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Money Changing

May 6, 2011

There were really two things sucking additional money from commodities yesterday: Dollar & Treasuries. Both had substantial up moves for reasons including the Euro selloff & an apparent early deal on the treasury ceiling (which is going to be raised regardless of political theatrics). The other major push into US dollar is a result of the crushing of the carry trade as Yen has rallied tremendously. It so far appears that gold has bounced a bit here along with silver & oil, but you cant bet on anything at this point. The silver market is clearly being manipulated as margin hikes flood in, physical silver is actually leaving the comex vault. I think we will see the dollar up another few days before resuming its downward slide – which will in turn push all things up.

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