This insider has been opened to allow for intra-day commentary on what is going on in the markets. As I see it, there is something quite profound going on at the moment; I just don’t know what it is yet.
As I wrote in the last Martenson Report, the behavior of gold was quite noteworthy, as it ran counter to both the dollar and the stock market.
As of this writing, gold has suddenly vaulted to a new, all-time high, even as the dollar remains in positive territory and the stock market is negative. Silver is following.
Here are the relevant charts.
That 60 cent move in silver over only 20 minutes is one for the books. I’ve not seen a move to the upside like that before, only the downside. Is it possible that stops work in both ways now in the metals markets? (Note: that last sentence is said in jest…sort of…I’ve seen a lot of stop-clearing runs to the downside in silver over the years; this may be the first to the upside).
The Euro has broken down out of an intermediate uptrend channel (meaning it is weakening against the dollar) and this would ordinarily have resulted in an immediate gold (and silver) thumping. The stock market, inversely correlated with the dollar lately, is selling off, as expected.
But not gold and silver. What gives?
by joemanc