First, please understand how much the many notes I received from NFTRH subscribers upon my father’s passing meant to me. Thank you so much for your thoughts. This is about much more than simply writing financial commentary for customers or clients. Over the relatively few years I have been doing the NFTRH service, I have come to have warm feelings for the subscriber base as a whole, which I view as a cut above.
Briefly onto business, the precious metals were hard down and reversed to up on the last trading day of the year. What does it mean? Beats me, but someone seems to have been covering short positions in a big way this morning.
The technical targets are all lower as you know. As you also know, these are targets, not directives. Sometimes you see something in market activity that means something and that is what this morning feels like so far. A reversal off of a hard drop.
If the day continues this way and the volume is large, it is time to be paying attention. We have been in a window where we are looking for a bottom in the precious metals. I’d still have preferred a hard down to targets because that would have been an event. Today, we should try to determine if this is an event, a marker. Volume today and on Thursday and Friday should help tell that story.
Just a quick note and now I am going to go back to life’s business at hand.