Gold (+4%) and silver (+9%) are ramping sharply this morning. as USD goes down a notch. The rumored and completely unsubstantiated mega bailout proposal from Europe has taken over the airwaves, even though Germans are denying it. Apparently European bailout is “fait accompli” as Steve Liesman at CNBC has quoted an unnamed source for the info.
Oversold conditions in the PM complex will help Gold and Silver move higher in the near future. My go to stocks remain RGLD, SLW, PZG, and RIC.
The quarter ending window dressing should be in full swing for the next couple of days. S&P 100 point range, from 1120-1220 remains intact as the elephants stomp this ground time and again.