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Market Emergency [5/6/2010] - Printable Version

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Market Emergency [5/6/2010] - Ed Jewett - 06-05-2010

Market Emergency

May 6th, 2010 Update: Gold Gaps Sharply Higher
Via: Kitco:
Gold futures got another boost of buying power after the official close of Comex trading Thursday, pushing to a fresh five-month high of $1,209.20 an ounce, basis June futures. Bulls got another technical boost as gold prices shot past what was psychological resistance at $1,200.00 an ounce. A plunge in the U.S. stock market as traders watched on television rioting in the streets of Atens prompted the heavy buying interest in gold, on a safe-haven move amid the keen uncertainty in the markets at present. Gold prices are now within striking distance of the all-time high of $1,227.50, basis nearby Comex gold futures.
—End Update—
Update: I Have No Idea What Happened
All I can tell you is that I don’t buy any of the alleged explanations I’m reading at this time.
—End Update—
[Image: dow_wtf-278x300.gif]Dow Jones Industrial Average, One Minute Interval