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Back In The Saddle

from TF Metals Report

I’m back in the saddle, again. Got my trusty Turd hat on. I’m armed with my Sharpie and ruler. Let’s get busy.

We might as well dive right into the metals. It looks like I picked the right week to take a vacation as both metals have been stuck in rather tight ranges now for over two weeks. Yuck. So now the question becomes…what happens when these flat-line periods end? Will the metals collapse through their respective floors or will they catapult higher? Of course, anything is possible and I still would not discount the idea that the Cartels could make a run at the stops below 1525 and 26. However, I am still supremely confident that prices will soon move significantly higher.

In the short term, we have to deal with option expiration first as the August gold options expire on Thursday. We’ll certainly see the usual gaming of paper price as we approach the hour of expiration but, with price so flat over the past 10 weeks, it shouldn’t be overly dramatic. We’ll see.

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