Today has seen a return to risk aversion, after watching the currencies have their way with the dollar, yen (JPY), franc (CHF), and Treasuries on Friday. Remember on Friday when I told you that in the “old daysâ€? you could bet a dollar to a Krispy Kreme that if the Jobs Jamboree was bad, the dollar would get sold, and if it was good, the dollar would rally, but that had changed during the financial meltdown… And so it was on Friday… The labor report wasn't as bad as it was thought to be, but the dollar got sold.
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Silver Goes Up, Down and All Around!
Well… Yesterday’s price action was something…really something… The currencies backed off their assault on the dollar for a day, but the slippage was minimal… The real rodeo for the prices was in gold and silver, with silver riding the bull till the horn sounded! As I mentioned yesterday, silver had traded to $49, which represented a $9 rally in less than two weeks. Well, it was as if silver stepped on the trap door and it sprung, with silver falling $3, then gaining it back, only to see it lose $2 on the day… Up, down, all around…
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