Staying Grounded
Here’s the only thing that really matters today:
In the midst of all the silliness, a friendly postal carrier stopped by to deliver a tube of these lovely Maple Leafs. A gentle reminder that, even though the day-to-day volatility can be crazy, I know I’m doing the right thing by stacking some precious metal. The Truth will one day prevail and I’m going to be awfully glad that I took my own advice and prepared.
Today was another classic day of market schizophrenia.
Economy Bad: Sell stocks, crude, copper and grains.
Bad Economy Means More QE: Buy bonds and gold.
Rest assured, just as quickly as WOPR sold stocks today, WOPR will buy them back tomorrow. In fact, here’s an ES chart to guide you:
WOPR will also turn around and buy back the copper it sold today, the crude and the grains. Just be patient.
Silver is still an odd duck, though. As you know, it didn’t tag along with gold today. Or did it? From a different perspective, since late Thursday, gold has rallied from 1515 to high today of 1551. That’s 2.38%. Over the same time period, silver has moved from a low of 36.26 to a high today of 38.50. That’s 6.18%! So don’t dismay, silver has good buying support from 37.50-60. Someone or something seems to want to keep it below $39 but they won’t win. As we enter June with the critical “delivery” month of July on the horizon, silver will continue to find a bid. Of that you can be confident.
Gold is what intrigues me the most here, though. Did you realize that today’s Comex close was the third highest ever? The only higher closes are $1557.70 and $1558.40 on 4/29 and 5/2. That’s it. Today is ranked #3 on the all-time list! Something tells me you haven’t heard that mentioned on CNBS. At any rate, on the chart below you can begin to clearly see why I expect such tough sledding between 1550 and 1560. Let’s just wait and see what the end of this week brings. Either the BLSBS will confirm ADP and gold will soar through 1560 and attempt to make an alltime closing high or MOPE will allow for the media shills to SPIN the number into something gold-negative. I guess what I’m saying is: No sense buying more here. The upside is capped for now. Let’s wait to see how things look on Friday at around 9:00 am EDT.
Again, today was just another day in the crazy world of investing and preparation. Keep the faith, relax and be happy. Have a great evening! TF
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