“Let us take things as we find them: let us not attempt to distort them into what they are not. True philosophy deals with facts. We cannot make facts. All our wishing cannot change them. We must use them…
Let us attempt to understand it. Let us not disguise it, or explain it away. It may have difficulties; if so, let us own them. Let us fairly meet them: if we can, let us overcome them.”
John Henry Newman
On the bright side, option expiration antics aside, silver has set a proper handle, but has yet to ‘activate’ it by taking out 16 with some authority, and refusing to give it up.
Granted it is a little harder to see on the weekly chart that I use, but it is clearly there. Now, follow through and a move higher is everything. If it can succeed, we are probably looking at a run towards a twenty handle.
There was little activity at The Bucket Shop for deliveries, and the warehouses were their usual quiet selves except for silver, which again is spurred on by CNT and their wholesale business.
I suspect that before all is said and done, at least one of the big bullion banks, and probably not the one that immediately comes to mind, is going to be caught up in a scandal as bad or worse than that of MF Global. Remember them? Have you ever wondered what happened to Mr. Obama’s friend Jon Corzine, who with some help from his friends was caught blatantly taking customers’ money to cover his losses?
Have a pleasant weekend.
