Downside short term risk in equity markets currently exceeds short term upside potential. More sectors are starting to roll over from overbought levels. Fourth quarter earnings reports, economic news and possible macro events point to the high probability of at least a shallow, short term correction. Short term weakness will provide an opportunity to enter into seasonal plays that traditionally outperform during the spring season. – Don Vialoux
Mark Leibovit’s Daily Gold Comment
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GOLD – ACTION ALERT – BUY
Silver was the big story today and, as you know, I’ve been targeting silver first to the 33-35 range. We traded at 32.34 today in the Spot market. Smart players are now demanding delivery of physical silver and enough of this goes on, there is a decent chance the silver ‘cartel’ could be broken. If everyone in North America only bought and demanded delivery of only one ounce of Silver (roughly 400 million people) that would equate to greater than 50% of the total annual silver production in the world. Imagine if they bought a few ounces. Just think of it! We could shut down the CME/COMEX and expose their fraud! Gold, however, could not take out yesterday’s 1671.40 high. Copper was also a big standout touching 3.8340 – up eight days in a row before profit taking took price down to 3.745 into the close. Recall, we traded at 2.9940 on October 3. You’ve got to be long or getting long these markets. It’s too early to tell if these are only be temporary, but who wants to miss them?