Strictly noise in the market now. The moves in the metals are being concealed to some traders but this is accumulation by some money players. There are divergences appearing on some of the indices that precede confirmatory moves in the HUI and the GDX. I noticed big moves in several miners like PAL and GPL today with large moves in several others. This is NOT retail money. That is the last money to move into these bull moves. Even Droke in his newsletter tonight noted the accumulation occurring in the miners here and is sounding bullish but NOT committing yet to a confirmed intermediate bull up leg YET. I reiterate that for traders there is no confirmation breakout yet. I'm only trading peripherally and holding tight on 95% of my position.
The noise in the market today was only to squeeze some of the short positions placed in the last week and may even presage the January "short of a lifetime" that Adami on FM talked about. Watch for a nasty stop run in the near term. I always get nervous even repeating CNBS propaganda but Adami called last week a runup into the 1520 to 1560 range on the SnP the "short of a lifetime". Maybe but the Fed has declared war on shorts and as long as they can print without the bond market able to call Bullshit on it then an unfettered runup over that level is possible. Remember too that smart money will begin distribution and in this market they may need one very broken level to achieve this. Time will tell. I won't play yet.
Next......bullion.....for those new to this blog. You can purchase bullion in a number of ways. Online players like Gainesville are reputable as are many of your local coin shops. You can check prices on Gainesville or similar sites before you go to your coin shops to deal.
Next......I will pay close attention to pension legislation coming and try and give you a heads up if I see them coming after them. I believe they will want to get at this money and maybe they will try to swap your 401Ks into their long term Treasuries. It would be VERY devious and trap a large number of pensions and their dollars.
Next......quit worrying about the next decision in Washington....this is all choreographed and only the illusion that there are "two sides" exists. So just concentrate on what the PTB will benefit from. Right now it is to extend this game for a few more months until they can move into assets and social laws into place that will survive a dollar reset.
Should be off the Islands tomorrow and back to my charts. Hope you all had a great New Year and see you Friday. gl