Scrappy overnight volume but better than the last couple of days. In these circumstances gold was well bid until ~0500 when a swaggering seller took the price down ~$6 bucks in short order. Not exactly the way I would trade at one of the quietest times of the day but as I learned many years ago from Benjamin Graham...the market day-to-day is a voting machine...and our seller today not unlike Hosni Mubarak or Mayor Daley knows the right time to stuff the ballot box. So let's go to the facts GSR is currently ~46.00 essentially unchanged; RSI is ~48.60 and still qualifies as oversold and moving higher; open interest came in a couple of 100 contracts Friday and we can continue to speculate that (A) buyers need their libido's stimulated or (B) those into instant gratification have left this party to find another one-night stand and we are left with the core group ready to seriously party on...Ben. Today: Heed the actions (not always the words) of our chief party boy and wingding maestro while the band plays on. OT...I am on the road in Africa so probably out of touch until next week.
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