Friday, August 19, 2011

Silver & Gold

As the gold market blows off this morning, I am reminded that the precious metals market has accurately bookended traders appetitive for risk this year. From the indiscriminate momentum frenzy with silver in the spring (see Here), to the Armageddon trade we currently find ourselves navigating - silver and gold's parabolic signatures are in the charts. 

It is interesting to me that for such different emotional proxies - they fall under the same roof. I am looking for both precious metals to make a significant top today or in the very near future. Whether it serves as THE top is hard to say, considering the questionable economic outlook and whether the Fed will be scared into another bolus of quantitative easing.