Still grumpy.....

I don't know what it is, but I am still grumpy about this move in gold and in particular the gold stocks. Why in the world was gold down $13 earlier in the day? Why the F' was the dollar screaming higher today? Why couldn't the gold stocks catch a bid until late in the day? These are questions I want answers to! I am not overlooking the important fact that gold hit an all time high today, but it still galls me that we are so far way from an inflation adjusted high.

So the morning started off with gold crashing hard once the CRIMEX opened; no surprise there as they capped the market under $930 last night so they prolly thought, what the hell, let's run the stops. At one point gold was down $13, the dollar was screaming on nothing, and oil was down $1+

Maybe the dollar took off when the CPI came in very hot. The thinking is, I guess, that with the higher CPI, the less the Fed would cut. Are they serious? This Fed has already proven what everybody knew, inflation be damned, we need the growth. Say hello to my little friend, stagflation.

When the stock market opened, my latest gold stock tell, AEM, was nicely higher and some other stocks were doing well given that gold was getting squashed. However, as the morning progressed gold made a very nice comeback and around 11:30 gold was flat for the day.

At this time, oil started to catch a bid and that ignited gold higer. After all was said and done, gold was up $16 to close at a new record of $943. The minutes from the last Federal Reserve meeting were released, and to nobody's surpirse, more rate cuts are a comin.' This was like throwing gas on an open fire and really helped gold get to the highs.

Now for the gold stocks. They sucked pretty hard in the early going. At one point, PAAS, announced they had replaced and added to their total reserves and the stock went down on that news! That had to be the biggest joke of the day. GG, NEM, MFN were just several stocks that were down when gold was up $10+. They did finally catch a bid and closed higher when the market took off at the end of the day. However, with gold up $16+, the HUI up 11 on a fairly good market day, is somewhat depressing.

The shorts, CB's, CABAL, and DA BOYZ are trying their hardest to keep this market down. Today, they got a feel of what its like when the market reverses hard against them. Let's hope they may have learned a lesson. HA HA HA, they will be back.