Loading ...the gold and silver markets this week. No matter what they throw at it, gold shrugs it off and keeps on moving ahead.
The action in the gold market caught me completely off-guard this week as it did the bullion banks. I learned awhile ago that the only way to survive the countless criminal interventions in paper gold was to think and act like a Commercial. As much as I practice mimicry of these cretins, there is one major difference; I do not short gold or silver. In the past, once the Commercials reverse (as they did from buyers to sellers in late December), they stay in sell-mode mode for weeks and as I posted earlier this week, when the COT turns negative as RSI’s for the Gold Miner ETF’s exceeds 70, the next move is usually DOWN. Since the end of the COT week Tuesday at midnight, this Rocket-Richard-like gold market took one look at the opposing players and decided to carry both defencemen over the blue line and stuff the puck into the net. Adding $30 per ounce, SOMETHING or SOMEONE spooked the big money into ignoring the bullion bank shenanigans and take the gold market up to settle out the week a hair below $1,340, a mere $20 from my January forecast made back in December with gold at $1,280. I told you shortly after New Year’s Day that I was taking down half the call positions on the Senior and Junior Miner ETF and I did so at a double and while I was early, I am still quite long the calls despite selling a few more yesterday.
