Bing-Bong, the Wicked Witch Is Dead!

Gold and Silver are down sharply Sunday night on word of bin Laden’s death, and so I’ve furnished benchmarks for each that can help us judge the severity of the selloff.  I’ve also identified the conditions necessary to signal a possible bullish reversal in the US dollar, but so far tonight there is not sufficient strength in it to account fully for bullion’s weakness.

Because the selloff in precious metals has occurred in response to the happy news concerning bin Laden, nervous bullion bulls should be asking themselves, “Will this really change anything?”  More likely is that it will ultimately heighten global terror and fear, and thus the demand for precious metals, since the upcoming week will undoubtedly be the busiest time for recruiting that al Qaeda has enjoyed since 9/11.  Under the circumstances, it is difficult for an adult to watch collegiate revelers outside the White House gates tonight without feeling a deep sense of foreboding. They evidently think that the jihadists’ so-far decades-long war on civilization is just another Texas vs. Oklahoma scrimmage.

  • C.C. May 2, 2011, 8:54 pm

    The only ‘happy news’ is that:

    a.) The birth certificate controversy is now closed – a completely neutral and objective 4th estate media has guaranteed it, ipso-facto…

    b.) The Uber boogie-man (Similar to the Wo-Fat character of Hawaii 5-0 fame, who was responsible for nearly all criminal activity), has been neutralized, flown off and buried at sea. Again, our objective 4th estate assures us all is so, and the 24/7 Yahoo front page bears it out.

    *I still can’t figure out how all of those people were able to show up at 12:30 AM for the CNN cameras on such short notice – and with such a bright-eyed & bushy-tailed appearance, it might has well have been high-Noon…

    Yep, I’m a true believer…

    We really are Hosed –