Sunday, July 17, 2011

Thar She Blows!

10:38 pm (Hawaii) So, Spot Gold has breached 1600 and Spot Silver has returned to 40. How long will this last? Does the CME mafia have another assassination magic bullet in its ammo? Can gold and silver get shot down before US indices open in a few hours? Will a series of margin hikes commence this week?

Frankly, if gold and silver prices tank to new near-term lows, I won't shed a tear. I'd love to acquire physical at cheap prices. But I really don't see it happening. The volume in the past week has been impressive for both metals. Global circumstances are unprecedented. The typical summer doldrums are not in play. I can't imagine 1600 and 40 being new support levels this soon, but I realize all too well that I don't really know jack. What happens, happens.

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