Today was Columbus Day in the US and Thanksgiving Day in Canada. Plus the weather in the northeastern US was absolutely gorgeous, typical of early Autumn. So needless to say the adults were occupied with other things than equities, the bond markets being closed and the banks taking a day off.
Gold rallied up and then fell back a bit from the high as did silver. These two precious metals are at very key overhead resistance levels…1166 for gold and 16 for silver are two areas to watch. You can see why on the charts.
The better miners are showing quite a few interesting potential chart formations as well. IF they work, then things could get interesting. But that is a big IF, related to the remarks about the bullion prices above.
The Bucket Shop was very quiet last Friday. The only interesting thing is the buildup of gold bullion in their Hong Kong warehouses, notably Brinks.
Other than that, it is status quo, with a slow bleed of bullion out of the West, flowing towards the East.
Speaking of Western ghost towns, Mitsui is said to be pulling out of the precious metals trade in New York and London. Who wants to stand around watching some lame wiseguys shifting the pea under the shells for the bewilderment of the tourists?
So, all in all, it was a good day. Let’s see if gold and silver can make it up the steps this time, or have to go back down again for another run at it.
