Gold, ghosts and chats…
Oda Mae Brown: He’s stuck, that’s what it is. He’s in between worlds. You know it happens sometimes that the spirit gets yanked out so fast that the essence still feels it has work to do here.
Sam Wheat: Would you stop rambling?
Oda Mae Brown: I don’t think I’m rambling, I’m just answering the question. He’s got a’ attitude now.
Sam Wheat: I don’t have an attitude.
Oda Mae Brown: Yes, you do have an attitude. If you didn’t have an attitude, you would not have raised your voice at me now would you? — Ghost
Good morning and welcome back to the haunted house. The story of the day thus far is the big pullback and sudden break in the steady upward trend of gold. Recall that I’d covered my gold short back before the metal took off on this latest 300 point rally and when I did that I said we needed to wait for gold to start “dislocating” like silver had been. Today’s 4% crack is just one day’s action, but we’ll see if we can decipher some sort of topping process for gold that such a 4% intraday crack sure could start. Then again, it might not be quite that easy. I’m not messing with gold either direction right now. Ghosts of monetary policies past continue to drive the precious metals.
No trades yet today as most of the rest of the markets are rather flat and I’ve been a buyer lower and a seller higher and ain’t looking to force any changes just now.
And don’t forget to meet me in the chat room at 2pm EST today at http://tradingwithcody.com/chat. Ask me anything. See you there at 2pm.
