Loading ...Resistance Is Futile (follow-up)
The more I look at the charts of gold and silver, and the trading action so far this week, the more I am convinced that a massive upside break out is coming later this week. While it could start any day, my counts look like maybe Thursday, but more likely Friday, will see explosive upside, particularly in silver.
Silver finally had a sharp pullback Monday after 6 straight up days. I see a massive SLINGSHOT move coming. It could BEGIN as soon as today. Depending on how much of a move takes place today and tomorrow, will likely predict whether the $35.50+ October high gets taken out on Friday, or waits until next week with the new administration taking over.
I hope so CM
There was a CPI drop this morning 2.9% …Is that correct ?
That will be the Inflation rate Brandon leaves with .
I assume this means the Fed is done easing ?
CM — what’s your view on the $US?
If you are referring to the USD index I pay little attention to it because it only relects the dollar vs the euro and a few other fiat currencies. Like many things it is mostly there to distract you. Long term studies of DXY to gold and silver prices show very little correlation. Sometimes it is inverse other times they are correlated. As I have said here before, it is only somewhat useful if you are trading gold and silver futures on the Comex and you get a sharp move either way, the metal spot prices do react to it briefly and that is what the manipulators want you to do. For everyone else it is a nice conversation piece but mostly useless.
Maybe done easing for a brief pause. As the economy weakens and or a banking crisis develops the FED will still have a combination of rate cuts, QE and or yield curve control to roll out. That will light a fire for the PM’s.