The gold market has been looking for more uncertainty and we are seeing it this morning. |
The gold market is fulfilling the promise that gold bugs like myself have touted for years: safe haven in uncertain times. |
The next big thing on tap is the Iran situation, and we will have to see what happens then and how the market perceives the deadline passing. |
The oil markets are taking a deep breath of profits before what may be a headlong dive into another bull run. |
The rate hike news out of China is weighing on the gold market as well as the new margins kicking in and no real new news of uncertainty in Iran. |
The sell-off is due to all the locals grabbing profits before the end of the day, nothing more. |
The supply numbers this week will be the key catalyst. |
The switch is not going to be that smooth. Within the next 14 days, I think we are going to see prices steadily climb. |
The times will come down and we'll be competitive. |
The true worst-case scenarios are not even close to priced in this market yet. |
Things got really heated up over this Iran thing, and traders hate leaving such big profits on the table for news that could change at any moment. |
This build is likely the last one we will see in gasoline for a long, long time. |
This has caused some traders to pare down their positions and re-evaluate their exposure. However there seems to be little lack of new buying on significant dips in the market. |
This makes the short side of the market very nervous and as we see gold drop we also see it turn and then move higher twice as fast. |
Traders are still stinging from the terrible inventory data Wednesday and in this climate, it's hard to deny that $75 is now here and $80 may not be far off. |