5:34 am (Hawaii) The indices have been rather quiet, but PMs are reaching higher. Spot Gold was constant around 1522-1527 overnight and is now above 1530. Spot Silver has inched over 37.50. With each little grab higher, a little more fear leaves the PM market. As Turd Ferguson wrote yesterday, there's not a whole lot of resistance for Spot Silver between 36.50 and 39, so holding this territory is vital for bulls. All the litigious action in London regarding JP Morgan and other entities over monopolization clearly has an effect on what used to be typical counter measures by the CME. A little part of me wouldn't be shocked if grenades start falling and an attempt to drive Spot Silver down happens. We shall see.
I opened a small position in AGQ at 195 this morning. Still holding positions in EXK (up 5.6%) and XG, which is stuck in the mud at 10.43, down almost 3% from my entry point two days ago. Eventually, buyers will return to XG, no idea when. I'm more than 60% in cash.
With that, AGQ just cracked 200 and EXK is closing in on 9.90. The biggest gainer on my Metals list is GPL (+7.8%).
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