Gold is up 12 dollars this morning and silver up 72cents. Finally a morning that reminds me of the good old days (LOL) you know Feb-end April 2011. Monday morning when I saw Silver down a dollar I was ready for it to go all the way back to 33-34 as I thought the Fed would try and drag this out to the end of August but they do not have the luxury of time, they need to act now (see below). We had a gorgeous reversal in silver and gold made an all time high, could it be that the downturn in our beloved silver is over. I don't think we have an all clear to buy with both fists however until we get over 38.5 in Phys Silver, I have no position is gold.
SILVER 5 day 5 minute chart, clearly shows importance of getting over 37
10 day 5 minute chart
 |
| Range 38.5 to 33.5, silver needs to clear that 38.5 level then this rally is confirmed as resumption of trend |
Should Congress fail to avert a U.S. debt default by Aug. 2, the 10-year Treasury note’s yield, now 2.93 percent, would rise 0.5 percentage point within a month, said Priya Misra, head of U.S. rates strategy at Bank of America Merrill Lynch. Stocks and the dollar may tumble and the 10-year yield would rise to nearly 9 percent during the next decade, former Fed Governor Laurence Meyer said.
“We’re flirting with catastrophe,” said Meyer, senior managing director and co-founder of Macroeconomic Advisers LLC. “Bernanke is going to emphasize that. Irresponsible fiscal policy is a threat to the economy and makes Bernanke’s job more difficult.” ~Bloomberg
No comments:
Post a Comment