Gold Daily and Silver Weekly Charts - Raid Gets Stuffed As Silver Shines, Benny Aurophobic
There was an intraday bear raid on the metals as many had expected based on a drop to negative in Lease Rates that was shown by Kitco last week.
|"Murphy, Bill Murphy"|
A special thanks to Bill Murphy of LeMetropoleCafe for pointing out some anomalies in the market yesterday, and the strength signal in silver as well. Bill often puts out indispensable insights into the gold and silver markets.
These types of market anomalies, or 'features,' often presage a bear raid .
Interestingly enough it was silver that was 'the tell' today, as it stubbornly resisted attempts to take it lower, and actually may have cheered the gold bugs, finished higher on the day.
As you know, the western governments have little access to silver bullion of their own anymore, and the bullion held by the system seems to be spoken for many times over. The stockpiles of silver held by the US years ago are long gone.
Let's see what happens.
Note: The Leased Rates chart from Kitco that showed a plunge in rates to negative late last week was later removed by them as an error. A reader had questioned them about it, and informed me of their response. I have removed it as well. It is an odd mistake to make as it was a rather large plunge in rates, but these things do happen I imagine even with a service as established as Kitco.