Silver: Oct 26

Silver consolidated in the upper range of yesterday’s strong move. Rumors from EU of Euro 1 trillion ESFS fund in the works warms the heart of inflation bulls. And silver responds. Must stay above support line for uptrend to remain valid.

 

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Paper silver sellers meet Physical silver buyers

While speculators in the West were selling paper silver, savers in the East were buying physical silver.


Precious metals surge on QE3 expecations

Gold and silver rocket higher in pre-market as US economy added zero jobs last month and the market anticipates QE2 and Bernake has nowhere else to turn.

Lower bank stocks in Europe (sovereign and funding concerns) and the US (another round of mortgage lawsuits) are what’s leading broader markets lower. Greek short-term yields are rising to new record highs.

Just another day in the casino of the world financial markets.


Gold…best amongst them

Today Gold had the best 1 day performance amongst all the commodities and equity indices. Staying long and strong with target of the $2000/oz magic number around the corner.

Silver lagged today after the run up yesterday. Expecting the two metals to play tag with each other on their way to new highs.