Friday, March 02, 2007

Gold and Silver



Yesterday I commented that I'd like to start accumulating Gold at support providing I see a consolidation take place over the next 3 weeks. As of now, it appears money is leaving both the silver and gold market in a big way. Gold was down over 21 dollars and silver was down 69 cents today.

Above are the ETFs for gold and silver. Notice the weekly bearish engulfments that developed this week. I'm not about to short these markets, but I'm going to remain on the sidelines for a few weeks with the hopes that gold will build a base or consolidate so I can get long. It just seems like money is leaving every market right now except for bonds and oil.

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