Gold $1483.29 Silver $42.746
Not much to say about it really. Unexpected inflation in Europe I guess was the trigger, plus the technical traders with buy orders around 1480 - which I never really understand, talk about bad timing!
It's worth looking at the charts otherwise one tends to feel a bit in awe of the succession of new highs.
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| 1 Point Chart |
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| 5 Point Chart |
Actually we're a not really in any excessive rally for gold. The 1 point charts shows the fluctuations since April 1st. Remember that these charts don't move sideways by date, there's no date concept, only opposing forces can make significant sideways movement. That movement happened some time ago and we've seen a correction back to a more steady pace. If you'd have tried to short the market on the early April rises, you'd have been sitting on that for a couple of weeks, wondering just how wrong you could be. A brief and rather difficult decline was then followed by yet another easy climb to new highs. By the way that declines was when the Feds were announcing their marginally better than expected employment figures. There are a bunch of people out there trading news reactions!!
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