Gold continued punching higher after its breakout, but the less talked about story might be the performance of the mining stocks this year, which has been fairly impressive. I have intraday commentary and some relative performance charts on that here.
With silver lagging a bit it looks like a 'safe haven' trade so far, and some of it has to be a relief rally from the incredibly pounding that the metals have taken since the Germans asked for the return of their gold bullion in late 2012. That apparently tipped over someone's punchbowl, and they unleashed the dogs of currency war.
Speaking of the dogs of the financiers, I see where the FDIC is suing many of the large banks for their manipulation of LIBOR, based on the premise that in distorting the markets they caused other banks to suffer losses.
So what next. We have an FOMC two day meeting next week, with their announcement on Wednesday. I would expect to see the usual taper talk and mild jawboning, with a 'steady as she goes' stance.
There will be a triple witch stock option expiration on Friday. The next Comex metals option expiration will be on the following week, on the 26th of March. These are for the April contracts.
Have a pleasant weekend.
