Reading this morning’s missives from the punditocracy, I couldn’t resist pointing out a perfect example of what Gata’s Bill Murphy calls market action making market commentary. As gold leaped higher Tuesday, we had Kitco’s Jim Wyckoff struggling for justifications, including this gem:
While it was likely a fat finger of the data entry variety by an employee of the bankrupt Kitco.com, silver’s 24 hour live chart reveals a massive $1.50 spike from $32 to $33.50 just prior to midnight eastern.
Unfortunately for Blythe and her monkeys, the spike failed to trigger a single liquidation algo on physical silver holdings.
With the October FOMC statement due later Wednesday, perhaps a late night caption contest is in order?