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So far the $ is barely. up-just .047–despite. the rising. rates

The DOW  is up a huge 287–Asia. up big too

Surprisingly, gold. is down just 7.60 which is $2 off the low

Since I started writing this.  the dollar’s gain. had. fallen to .037-

–and I see this as a diagnostic clue that. this. action may reverse before the week is over–.  the. FEDs’  NY.  trading.  desk.  is working hard. to pretty up the scenery. of. the Financial market Potempkin Village…will the. DOW. be up 500. by morning. and. there. will be a bloodbath in PMs??

It doesn’t seem that. way…at least now…very  interesting. action!!

just checkin in from the Jersey Shore.keep up the good work,another week like this n’ I’ll stay away more often…

Definitely RSI’s are screaming sell especially in silver and some but not all of the silver shares.

Most of the shares have been lagging the whole way up.

Would be nice to see a pullback in the metals without too much damage in the shares, but that is wishful thinking.

Of. course, there could.  be. a big correction at any time…but I’ve. sat tight

Mexico Mike is worried too=he writes this from Murph tonight=

Mexico Mike…

Red Flags!

Hi Bill!

I have posted a few times that my expectation for the immediate future is a nasty slam across the board. So far I have been wrong in the timing, and I would love to be completely off side with this outlook. However, I am watching the performance of the metals and the senior mining stocks and there are warning flags all over. I have seen this act before, and it usually ends with short term selling pressure and frustration.

People forget the massive leverage that can be brought to bear by the Commercial shorts. Was the aftermath of Brexit that long ago? The banks waited it out and then crushed the mini-bull market when the buying power faded. How about the night of the Trump election victory? It took less than a day for the banks to counterattack and strip an enormous surge away, using the power of unlimited leverage.

Now what have we be seeing for the last few weeks in the COT report? The large spec shorts are covering, while the banks are going further out on a limb. Does anyone think the banks are stupid? That the slimy traders working for these trading houses cannot read a chart? Why would the banks let the spec shorts off the hook so easily, knowing that the funds do not have liquidity to sustain the losses of the last few months? The Commercials do not want to see a melt up here, and they will make it easier by continuing their role as the featured contract seller even as the funds are closing shorts and taking losses.

I am expecting a monumental slam in the coming days. Perhaps timed around the NFP data, or perhaps the next FOMC statement. I do not think we have seen the best shot yet from the goddamn shorts and they are capping and intervening to manage the rally before they make their move. With so much frothy spec money playing long, it may take a nasty selloff to trip stop-losses and cleanse some of the froth. Then we should get the contraction in open interest to sustain the next phase of this bull market through the fall.

I would love to be wrong here, and I agree with many of the analysts that are pointing to superb fundamentals as an argument for further upside. But again, I have seen this act before, and exceptional fundamental support did not count for much when the metals were bouncing along their lows a while back. It will be the Comex paper tail that wags this dog for the next move.

I still believe there will be so much money waiting on the sidelines for a correction that even a very nasty selling event will represent just a short term blip on the chart, with a rapid rebound. I think the stealth bull phase is coming to an end, and the retail buyers will start becoming a factor, both in the small bar physical bullion market, and in the junior mining stocks. This bull run is just getting started. However, I have been trading this stocks since before the Bre-X crash and have learned to watch for the inevitable slam. This rally is long in the tooth and there will be a consolidation before we move on to higher highs.

cheers!
MM

RSI is getting extremely high in some of the pm. Maybe a correction or sideways a few days to work off overbought condition.

rno

Didn’t know that. Thanks for the clarification, so something else is driving silver.

OTOH – silver shares underperformed the metals today, so I’m thinking after two crazy up days maybe we’ll get a pullback.

HUI sitting on 235, time to leave that behind and for gold to take the lead for a day or two.

Gotta love that 10 year chart. We could go a long ways …

The main mkt in London for AU and AG is the LBMA, London Bullion Market Association…that trades the Loco london bullion in huge size, way bigger than Crimex and it does the Fixes etc.

The LME is really the base metal mkt, Copper, Tin, Lead, Ally and Nickel..why they thought anyone would trade Gold and Silver, when u have the LBMA, or Crimex is bizarre…..it was like the CME opening a Corn or Beans mkt, while the CBOT is next door….stupid .

This news has no meaning to scum games.

as seen in this 10 year chart

I’m not sure. Has their skullduggery bitten them on the ass? I dunno.

…silver by friday???

Apparently came out?

Wouldn’t know it by the response in pm’s.

We’ll see how they close them.

That’s really interesting news. Does that mean that the LME is losing control over the players that manipulate silver? Or do the players just see the writing on the wall?

Whatever it is, silver has been unstoppable lately.

Now if the shares would just get going…..

By Peter Hobson and Pratima Desai

LONDON (Reuters) – The London Metal Exchange’s gold and silver futures are being thrown into doubt, with the imminent resignation of Societe Generale as a market maker threatening to deepen a decline in trading activity, three sources said.

SocGen, one of five lenders that partnered with the LME to launch the contracts in 2017, is expected to resign shortly as a market maker, taking the number of banks committed to offering tradeable prices to two — Goldman Sachs and Morgan Stanley , the sources said.

https://sg.finance.yahoo.com/news/exclusive-lmes-gold-silver-contracts-172217208.html

Strong close ?????….that would be back to back days!!!!!!

“creeping up” better than “dripping down.”

HUI now 235 again. 3rd time a charm?

Also 10 yr. now down a tick to 1.46%

Throw in a weak dollar and we have a shot at a strong close.

Around 99.25 on the index and 98.45 now. That’s a decent size drop. If we get a few more days or weeks out of it, it should give us a strong tailwind. Gold was going up all along with a strong dollar headwind.

Looks like the neocons and Trump and going to pressure the Iranians until a war is started.

https://finance.yahoo.com/quote/%5EHUI?ltr=1

Oil’s up 2.52–even the grains are green–platinum has moved. up–are we starting commodity inflation. at. long last??

http://futures.tradingcharts.com/marketquotes/GC_.html

that took spot above $1550 – appears to want to hold for now.

Maybe that will light a fire under these shares.

Personally, I’d rather not have the likes of CNBS discussing pm’s until gold is above $2K and silver $40

Totally agree…..

As for scum…I see that because Silver is ‘only’ up 1 %, that PAAS and SSRM are both Down !!!!!