Thoughts on Markets

Friday, January 28, 2011

Short & to the point - Gold & Silver Capped - I'm selling a small portion - Listen to Jim Richards


Important read and listen to Jim Richards from KingWorld: Get hold of it HERE.

I am still attempting to sell some of the Fortuna (FVITF) above $4.00. Some, not much and certainly not all. 

Kitco News:
A.M. Kitco Metals Roundup: Comex Gold Steady-Weak, Hits Fresh 3-Month Low; U.S. GDP Awaited

28 January 2011, 8:12 a.m.
By Jim Wyckoff
Of Kitco News
(Kitco News) -Comex gold futures prices are trading at steady to weaker price levels Friday morning. Prices fell to another three-month low overnight amid the yellow metal's near-term weak technical posture due to a lack of fresh safe-haven demand. Traders are awaiting Friday morning's U.S. gross domestic product report. Comex gold last traded down $2.40 at $1,316.00 an ounce. Spot gold last traded up $0.10 at $1,315.50. HERE.

Both gold and silver are being capped by the boyz, again. It seems, as Ed Steer said in his Gold & Silver Daily, the the bullion banks are moving gold to the 200 Day MA. They have been really hammering silver of late. The more they do this, the higher will be the rise when the caps are removed. Nevertheless, I am some what reducing my current holdings in miners, but not a losses, and only a smaller portion. I do not want to feel "locked out" as prices rise rapidly. This as happened too many times in the past. Even Richard Russell states words to that effect in his news letter. He does not advocate trading in a bull market like that of the precious metals. 

Miners from Scottrade:

Currencies from KitCo:

Stay tuned for more on gold later today. I have to rush off this morning.

Best to each, Doug


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