Metals End the Week Up Strong

Gold ended up trading for the week over the $1650 level, rallying four straight days on increasing understanding that there has to be continued money printing by the Federal Reserve to keep the banks from imploding.  Gold was allowed to close at $1663.45 up $19.90 for the week over last week’s close and safely below any technical levels that would indicate to the moronic hedge funds that they could cover their short positions.  The $1685 level is one of them as is the 144 day EMA, currently at $1670 per ounce.

Silver, on the other hand, was kept under better wraps bouncing around between $30.00 and $31.75 per ounce.  Officially, silver continues to be hammered into a bearish box closing down $0.36 per ounce for the week at $31.30 per ounce.

Copper had itself a good week as equity markets clawed higher on strong earnings by the likes of Starbucks (NASDAQ:SBUX), Apple (NASDAQ:AAPL) and Amazon (NASDAQ:AMZN).  The red metal also moved higher $0.14 per pound to $3.84.  Like gold, copper is safely within the range set forth by our masters as acceptable to their plans. As long as copper stays below $4.00 per pound there should be nothing to worry about.

We really should be thankful we have such thoughtful and insightful leaders.

What in the world would we do without them?

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Tom Luongo

About Tom Luongo

Tom Luongo is a professional chemist and self-taught economist who has been following and trading stocks for nearly 12 years. He has no formal ties to the financial industry and considers that an asset in his analysis of the interplay between monetary policy and capital markets.

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