Correction direction

[68Camaro]

Personally think most of the correction has happened. Gold was technically oversold, and with no further "really bad" news in the media this week, TPTB helped it correct back down toward the 50 day MA. Not a bad thing. Gold *could* further correct down to the upper 1600s, but that will depend on the news the rest of this week. No matter, the long term trend remains up, and I have to chuckle at the knuckleheads commenting on the end of the gold bull run. Nonsense.

Silver is NOT oversold, and it's a great buying time.

[Delawhere Jack]

Monthly smack down before options expiration Thursday. Metals say:

I'LL BE BACK!

[68Camaro]

From the time I posted the above, both Gold and Silver hit a local bottom and bounced up. Isn't interesting how the biased financial headlines gloat about gold dropping 200 off a record high (barely over 10%, no biggie), but don't talk about that it has bounced off that bottom and recovered >50 of that 200 in what previously would have been record time. SIlver hit 39 and is now back up to 41. Did dollar averaged buying on way down, and now only need a slight bit more recovery in both to have made a profit on those trades on the dip...

[Delawhere Jack]

I was off by a day on the options expiration date, it is tomorrow. Another crush-down in price may occur tonight-tomorrow.

http://gold.goldprice.org/2011/02/gold-and-silver-options-expiry.html

http://www.heritagewestfutures.com/downloads/futures-options-calendar.pdf

Let's see what comes out of BB's mouth tomorrow re QEx. It could put the wind back in pm prices, Irene style.