Silver Support; Oversold Gold

In a recent silver market analysis, Dan Norcini notes that the top of the range in the above chart is from $35 to $35.50 while the bottom is in the $26.50 to $27 range. He sees ?very strong support? near $28 that extends to $26.50, which has ?proved to be rock solid in terms of buying support? for the last 15 months.

And referring to his euro/yen analysis from last week, updated here, he writes that ?it would not surprise me one iota to see another YEN CARRY trade develop this coming year with commodities benefiting from another influx of hot money chasing yield in this pitifully, obscenely low interest rate environment.?

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And U.S. Global Investors? Frank Holmes sees ?Light at the end of the tunnel for gold.?? He references the above chart showing that ?gold seems to be approaching an oversold position after this latest correction. In standard deviation terms, the percentage change in year-over-year rolling returns, gold has made a downward move of 1.2 standard deviations. An event like this only happens about 10 percent of the time, with high odds favoring a reversion to the mean.?

News & Views

Reuters/MarketWatch:? Gold near flat pre-Christmas; fiscal cliff in focus; Gold futures slip 60? as dollar strengthens, silver off 1%

Gold Silver Worlds:? Three experts on the gold & silver price drops ? David Morgan, Ted Butler & Jim Sinclair

BullionVault/Reuters:? Gold regains some ground, ?good demand? for gold from India

SafeHaven:? Clive Maund ? Market updates for gold and silver

GoldSeek/Daily Reckoning:? The Santa bottom; This gold strategy is about to payoff?

Next Big Trade/KWN:? Gold & silver still better off than earlier this year; John Embry ? Catastrophic loss of confidence to spike gold & silver

Tim Iacono:? The dichotomy of paper vs. physical gold & silver markets

Gold Switzerland/Hard Assets Investor: Alasdair Macleod ? A failure on Comex silver; David Morgan:? Global debt will push silver prices to $50 in 2013 ? Bull market not over

Seeking Alpha:? Interview w/ Eric Sprott:? I think we are in for a shortage of physical gold:? Central banks to accumulate gold for another 5 years at least

Wall St. Cheat Sheet/BullionVault:? Currency wars expand their battlefield; The folly of floating currency

Zero Hedge:? The 12 charts recapping the 12 months of 2012; Cassandra (Marc Faber) versus Pollyanna (CNBC)

GoldMoney:? James Turk?s outlook for gold for 2013 to 2015

Bullion Street/NY Times:? Indians now investing in gold coins over jewelery;? Kerala, India ? In gold?s own country

This entry was posted on Monday, December 24th, 2012 at 10:19 pm and is filed under CFTC, Federal Reserve, General Economy, Gold, India, JPMorgan, Monetary Policy, Short Sellers, Silver, Ted Butler, U.S. Congress, Wall Street. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Source: http://silverandgoldcoinblog.com/2012/12/24/silver-support-oversold-gold/

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