The precious metals
Posted By Mike On Feb 3, 2010 @ 5:37 pm In gold, silver | No Comments
In this 1-week chart, from top to bottom as of today’s highs, they are: palladium, platinum, gold and (the all-of-a-sudden quite unpopular) silver.
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Source: Interactive Brokers
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I have no position in gold or silver futures at the moment, but am shorting the other white metals. Platinum and palladium broke parabolic runs last month and fell very hard. They’ve now rebounded more than enough to restore bullishness to where they can resume their decline if they so choose.
PS - For curiousity’s sake, I wonder what they are saying out there to explain the drop in silver from $19.50 going on $30 to a shade over $16. Rumors of better mine supply? Stories of Grandma cashing in her serving platter? Mexicans shelving their (excellent) idea for a new Peso de plata? I have no clue, since it doesn’t matter a whit.
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