Monday, May 5, 2014
GLD and SLV charts look interesting today
Again, here's GLD and SLV, and in case you don't get it when I say "this chart looks interesting" I usually mean look at the last one or two candles:
Caveats: GLD still hasn't retaken its SMA(50), and it has headfaked up before, and blah blah Ukraine. So this move might be nothing.
But still, the pop is interesting. Maybe it's just because the USD is at a low and threatening to drop below its recent trading band, so various Wall Street Whiteys are going long gold in the mistaken idea that gold has anything to do with the US dollar.
It'd be nice if we could whittle down those theories, and that's why I tend to look at silver in conjunction with gold.
So here's SLV:
The support headfake on Thursday was wiped out rather strongly by Friday's action, and now here's SLV retaking its EMA(16).
What's important here is that (unless you're a real tard) you don't buy silver in expectation of war. Silver's an industrial metal, Wall Street Whitey knows this, and only trailer park trash think silver is a precious metal to be stockpiled for when the aliens attack.
So to me, this move seems to disprove the idea that the PMs are up on Ukraine fears.
Unless Wall Street silver traders are idiots, of course.
Basically, I'll watch and wait for now.
Meanwhile, here are the words of the immortal messiah, George Carlin: