Both gold and silver are looking very, very good at present on the 4 hour charts having defeated the very minor downtrend resistance and posting impressive rallies off the recent swing lows. Technically, they are poised to move much higher.

Ted Butler had a great interview I posted yesterday on a thread I post on at this location:

http://goldismoney2.com/showthread.php?596-Silver/page2

With the recent CFTC hearings, its possible that JPM will not continue with their naked shorting of gold and silver (price suppression scheme) which would be incredibly bullish as they would then have to buy in order to close out their existing short positions (introducing a massive buying presence into the market) as well removing them from the selling side on rallies (which will enable rallies to move much farther). Time will tell, but, JPM is definitely feeling heat now that they have been exposed in broad daylight for all to see. There are those of us that have been discussing this eventuality for years, but, none longer than Ted Butler. And now we are on the cusp of what we have envisioned for years actually coming into fruition.

An important point to keep in mind and remind yourself of frequently. This current run in PMs is mature (we are currently in wave 5 of 1 of MAJOR THREE). This ride up is going to be fast and furious (wave 5’s always are). This is NOT the time to add to your positions (unless you are day trading). Your positions should have been built long back. As this current wave matures, you want to be selling into strength (not yet though) of your paper assets (not your physical holdings). Once we peak out in this current wave, we are going to have several months of selling as we proceed with a wave 2 of MAJOR THREE correction. It is human nature to get excited when your positions are doing well, and the inclination is to add more to your existing positions in an attempt to boost your gains. You MUST control these emotions in order to successfully trade in gold and silver. Remember I am telling you this ahead of time so that when it happens, you are not surprised. When things seem utterly bullish is the time to sell – not buy. But, not yet. For now, we hold our positions and enjoy the ride while we prepare for the next move.

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