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"As a technician, I feel that there are few analysts that offer value for me, but you do. Your work on Gold ratios has helped my analysis greatly." --Jordan Roy-Byrne, CMT (The Daily Gold) 4.9.10
Tuesday, March 1, 2011
Gold This Morning: Between Scylla and Charybdis --Jon
Overnight trade paddled leisurely and aimlessly until 0530 when buying at that hour unusually and positively began to sizzle and in the past 2 hours we've tacked on ~$10 bucks... and why not? This is not about gold tracking silver even with the GSR easier this morning at ~41.30. Silver simply has real issues with supply shortage created by arrogant unregulated trading, but gold, folks is plain money and by now there is simply no excuse for not accepting this into our collective reasoning and grasping that the zero interest rate policy of our central banks makes us more amenable if not enthusiastic to hold even more jingle in our pockets. We are therefore not deflating we are indeed awash if not overflowing with liquidity and therein lies the thirst and craving for assets, commodities, and resources. Don't fight it because it's the end game, our central bankers are out of options...raise rates? Ok, we'll just buy more assets. Today: We should take out the old highs, and seriously focus on the next big round number understanding that the skew and warp of market tensions is in the room.