Metals, Grains & Crude. Oh, My!

A very interesting day in all three. What will Wednesday bring?

First, the metals. As has been the case for all of 2012, The Bernank spoke today and down went gold and silver. After nearly reaching $1600 in early London trading, gold was pummeled well in advance of The Bernank and fell to as low as $1572 shortly after The Great Douchebag spoke. However, contrary to pattern from earlier this year, the metals subsequently reversed and traded higher, reaching $1592 just two hours later. Both metals have since been beaten back but the action today was encouraging, nonetheless. As you can plainly see on the charts below, both metals are rapidly moving toward a conclusion of their multi-month corrections. When they break...which will be soon...they will both break sharply and decisively higher.

Crude is getting very interesting as the situation in the MENA is becoming quite tense. Here's a story from the LATimes which confirms much of what Debka told us earlier today. Now above $88, the next objective is $90. IF it can get a toe-hold there and maintain it for a day or two, it will be set up for a run back toward $100. Not only could options players profit from this but holders of UCO would make a few bucks, too.