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.
While speculators in the West were selling paper silver, savers in the East were buying physical silver.
As expected yesterday, GLD found support on the uptrend support line today as it hammered to close at the high of the day.
SLV has traded in the green from the get go. Now GLD is catching up as it found support in the 166 zone and currently trades around 170.5.
Banks coming under pressure and even ” best of the best” JPM, up on Buffet’s BAC buy to 38.57 in the morning euphoria, briefly dipped to in red below 35.84 moments back.
Wil be an interesting close today.
The markets are at the highs of the day now even though the morning news about new home sales and and Fed Virginia survey were gloomy. This can all be good, right? After all bad news=good news mantra is standard fare on Wall Street waiting for alms to be dropped by Fed on their outstretched palms.
In the meantime Gold and Silver getting thrashed being off 2 and 3% respectively.
Will short QQQ’s at the 20 DMA