An Interesting Day

Wow, what a strange day this was.

After running as high as 41.97, The Cartel has seized the day and clawed May silver all the way back down to 40.70 (where it was Friday morning!).

Crude reversed and actually put an ORD on the chart. As you know, this is not a friendly chart feature so I wouldn’t be surprised to see it trade all the way down toward 107.50 or so. At that point, I’m a buyer. As an aside, maybe my WTI chart from Friday had a little more validity than I thought. The high today was $113.46.

Tungstenman Sachs put out word that they were closing some of their profitable commodity trades, most notably copper. I’m confident that they will be as wrong with this move as they’ve been in predicting recent currency movements.

In the face of this, however, is gold. Showing the strength of the recent breakout, gold has been barely rocked by these developments. In the past, all of the above would have combined to send gold plunging. Now I realize that gold is still about $10 from its highs of last evening but, still, support at 1464 is holding firm. WHEN silver, crude and copper turn around, gold will undoubtedly surge back higher.

Keep the faith and hang in there. Don’t be surprised if The Monkeys try to come in and whack silver some on the Globex. Be patient. Tomorrow is another day. TF

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