Was It Really Just A Week Ago? 2.0

For fun and perspective, here’s a link to version 1.0
http://tfmetalsreport.blogspot.com/2010/11/was-it-really-just-week-ago.html

Was it really just a week ago that silver was skyrocketing higher to almost $50?

I wish to remind you again that none of the fundamentals have changed. In fact, they’ve only moved further in our favor.

Has the U.S. government discovered spending restraint and is moving toward a balanced budget?

Are California, Illinois, New York, Michigan and about 30 other states suddenly solvent and prosperous?

Did the TBTF banks suddenly become solvent, their CDOs and loan portfolios truly valued at par?

Has the Comex opened a hidden vault containing 1,000,000,000 ounces of physical silver, tested and ready for immediate delivery?

Have peace, love and harmony suddenly broken out all over the MENA region as well as the entire world?

If you answered NO to any (all) of these questions, why do you care what the fiat prices of silver and gold are this morning? The prices may not recover to new highs today or even this week but recover they will. Sit back, relax, gaze at your physical holdings and smile.

Here are four interesting, 15-minute charts for you to consider. First up, the POSX. Here’s the alleged rationale for selling the PMs and all commodities last night and today:
“The reported death of OBL raises the possibility of new terror attacks around the globe. Soon the dollar will catch a “safe haven” bid. A rising dollar will make the commodities drop. I’d better sell NOW to beat the crowd.”
This is so pathetically short-sighted that I’m not even going to comment on it. Besides, this is apparently the best the lousy POSX can do anyway:

Here’s one that really baffles me. The PM beating I can understand as The Cartel will take any and all opportunities to accentuate weakness. But crude? Why on earth would yesterday’s events cause someone to sell their crude?

Here’s gold. Remember, the Comex pit close on Friday was 1556.40. I have a last of 1558.50 which means gold is now UP $2.10 on the day. You should find this very encouraging.

Lastly, here’s silver. Give this baby some time today. As we discussed in the previous post, the level of significance is $46.25. IF we can get through there and begin moving back toward 47, shorts will begin to get very nervous.

OK, let’s go get em. Expect a lot of volatility but hang in there. Today is going to be very fun. TF

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