Bill Murphy @ Midas tonight
"It’s very strange to be so out of the financial market news flow. Still don’t have a television in my new apartment in Vancouver, which makes it more difficult to gauge the ebb and flow of gold and silver. One thing for sure, it was a wild one in the precious metals arena.
Early in the Comex trading hours, gold was pounded back to $1367 and silver down to $30.29. However, both drifted back up and then spiked higher, with gold leading the way.
Gold leaped to $1382 and silver climbed to $31.
However, that was all she wrote. Word has it the spike came because Iran is sending two warships into the Mediterranean. But, as mentioned here so often, gold NEVER holds a rally on this type of news. The Gold Cartel makes sure it is not seen as a safe haven or alternative to the dollar. How typical … just in … from Peter Grandich:
"A trading buddy called to say j. p morgan just sold a ton of gold contracts on commix."
The AM Fix came in at $1374.50 and the PM Fix at $1371.25.
The gold open interest rose 8035 contracts to 473,345, as the specs poured back in on the long side. The silver open interest went the other way, falling 352 contracts to 147,113.
From a technical standpoint, both gold and silver are in good shape as today’s impressive rebound, following the early dip, tells us buyers are lurking out there. The ones who missed the dip will have to pay up.
The v-bottom gold chart is a good one…"
