Sunday pre-game, 6/10/2012

This post will be brief, as I am tending to unforeseen developments regarding my coal cellar. Let's face it, coal cellars don't take care of themselves, and poor morale and absenteeism in one's workforce don't help. I have given up on one especially delinquent employee, who shall go unnamed. However, I have found a suitable replacement:







On my flight from Bilderberg, owing to unusually slow champagne service, I found some time to prepare these updated versions of last week's charts.

Regular King World "News" listeners will recall, on June 1, Art Cashin of UBS announcing the following:

This morning at 8:32 AM (EST), gold converted from just another asset class, back into safe haven status. 


Actually, savvy readers of this blog know that gold entered a new safe haven phase the day before, when I showed how our proprietary $GOLD:$CRB chart had just crossed the red horizontal line to an all time high (it has since broken out well past it, before consolidating a bit Thursday and Friday during obviously manipulative maneuvers)

 Silver is right at support on its long term log chart:
Though I'd like to see the triple crossing point (at $22) on the linear chart safely behind us (early July)  before I am bullish on silver. 

The monthly gold chart looks good, with gold bouncing off the bottom of the brown trend channel yet again this week.

Note how the crossing point of the blue and purple trend lines was support on the "10 yr yields in silver" chart

And similar action on the weekly version of the same chart

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