Gold continues higher after Swiss Franc Peg removed by Bill Downey


	What does it mean? We're not sure yet, but we're watching. Gold Hits $1278 - 4 Month Highs Submitted by Tyler Durden on 01/16/2015 Gold and the USD are the most correlated since July 2010. Despite the surging USDollar - which any mainstream media pundit will tell you should crush the hopes and dreams of the barbarous relic - gold prices are surging since the start of 2015. The latest $50 jerk higher came after the SNB decision asthe safety of non-fiat currencies was sought aggressively. At $1270, gold is at its highest since Sept 2014. Largest Retail FX Broker Stock Crashes 90% As Swiss Contagion Spreads Submitted by Tyler Durden on 01/16/2015 As we first reported last night, FXCM was among the first of many retail FX brokers (and the largest) to see its clients suffer massive losses from yesterday's Swiss Franc surge following the SNB decision to unleash market forces. There are now at least 4 retail FX brokers (FXCM, Excel Markets, OANDA, and Alpari) who have announced "issues" but FXCM, being among the largest and publicly traded is the most transparent example of wjust what can go wrong when average joes are allowed 100:1 leverage. FXCM is now stuck chasing clients for money they do not (and will never) have.. and its stock is down 90%, trading a $2 this morning (down from $17 on Wednesday). As Credit Suisse notes, time is running out as regulators "tend to be impatient once capital requirements are breached." Industrial Production Drops By Most In 11 Months (After Biggest Surge Since 2010) Submitted by Tyler Durden on 01/16/2015 Industrial Production dropped 0.1% in December (slightly worse than expected) after November's 1.3% surge - the biggest sicne may 2010. Not since Jan 2014's Polar Vortex has Industrial Production dropped more than this. The 5.5% surge in vehicle production - as suspected - was entirely unsustainable and dropped 0.9% in December and Utilities collapsed 7.3% on the month - the worst dropo since Jan 2006. Consumer Prices Tumble Most In 6 Years, Core Inflation Misses Submitted by Tyler Durden on 01/16/2015 Great news! The cost of 'stuff' that Americans buy dropped 0.4% last month, or rahter great news for anyone but economists for whom this is the worst possible outcome imaginable - after all what will spur insolvent Americans, where the middle class no longer exists, to spend their money today if they don't think prices will rise tomorrow? The Greek Bank Runs Have Begun: Two Greek Banks Request Emergency Liquidity Assistance Submitted by Tyler Durden on 01/16/2015 The bad news is that as we also speculated, and as Greek officials tried to cover up as usual, the Greeks have resumed doing what they do best any time their country is facing a grand crisis: walking to the bank and withdrawing what little deposits they have left. Or rather running to the bank. Which brings us back to the topic of the Emergency Liquidity Assistnace, which as Kathimerini reported moments ago, at least two Greek systemic banks have reportedly resorted to, indicating that the liquidity situation in Greece is once again as dire as it was in the depth of the European collapse. Our thanks to www.zerohedge.com for the above articles) Gold Chart Friday support comes in at 1247-1255 and 1238-1242. Resistance remains 1272-1280 and then 1298-1306. The short term trend remains bullish and it would take a close below 1236 to neutralize the uptrend. In summary, if gold doesn’t stop here, and turn back down, the bears are going to lose the momentum they’ve enjoyed. Most significant is gold is exiting the 2014 downtrend channel. Now can it hold on a pullback? If yes, odds favor we’re going to move higher towards 1322 and potentially even higher. Lets see what gold does on Friday if it can close above 1256 at the 200 day average and the Elliot Wave (4) the techies are all looking at. Cycles The next short term cycle window opens Friday and runs to next Wednesday with the ideal day Dec 19th (plus or minus 72 hours). That is when odds favor prices peak and then pullback into the beginning of February. This would put us appx 2 weeks from the celebration of the Chinese New Year (Feb 19th) and right in line with the end of this cycle that’s about to start. Odds favor we’ll get a short term peak ideally between Friday and Wednesday and the 1272-1280 area is now the key place to watch on Friday. Silver Silver has reached the last resistance at 1750-1760 before 18.50. Support is the 1630-1670 area. A close above 1775 would favor the rally will extend into next week.

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