The metals bounced today.
There is still the possibility of a lower base forming, but it is probable than we are closer to a bottom than otherwise might be expected.
The artificiality of this selling was notable and unmistakable. If some regulator says that they cannot find price manipulation in these markets, then they really are not looking for it, just following orders.
Last week I said I thought the market would find a footing around 1550 to 1570 and that is still a good outlook. I think we might see a bottoming process into next week's option expiration, with the final tests in the days after expiry depending on how many new holders of futures their are from call options in the money.
Chris Powell of GATA put out a message today that is worth reading. What Then Must We Do?
We do not seem to be able to count on much these days. Such are the times of currency wars, and the craven silence of careerism. In the end, truth will out, and real wealth will remain.
