by Ed Steer:
"... The most surprising thing about Thursday's precious metal/dollar index price action was that despite the 90 basis point rise in a 30-minute time period yesterday morning...and about 110 basis points in four hours...the precious metals didn't get the living snot kicked out of them even more than they did...although the palladium price action would certainly qualify.
"These big dollar rallies are custom made for JPMorgan et al to really pound what few long contract holders in the Comex futures market that are still left...and I'm more than curious as to why their efforts were so half-hearted yesterday.
"And, for the second day running, the precious metal shares held up strongly almost to the end of trading before getting sold off. Was it the 'powers that be' buying shares to cap the next rally in the precious metals...or was it buyers with insider information that know that a major rally in the precious metal shares is imminent? We will, as they say, find out in the fullness of time. ..."