That's More Like It

Somehow the charts to the right got turned upside-down. How unusual it is to see spikes UP in the 8:00 hour!!

Just a quick update this morning. The metals are rocking. The were strong overnight and then got kicked higher by the “disappointing” ADP jobs number. So, I guess QE3 is back on again? What a joke! Can’t wait to hear LIESman, The Coug and The Shill discuss things on Friday morning. Should be good for quite a few laughs.

Gold just looks fantastic. Even while crude is flat to slightly lower, gold has blasted through some resistance at 1424 and is charging higher. So confident am I that this chart looks great, I encourage you to buy any dip this morning back toward 1425. We definitely look to be headed now back toward the highs of last week. What id Santa say? The third trip over 1444 was the last one? Well, get ready because here it comes.

Silver has a bit of a different look. The bowl-shaped nature of the correction (if we can call it that) suggests that a spike toward the 38+ area is coming. Once again, you can bet your batooty that Blythe and The Monkeys will be waiting there with nearly unlimited paper sell orders and they will desperately try to paint a double-top on the chart. Don’t worry, we’ve been through this countless times before. Painting the chart hasn’t worked for them yet and it won’t work this time, either. The fundos will overwhelm them again. Personally, I’m going to wait for the double-top and the subsequent pullback to 37.50-60 before adding to positions.

That’s it for now. I have lasts of:
1427.20 in gold and
37.59 in silver
It should be an interesting day. TF

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