Evening crew! NY has just opened.
As people have noted, tonight we are seeing money literally pour out of metals, commodities and AUD and CAD currencies and move into treasuries. The AUD had broken strongly through parity tonight and stands at 98.3 right now. It might fall further tonight and tomorrow.
The US silver price has shed over two dollars tonight but the AUD$ decline has hedged that move somewhat. In fact if you look at the gold charts right now the AUD gold price is going up even while the USD gold spot is dropping!
What does it all mean? Time will tell. Let's let the world spin a few times and settle itself down before we sit back and take stock of where we are. A lot of money was riding on Ben's fireside chat, so there will be a lot of dust up in the air for a few days or so.
The silver price is still below the 50 day moving average so we may be becalmed here until next week at this stage - barring any 'unusual' developments.
This a VERY good time to buy silver.
We may lose a few more dollar over the next few days, but these remain excellent buying times. Remember how often we see low spots exactly like this before major up-moves - and wish we had bought 'last week' when nobody else was buying and the price was lower?
This is one of those times.
This is not a time to sell! Silver has been tracing out a nice accumulation pattern in recent weeks; picture a jet fighter sitting on the tarmac having its tanks filled. Not much seems to be happening on the surface, and the jet is more vulnerable to attacks than usual - but we need to be patient during this difficult period which is so VITAL to what will be coming next.
All these 'adjustments' are temporary. Watch them with interest and learn from them - and wait for the unseen hand of market reality to gently but firmly lift up the monetary metals to their rightful preeminence.
SPOT : USD $37.12