US$’s only support comes from the injected money the European banks received and was used when Bernanke was speaking in front of Congress yesterday, US$ trade stands at 78.860 up 6.6 points with a low so far at 78.690, Treasuries are still being purchased (guess what money) with the Eurodollar leading the climb. Petro Products had hardly moved yesterday with Crude Oil still at $107.70 guiding the crack products higher as well. Gold and Silver’s beating yesterday was used to clear the mistakes the anti-metal traders made by adding all those short positions over the last 2 weeks. The only question we have was how many players were waiting to buy physical on the last trading day of March (First Notice)? Gold is presently higher by 90 cents with the trade at $1,712.00 after reaching as high as $1,726.40, Silver is up 8.8 cents and trading at $34.730 (May) after reaching a height of $35.230, Copper is higher the rest of the metals are confused. All Grains are flat to lower, Softs are mixed as are the Meats. Paper Markets are getting support as well from this injection of tax payer money that supports no wishes of the public. Something very big is happening behind the scenes here and caution is advised for those not prepared. The beatings in precious metals yesterday was brutal indeed, but we noticed that the Silver options (May and July) didn’t lose too much of their values and this raises some very curious questions. We’ll wait for more data before trying to make any wild guesses, in the meantime …. Stay Strong!!!
Fort Wealth Trading Co LLC.
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