Editor’s note: With The Doc on vaca, our good friend Craig Hemke brings this week’s precious metals market wrap in lieu our normal podcast
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Submitted by Craig Hemke:
Today we begin with this 1-minute chart of June silver that takes us right up to the Comex close. As we’ve been discussing for days, a “higher high” and a close above the October 28 intraday high of $16.38 would be very bullish. Well, clearly, JPM et al know this, too. Thus the chart below:
Though we may have lost today’s battle, the war continues…and it looks like it’s about to heat up again. Note the bearish ORD on this daily chart of the USDJPY:
Here are your daily and weekly charts of gold:
Your daily and weekly charts of silver:
And though it may not have felt like it, the HUI was actually UP another 2% this week. I’ll take it!
Lastly, please be sure to check back on Sunday for a fascinating interview of Keith Neumeyer, CEO of First Majestic Silver. You’re going to find it pretty interesting.
Have a great weekend!