Wednesday night Susan and I are taking Andy and Zhanna, and my daughter Betsy and her husband David to the Dakota for dinner and a concert by the Spinners. It’s to celebrate Andy’s 42nd birthday. Andy and Betsy were toddlers when I was blasting music by the Spinners, the Commodores and Earth Wind and Fire till all hours of the evening – right next to their bedrooms. They learned to sleep through 100db volume levels. I wasn’t one of those people who believed in the theory “you tip toe around your kids so they can sleep.” They were around loud music from the time they came home from the hospital and it never bothered them at all. With an upbringing like that, is it any wonder that Andy has music on in the background all day long at the office? And I do too. Happy Birthday, Andy! You are a great kid!
Today, Bill Holter penned a great article on the money supply and “velocity.” It is a must-read. Where else can you find this high level of exceptional writing – Holter and Ranting Andy, plus my few cents worth? Miles Franklin tries to give the BEST in information and the BEST in product and service. And I believe we succeed.
Today may turn out to be a watershed, of sorts. Silver above $29 and gold above $1,635. How exciting is that? I purchased seven mint boxes of Canadian Maple Leafs for myself this morning. For me, the waiting is over. It makes no sense to sit on a large amount of cash, at this point. Gold has been trending up since mid-May and is up over $100 since its low. Next stop on the journey to $3500 and beyond: $1,650, then onto $1,700. See Kitco’s analysis, below:
Aug. 22 2012 — 10:20 am
Technically, December gold futures prices closed near the session high Tuesday and hit a fresh 2.5-month high. Bulls gained fresh upside technical momentum as prices are now on the verge of a bullish upside “breakout” from the choppy and sideways trading range that has been in place on the daily chart for nearly three months. The gold market bulls Tuesday also regained the slight overall near-term technical advantage. The gold bulls’ next upside price breakout objective is to produce a close above solid technical resistance at the June high of $1,646.40. Bears’ next near-term downside price objective is closing prices below solid technical support at the August low of $1,586.30. First resistance is seen at the June high of $1,646.40 and then at $1,650.00. First support is seen at $1,633.30 and then at $1,625.00. Wyckoff’s Market Rating: 5.5
September silver futures prices closed near the session high again Tuesday and hit a fresh 2.5-month high. This week’s price action in silver has produced a big and bullish upside breakout from a sideways and choppy trading range that had been in place on the daily bar chart. Silver bulls have gained the overall near-term technical advantage and have fresh upside momentum. Bulls’ next upside price breakout objective is closing prices above solid technical resistance at the June high of $29.915 an ounce. The next downside price breakout objective for the bears is closing prices below solid technical support at $27.50. First resistance is seen at $29.50 and then at $29.915. Next support is seen at $29.00 and then at Tuesday’s low of $28.61. Wyckoff’s Market Rating: 6.0.