Larry Edelson called the top for this rally off of the bottom at $1458. He missed this call and I suspect he will miss his $1,200 range bottom call as well.
Gold finished at $1,468.20, UP 2.56% and silver closed up 5.35%. The “never let gold rise more than one percent per day” rule was violated, big-time! $1,500 gold is within reach now and that is an important level on the way back up, as the bull market re-asserts itself. And how ‘bout dat silver! Up a buck and a half and heading back toward $26 which is a key support level on the way back into the $30s. It really looks like the physical demand is pulling the metals back up. The dis-connect in pricing between physical and paper is starting to look embarrassing for the paper peddlers.
The Comex-approved depositories reported receiving 1,286 troy ounces on Wednesday… and shipped 355,996 troy ounces out the door. GLD‘s inventory levels continue to slide, as an authorized participant withdrew 87,041 troy ounces yesterday. But the big surprise was in SLV, as an authorized participant deposited 1,545,392 troy ounces!
I am still on vacation, but the market is so interesting now I couldn’t help but put together an abbreviated report. See you on Monday. Let’s hope for a strong close on Friday.