By Richard Russell
The stock market is still looking for direction. Industrials were up 53 and closed well above 17,000 at 17,195. Canceling that out the Transports dropped triple digits but still stayed above 8000. The Nasdaq average, which is increasingly important, closed up 11 and well above the important 4000 level. Turning to gold, it closed at 1178.50 - down 4.90 - usual Friday pressure. Silver closed at 16.04, down 9 cents.
Gold may be near an important breakout in that it is now only a stone's throw away from 1200. It seems that JP Morgan has collected a huge quantity of silver since the last bull market. Before this is over, it may be a case of silver dragging gold up with it.
Interestingly, I've been reading a bit of the Bible as of late and I was surprised at how often silver and gold are mentioned. Of course as you know, one ... Log in or subscribe to continue reading.