Today's move in precious metals surprised me a bit as I looked at the intraday chart of silver and gold just take off. The pundits rationalized this move was due in part to India buying half of the 400 tonnes of gold the IMF is selling. This doesn't really make sense to me as I read a story yesterday regarding this breaking news and did not see the market react to it. After 11AM this morning, did the gold price take off.
Is there something else afoot here? Perhaps this news story is being bandied around to cover up a larger more sinister event taking place.... Hmmm, if I was to put on my conspiracy theory hat, I could easily say that there's a large request for delivery of physical taking place, but there is no physical to be had anywhere... But that would be jumping to conclusions.
I'll just be satisfied with the fact that gold is at new highs and silver is tagging along for the ride. You can bet that there will be more explosive moves to the upside as everyone clamors to buy the limited number of metals available. Reminds me of tickle-me-Elmo many years ago.
Are you on board yet?
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