By Richard Russell
This morning, gold climbed as high as 1188, after which the usual sellers came in and knocked it down to 1156.40. That didn't stop silver; however, which was higher by 13 cents to 15.99. I know that JP Morgan has a huge short position in silver on the Comex.
At mid-day the Industrial average was up 174 to 17,755. The move was neutralized by the Transports, which are down 3 points to 8,061 as I write. The NYSE is up 108 to 10,508. The stock market continues to dance to the Fed's music and since I'm a cheerleader for the US, I think an improving US economy will gradually take the US stock market up with it -- how far I don't know.
Below we see a weekly chart of silver. Note that silver appears to have bottomed and is now attacking its 50-day moving average. I would say that at ... Log in or subscribe to continue reading.