A few words of wisdom from well known metals trader J.B. Slear. It appears NY still has the $1240 cap on gold but silver is above yesterday's capping price and is still creeping. The PPT saved the DOW 10,000 level yesterday but they will have their hands full over the coming days. Should DOW 10000 support fail then gold and silver will receive a major boost, which will eradicate the latest capping efforts.
Regards - VHF
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Daily Commentary
J.B. Slear
August 26, 2010
What a day the last few have been huh? Someone/thing is trying to beat the crap out of the anti-gold/silver traders who have kept their thumb on the markets these past many years. ‘Bout friggin’ time!! Dollar has lost it’s last supporter (it seems) when Gold and Silver start to trade higher just before the options expire (today). Has our 10 year battle for information and truth finally come to a pinnacle? Stay toon…same Bat time same Bat channel!
US$ is lower by 22 points, now trading at 83.110. Gold and Silver are higher,, Gold trading at $1,244, up $2.70 with Silver supported at $19.05, up 3.3 cents. Short Term Treasuries also started to fall apart which means our Eurodollars started falling. Everything is starting to come to a peak of stress within the markets. Today the Jackson Hole Fed Meeting will start, usually there is a morsel of data that slips out that might help poor traders out (like our team) with what they might see. Tea leaf reading if you will….. All Grains are higher as are Petro Products, Softs are mixed. Rumors are floating around the arena about an investor has been looking for a large amount of physical metals. Supposedly COMEX is the carrier and the deliveries are being added. We find more purchases of Dec Gold showing than there are Sept rolling over. This means fresh buying and no short liquidation. The anti-metals traders might be attempting to do a “Custers Last Stand”. Good luck! it didn’t work for Custer either….. September promises to be spectacular.
