Precious metal holders
were jerked around a little today on the option expiration. I would
anticipate another hit tomorrow to test the hands holding in the money calls, which are converted to active
futures contracts at the
All eyes are on Europe and the western central banks.
Gold needs to break the big
downtrend to prove that the decline is over. Until then I would not feel confident enough to say 'all clear.'
It would be a nice 'triple bottom' if we can get it,
but it must be confirmed with a breakout.
I 'trimmed my sails' a bit today on the intraday swings. No sense turning down 'free money' which
is what the wiseguys have in minds when they try
and scare mom and pop out of their
Long term holders would be best served by ignoring the antics.