Not So Precious Metals

Unfortunately my extended weekend did little to alleviate what seems to be turning into some kind of bronchitis caused by a long bout of allergies. I really despise going to doctors but I may just have to bite the bullet and throw myself into the fangs of the Spanish healthcare system. For all you guys who enjoy bitching about healthcare in the United States you’d be happy to hear that the costs here for private care are in fact a small fraction of what you may be used to. That’s the good news.

The bad news is that most doctors I’ve come across here don’t know their asses from their elbows and display a work ethic reminiscent that of North Korean submarine welders. In the end I may just have to resort to blood leeches or have the local Jesuits prepare a good old fashioned exorcism to extract the evil spirits (good luck).

Now gold has become quite a bit less precious over the past few sessions, dropping 170 handles from this year’s highs at GC 1384.3 (December contract). On the daily panel I’m not seeing much to hold on to, however…

… the long term view is what got me a bit excited this morning. We’re now sitting on top of both the 100-week SMA and the 25-month SMA plus a few monthly NLSLs. Which is reason enough for me to be long 0.5R with a stop quite a bit below 1210 – no reason to be stingy here.

Two more setups below for my intrepid subs:

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Public Service Announcement

You may have noticed a theme here today – I’m only taking half R positions. Way too much volatility still out there right now and I really need to see this market develop a theme. We’ve been all over the place this year and with calls for sedition and violent protests being posted openly I don’t expect things to settle down anytime soon. If you happen to live in the coastal areas you may want to take an extended vacation. Or perhaps come over here to Spain – we only have one region pushing to secede.