Come the afternoon, come the buyers in precious metals

Afer being down most of the morning when the equity indices were doing a moon shot, precious metals have started strutting their stuff. GLD momentarily peaked in the green, while the precious metals HUI index turned from red to green and is now trading at 603.50. Blue skies for HUI above 610.

 


Futures red in pre market

Dow Jones futures are down -84 before the open at this time. Gold and silver futures up 1% and 1/2% respectively. Banks remains under pressure.


Weak dollar props financial markets

Surprising gold was also weak. Felt like a short term reallocation of money from a long time winner, gold, to long time suffering stocks. Tape on BAC, GS, MS in the financials remained pathetic all day. Bear market rallies are strong. Looking to re-short QQQ @ 20 EMA and to reload on GLD around 173, if it reaches there.