The bounce in silver continued, with gold experiencing a little more capping today, and the dollar once again failed to obtain positive traction.
This market gives me a bad feeling, and I am tending to like bullion more than miners.
I took everything off the table short term today, and booked the profits.
What next? Obviously the next move in equities and the dollar are key to many things. The end of QE II, at least in name only, is at the end of June. The US is tottering towards a budget crisis on August 2.
The market does not seem to be pricing anything risk-wise in yet, and seems very hollow.
Intraday 24hour gold showed a remarkable gain in the deliverable silver inventory at the Comex. This is not squared up with the public numbers from the exchange, and so I wonder if this is a glitch. We'll know soon. If it is correct I think the site needs to explain their sources ahead of the market. But all things considered, I am skeptical until the numbers are 'official.'
Later: There is no such increase in inventory shown from the Comex per Harvey Organ's update this evening. I have sent another email to 24hgold and asked them to correct or clarify their chart. I think it is just one of those things and not true.
"Had I the heavens' embroidered cloths,
Enwrought with golden and silver light,
The blue and the dim and the dark cloths
Of night and light and the half light,
I would spread the cloths under your feet.
But I, being poor, have only my dreams.
I have spread my dreams under your feet;
Tread softly because you tread on my dreams."
W.B. Yeats, Cloths of Heaven
