Well, well, well. So far so good.
After a double-whammy of an EE blitzkrieg and a silver margin increase, whodathunk that our PMs would be holding in so nicely? Keep the faith folks. Have the fundos changed? Is the US suddenly crafting austerity plans and tax increases with a 5-7% GDP? I didn't think so. As I type Feb11 gold is about $1375, a full $14 off of the Blythe-induced panic attack of this morning. March11 silver is equally impressive, back above $29 at 29.15. A move back up through 29.25 would be very constructive.

Two quick things. First, I see I caused quite a stir by posting that gold chart this afternoon and positing the theory that the EE stages raids on Wednesdays so that their actions won't show up on Friday's CoT report. I didn't realize that this was such a revolutionary theory. I mean, I always thought it was pretty obvious. My friend, Cris in Maine, asked that I post the same chart for silver to see if the same pattern emerged there:
Well, whaddayaknow. How about that? In a truly stunning development it appears that the EE is at work actively suppressing and manipulating the price of silver, too. Cris, maybe you can summarize some of this information and include it in your next correspondence with your friend Bart in DC? He might find it interesting. Anecdotal but interesting, indeed.

Second, lots of chatter tonight here and everywhere about "descending triangles" and "pennants". I thought I'd better take a look. Uh-oh, look what I found: