Gold and silver were bumping their heads pretty hard against overhead resistance after the first hour this morning as Bill Dudley of the NY Fed was out jawboning the stock markets higher as equities were in meltdown mode, threatening to break some key support.
This had the effect of putting a fire under the metals, which were carefully capped at the 2 percent level.
The metals did give some of it back to profit taking in the late afternoon.
This is some rough stuff overhead. Let's see if the metals can push through it.
That big swing in stocks today, off a little jawboning by Goldman's man at the NY Fed, should give you a hint at how disconnected valuations are from anything remotely resembling economic fundamentals.
Keep on truckin'.
Have a pleasant evening.
