I think we get a mild selloff in the metals starting shortly and carrying on through the access market trading into the open tomorrow. NFP release will be interpreted as bullish for the markets no matter what the number is and gold and silver will be driven further down. Then around midday we get the recovery, short covering, and the coast is clear for next week. This is the prototypical market action for the last few quarters and I doubt anything changes this time around.

I have a bid in for more ECU at $1.12 and the market depth says I will not be filled but I have been fortunate with stink bids that turn into nice winners and it costs me nothing to try and add cheaply. Lots of stink bids in other stocks are getting filled today including GPR this morning.

Overall I think the demand for gold and silver is so strong that the Cartel has their hands full just trying to keep things quiet the last couple of days. When they retreat tomorrow there should be plenty of upside for the juniors. The action at the COMEX seems to suggest there is a legitimate shortage and under those circumstances I do not think any kind of short raid has a chance to do much damage, so the they will likely back off and I think we could see both gold and silver close at multi-decade highs on the weekly numbers.

cheers!

mike