Was attending the PDAC in Toronto the last few days. Over 30,000 mining types invaded TO.. what a show it was! Here's a recap of my thoughts for the last two days: Yesterday... Hard to be excited . dealers tightening their spreads, Government Mints indicating low volumes, stock markets drop 200 points, its OVER. the market is finished. Everyone has left the party even the bartender is cleaning up. Still sitting on the couch sipping my diet coke. Its lonely, but I'll have a good view of the dance floor when the music begins again. Greek deadline for the debt swap is tomorrow, which continues to weigh on sentiment. Most have signed on but not everyone "yet." ADP numbers out this morning. Ironically bad numbers may be good for metals as it will be seen as a reason for more accommodation. Still in the camp that Global easing is in the cards for the balance of this year if not beyond, which underpins the metals. If you're a short term trader and missed the sell at resistance these markets will wear you down. The reasons to hold a percentage of metals in your portfolio have never been stronger. This morning... Fed looking at repos to add more liquidity. Europe happy with evolution of Greek debt swap. Equities up everywhere. Metals up. My diet coke is tasting better by the moment.
