10 July 2014

Gold Daily and Silver Weekly Charts - Watch Silver

“The true soldier fights not because he hates what is in front of him, but because he loves what is behind him.”

G.K. Chesterton

The precious metals had an interesting pop this morning on equity weakness, but like most light volume sleepy days in Summer that did not last.

Gold had an interesting spike up to about 1344, but I am watching silver for any clues on which way the metals are heading, and so far silver is playing rope-a-dope on any pullbacks, hanging on to 21.

There was some movement in the silver warehouses, with CNT providing the flow.

If we do get any kind of metals breakout I think it will happen after the 16th towards the latter part of the month.

But it has been a long time coming if it does.

Have a pleasant evening.