Not much green today in the JPM sector. ECU closed in bottom half of daily range, and the HUI and CDNX closed near lows as did oil, DOW, and commodity index....BUT there were a few small victories.
$US gold has held $2.50 above $1100 and the Kitco late session is likely to hold that level. Today was a very big effort by the cartel boyz...as in ALL DAY!
And there was a bullish stubborness with silver as the day progressed. Over the last 5 hours, silver had 3 distinct lows, all at $17.19 while gold moved $5 lower over that period. Silver is wanting to bottom as it has been relatively weak since it topped at $18.08 on Oct. 14. That is akin to a 1 month silver correction via the silver/gold ratio.
One of my OTC PM stocks was up 12% and took a bit of sting out, but the big $CAN move against the $US took the air out of ECUXF and the like.
This still looks set to move yet lower tomorrow...maybe even into Monday. We will know about that before noon tomorrow, and perhaps ECU will release some production figures by Monday.....pic
All in all, today brought back that heavy hammer feel we have not experienced for awhile, but nothing beyond short term retrace was triggered.....pic
