The US Dollar index took a shit just now, on some good or bad news-really who cares what it is I dont want to bore you with Econ 101 text book bullshit that is made up by some arbitrary bookrat a century ago.
Silver is now leading Golds move higher. I'll say that again, SILVER is now leading Gold participation in the metals market rally. This is bullish, as all eyes are on the front month of March now.
As per usual, I'm hearing rumbles of Blythe slamming doors, cutting off baby's heads and doing lines of white stuff with Lady Gaga in her office last night. Word is she has called down to the Dimon, and has put in a request for a silver CME margin rate hike.
I am also expecting Gartman to come on CNBC this week and downplay whats really going on in the metals market, calling it a 'dead cat bounce' or some other chart pattern you can find in Bulkowski's 'pattern of charts' encyclopedia.
On to the real news from yesterdays COMEX (Which may be fudged now too since it is run by the Morgue) but if its fudged in our favor, I'll take that for now.
-silver's OI is diverging from golds
-142,000 OI contracts is making Blythe want to change her sex
-March contracts not rolling over, staying for the delivery
-more massive withdrawals
-2.1 million standing, added more contracts as they want the physical
-SLV ADDS metal (Houston we have a problem!)
-All round BULLISH, big time
Deutsche Boerse agrees to merge with NYSE, PP Empire index surges, PM's surge on UK in inflation rate, Tungsten prices outperform JPM stock, and yes EGYPT is still burning!
Expect new 30 year highs in silver and the margin hike to follow. See you tonight for SLV Anomalies Part 2. And grab some inflation soup, its still cheap.