August 7, 2012
At least it’s not “Terrible”…at least not yet. The only thing of interest, so far, was when gold had the audacity to approach 1620. The banks quickly beat it back and have seemingly decided to take the rest of the day off. Let’s see if we can find something else to talk about.
First of all, the metals. We’ve had a couple of good days in a row and a nice little pop this morning. Apparently, that was all that would be allowed for now as gold was suddenly pressing up against 1620. There would appear to be quite a few stops between 1620 and the top of the range so The Cartel appears intent upon keeping a lid on things here. Silver is facing a similar issue. Having rallied over $1 from the Friday lows, it is now back into the very center of its 3-month range. It needs a propellant to shove it through 28.40 and on towards 29 and 30. Let’s hope we see some propellant soon.