28 May 2014

Gold Daily and Silver Weekly Charts - Silver Stonewalls the Metals Bears At $19

“Never take counsel of your fears.”

Stonewall Jackson

Tomorrow the June gold and silver contracts take center stage.

Overall the markets will be watching the first revision of 1Q GDP tomorrow morning. Even if it is negative I am going to be surprised if it has a negative effect on stocks that carries for more than a day.

I do think we are in for a major correction in equities this year, but most likely not yet barring some exogenous event.  I am watching for any of the characteristic signature of a major market top. I'll let you know if one shows up.  September is more likely because by then the hopes of a recovery will either be proven, or begin to fade.

Let's see how June goes. There was nothing on the delivery side, and the Comex warehouses are scrambling to put some gold on the books ahead of another delivery month.

Silver held 19$ like a champ.   Gold is a sleeping giant.

Have a pleasant evening.