Today’s headline stories are:
· Steve Jobs Steps down and
· Gold and silver starts correction.
For the first news, I do not have many comments except wishing Steve Jobs good luck and good health. He has singlehandedly turned around Apple and made the company what it is today. Many things can be said about Apple but no one can deny the fact that it is the most valuable company in USA just by market capitalization alone. We need to wait and see how it will affect the stock price tomorrow. But nothing or nobody goes on forever. So “ Au Revoir” Mr. Jobs. Well done Sir.
The second news was about the sharp decline in Gold and other precious metals.
From ETF Digest; the sharp decline in the price of gold was “the result of the Shanghai Gold Exchange raising margin’s the second time this month Tuesday late, the impending options expiration on the COMEX Thursday which generally leads to chaos, a much overbought market and, let’s face it, Bernanke doesn’t want continually rising gold prices to embarrass him Friday. (BREAKING NEWS: After the close the CME raised gold margins by 27%! This must have been leaked to other exchange members. Options traders at the COMEX will feast on this and this is another reason markets are broken and corrupt.)”
I am borrowing another chart from the master chartist Chris Kimble regarding gold;
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