So far, so good. Gold closes above $1,650 and silver is just $0.17 beneath $30. Gold was up $15.50, which is nice, but as usual, the Cartel capped it just below the anointed 1% per day gain (0.95%), which happens so often it cannot be a coincidence. Still, I’ll take it. At that rate, (one percent per day) we can reach $1,705 in three days and $1810 six days later! One percent isn’t much unless it happens day after day.
I would like to see gold top $1,700 and silver would make me feel more comfortable in the $33 to $34 range, and that could happen soon.
There is increasing chatter of an Israeli attack on Iran’s nuclear facilities before the election, European sovereign debt is boiling over, China’s rising appetite for physical gold is growing by the month, plus there is a very low open interest level in gold, which means there are a lot of bullish traders still on the sidelines, and not yet long gold, who could jump back in at any time. It’s fall folks, and good things happen to gold and silver in the fall!
Reports are surfacing that the Fed is ready to start up another QE(3) program (read the Sinclair column in today’s daily) and kapow, look what happened to gold in the last two days. As of 6 a.m. central time, gold is up another $7.20 to $1662+ and silver is at $30.16. If da boyz don’t “cap” it soon, gold and silver could snap back up faster and further than most of you can imagine. Meanwhile, lurking in the shadows, ever ready to throw cold water on the party, Larry Edelson says, “To truly break out to the upside, we need to see gold take out the $1,808 and $1,835 levels — preferably on a weekly or monthly closing basis. Until then, gold remains in a very broad trading range that could easily see gold plunge back down.” Edelson will either be a “visionary,” or will gain at least 20 pounds from all the “crow” he will have to eat. My advice to the “crows” is to hide or leave town.
On a lighter note, Susan and I took Andy & Zhanna, my daughter and her husband out to dinner last night to celebrate Andy’s 42nd birthday. We couldn’t find any crow on the menu, so we settled for steak. After dinner we went to the Dakota to see The Spinners. Here are two pictures Zhanna took of The Spinners on stage at the Dakota. They had Susan and my daughter dancing in the aisles! It was a wonderful evening. They turned the clock back to the early 70s.
That’s Susan and me, at the restaurant before the concert. I checked very closely and there wasn’t any crow on the menu! My face isn’t red from embarrassment; it’s the remnants of my Florida tan. The food was great but my daughter pointed out that the glass of wine she ordered, for $13, costs $8.99 a BOTTLE at Costco. I think we’re selling our gold and silver too cheap! Susan looks happy (she usually does) because she was with her family and it was her baby’s birthday. Damn, my baby is 42. Time flies!