Although holding the Nov/14 low on the monthly and the two recent spike lows on the weekly forming a potential 'Double Bottom' it would be ideal for one more spike lower to fulfill the longer term daily trend-line .

Beware the Pattern objective on the final chart...

Pattern objective nearly achieved ...I would like to see a complete washout today and recover leaving a 'Hammer' at the pattern objective, with follow through tomorrow - Leaving a spike down on the monthly below the 'Wedge' and the lower BB.

Or even a follow through to month-end getting over a 30% decline for the month leaving a candle similar to 08...

Or could be generally stops on a close only basis being absorbed.

I was relaying the interesting chart showing the extreme Cot positions, and felt obliged to supply the link from where it was first seen.

Here is another interesting read...

The Second Coming Of Gold

Link

Seems to want to bounce form the previous low...se how far it runs - But the out-performance against Gold is encouraging at a pivotal point...

Spec chart shows astoundingly bullish conditionsin both gold and silver, with American speculators legally on the hook to soon buy truly vast amounts of both precious metals to close their extreme positions! A record short-covering frenzy is imminent.

Could it be the Morgan clan are using paper silver to reduce price in order to obtain the physical for the new rulers China?

That would make sense according to what Blythe Masters said in 2012 ... Link

Did you notice the Freudian slip by the news anchor at the start?

While flat GDX I am looking for a capitulation long set-up as prices drops perhaps over 20% this month to the lower 'Wedge' line on the monthly...

See if Silver can bounce form the recent low area, otherwise look for the lower trend-line as an objective. Am hanging in long after oscillating satellite scalp trades...

Of note: ....the 1260%.... increase .....in Precious Metals derivative holdings in the past quarter,

from just...... $3.9 billion........... to $53 billion!!!!! AND - It's mainly.... "Silver" !!!!!
Http://www.zerohedge.com/news/2015-07-04/why-did-citigroups-precious-metals-derivative-exposure-just-soar-1260

Don't bet against the Chinese

I heard Chinese funds were short shorting commodities last week to hedge their longs, so maybe doing the same again this week...

"All commodity futures markets in China were limited down earlier in the week as Chinese hedge funds have increasingly hedged long stock market positions by aggressively shorting commodities, as they are now prevented from shorting equities. "

Derivatives!!   Anyone who can fog a mirror will know whats happening here...

If in doubt look here

'

interest rate bubbles, and ultimately the fiat US Dollar as the World Reserve Currency bubble...'

Link

Link

The IMF, the Europeans, and the BRICS (Brazil, Russia, India, China, and South Africa) all want to see the US dollar toppled as the world’s reserve currency.  The BRICS met last week as did the SCO and the Eurasian Economic Union

...but not always so. Look at 2005-2006 for an example.

Where the corrective A-B-C zig-zag wave ends at C and is higher than A

Which is hugely bullish as “The forces in the direction of the larger trend are so powerfulthat the pattern becomes skewed in that direction.” E. W. P. ...

Link

...not to be confused with deflation.

The monetary metals are generally a safe haven when governments act in a perfunctory or tyrannical manner. Such as now.

Except for now only the East seems to be aware of it, and he who holds the gold makes the rules.

Stuck in traffic South of Bristol as the whole country took their kids from school and headed to Devon and Cornwall for the Summer.

So got back to see GDX slammed again and lobbed out of my long for a loss ;((...looks like its on its way to $10. May take it back today if I see a set-up below S2...

Silver Slammed As 'Someone' Dumps $1.4bn In 'Paper' Gold Futures...AGAIN!! - Following "good" Housing data, "bad" CPI data, and "ugly" wage growth data,

- someone decided to dump.... $1.4 billion notional... in gold futures markets
(sending the price to 2010 levels), ....sending silver plunging also, will hang around to see if the S1 provides a bounce...

Link

While a doctor in a London A & E Dept was suturing a cut on the hand of a 75 year old U.S rancher whose hand had been caught in a revolving door,
- the rancher was watching Cameron on the T.V behind the doctors head
- The old rancher said,

Well, ya know,.... you... got a 'Post Turtle' ....for president too.

Not being familiar with the term, the doctor asked him,
- what a.... 'post turtle' was.

The old rancher said,
- 'When you're driving down a country road and you come across a fence post
... with a turtle balanced on top,..... that's a 'post turtle'.

The old rancher saw the puzzled look on the doctor's face
- so he continued to explain.

"You know he didn't get up there by himself;
- he doesn't belong up there;
- he doesn't know what to do while he's up there;
- he's elevated beyond his ability to function;
and you just wonder
- what kind of dumb ass people.... put him up there to begin with."

Along with one or two others in the sector - HL hopefully will get a confirmation candle tomorrow...