Except, of course, the US dollar and bonds...but I digress...
Today stocks were down...the DOW dropped about 100. These are the days I love to watch...so we can pick out the notable performers.
Good performances from today...
- Gold...up $13.80 to close at $951
- Silver...up $0.16 to close at $14.44
- Coffee...up 2.50 to close at 135.80
- Sugar...up 0.24 to close at 15.62 (this is why you never take profits, like I recently did, to wait for a pullback...it may never pullback, and you lose your position)
- Soybeans...up 6 to close at 1175
The dollar got hit today...long dated US Treasuries got slammed BIG...makes you wonder if we're starting to see a return to fundamentals.
Gold and silver look like they could be gearing up for some big moves. Sell in May and go away? Maybe not quite yet.
Also, it's nice to see sugar up on a day when oil was down. It was dumb of me to give up that position...
2 comments:
Brett whats your take on someone continuing to short comex gold these past few days?
http://www.marketskeptics.com/2009/05/who-sold-65-tons-of-comex-gold-in-last.html
Doesn't make sense with the dollar crashing why would anyone short so much paper gold? Do they know something we don't like maybe Japan forgiving USA's debt?
From my understanding...if this is true...these guys trade in/out of positions. So they would try to jam the price down in the short term, and then cover at some point.
Rinse, repeat, etc.
I've heard conflicting views...the best coverage of these "conspiracies" is Ed Steer over at Casey Resource Plus Daily (a free pub). He usually talks about this everyday.
I also read a comment from Doug Casey, where he said he thought Ed was nuts for thinking that there's a conspiracy to keep the price down.
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