Another Day, Another Opportunity to Cap Gold - February 2, 2013 1:24

It is very obvious at this point that there is a serious problem on the COMEX.  43 tons were delivered in January, more than 4 times December’s amount which is normally a big month for Gold to be taken off the exchanges.  After a month like that it is clear that in order to keep […]

Weak Employment Data Does Not Deter Oil, Copper - January 31, 2013 23:37

January trading ended today with a U.S. initial unemployment claims report that saw the seasonally-adjusted number of those newly-sans-paycheck rise by 38,000 to 368,000 well over expectations of 350,000.  Now, one would think in this environment with tomorrow’s all-important unemployment guesstimate hanging over the commodity markets that there would be some heavy profit taking on […]

Gold Ends the Month With a Whimper - January 31, 2013 23:07

What a difference a day makes?  One would think that after yesterday’s rally on weak GDP news — and rightly so considering the FOMC’s statement after that about the need for QE as far as the eye can see — a weak unemployment report would add fuel to the fire underneath Gold.  But, no, that’s […]

Euro Bolts Past $1.35 on U.S. GDP News - January 31, 2013 1:11

I certainly hope that people who are short the Euro would get it through their skulls that it doesn’t matter what the U.S. financial press (or Zerohedge for that matter) says about the Euro-zone.   When you compare the situation with the Euro versus the situation with the U.S. Dollar the Dollar is the far uglier […]

GDP Prints Negative Gold Reclaims $1680 - January 31, 2013 0:41

The surprise print of negative GDP growth in the U.S. for the fourth quarter sent gold up 1% (love those ESF guys coming in to ensure it goes absolutely no higher than that) past $1680.   Not only did gold survive that and not give back that gain immediately it survived a brief assault as the […]

Long Bond Yields Follow Through on Last Week’s Bearish Close - January 28, 2013 23:23

The story of last week which I should have written about was the very bearish weekly close on the 30 year U.S. Treasury Bond.  Long bond prices have been supported by the Fed for so long that even dramatic downside moves became white noise to me.  So, looking at bond future prices on Friday did […]

Gold Re-Tests $1650 Again - January 28, 2013 22:27

The $1650 level is one that Jim Sinclair identified a decade ago as a technically important one on the future history of the Gold bull market that was in its infancy at the time. Now, since Sinclair is one who is not one to shy away from laying his cards on the table and spitting […]

Gold Retreats, Re-Tests 200 DMA - January 25, 2013 5:43

Yesterday’s sell-off in gold, which went against everything happening in the correlated markets, continued today pushing the price down to touch the 200 day moving average before bouncing off of it slightly.  In late Asian trading gold was trading in a tight band near $1667 per ounce.  This puts Gold in a difficult position coming […]

S&P Touches 1500 Taking Oil With It - January 25, 2013 5:25

The S&P 500 briefly traded about the 1500 level for the first time since late in 2007 but it could not hold that level as the hide-whipping of Apple reached a possible crescendo.  Frankly, the move in Apple at this point is becoming silly and the hedge fund running that operation is sincerely pushing its […]