requested, in case you have forgotten. That must have been a real come-to-Jesus moment for the pinstripes and soft lies over elegant luncheons crowd.
One step at a time. Let's allow the market to have its say. Talk is cheap, and at the end of the day performance is everything. The fundamentals are highly positive, and remain so.
Have a pleasant evening.