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I found a better URL to check India metals market. (Dow Jones Commodities News via Comtex)
Here we see: Silver/kilogram 73,105
Gold/10 grams (Pure) 22,235
The rupee is trading at 44.415 today, that gives the following in USD for India domestic prices:
Courtesy of zerohedge today, here's a link to a vid that is a must-watch for anyone vested in the metals.
Why is China a friend of gold and silver, while the Fed has a fear and loathing of the metal?
The explanation is brilliant -
This chap outlines a strategy which 'could' be taking place, one that will draw massive cash flows
into the yuan from around the crumbling world, enriching the Chinese buying power and ultimately floating a new world base currency.
Looking hard to see if we might have formed a double top at under 50 on 4/25 and 4/28... Have to think about taking profit in physical 100oz bars (not the 1oz ML's and 90% Junk). But, the dollar fell through that important 74 level, gold is at all time highs and the physical supply of silver is still tight. Here are charts of the dollar in the same time frames as the ones that covered silver's big moves in post 55.
2003-04: Traded mostly contrary.
8/2005 to 6/2006: Traded mostly contrary.
6/2007 to 1/2009: Traded mostly contrary.
2009-current:
Nov '08 to may '09: traded in the same direction
May '09 to Dec '09: traded opposite
Dec '09 to Sept '10: SL flat DXY big moves
Sept '10 to now: traded opposite
All the thanks about the historical charts should go to PositiveDeviant for posting the time frames in post 30. He nailed the recent top in SI to the day. We seem to have moved from good resistance at 46 to good support at 48 - but massive resistance at 49.50. Day traders wet dream today - I've got to get a trading buddy.
The correlation between gold's movements and those of sister silver is remarkable, like watching Siamese twins.
I know everyone is taking great pains to chart silver, myself included, but after watching gold and silver in lock-step since gold $1,500 there's little doubt who's running the show.
Take a look at the two graphs silver and gold here. (down on the RS), this parallel tracking has been going on for 10 days, ever since gold broke $1,500. My conclusion is that silver does not have a mind of its own right now.
"The Price Failure Rule can be an indication of the weakness of the market as shown above or the strength of the market if price fails to reach a downsloping Median Line. The rule can also be used as a guide as to how far price will go after failing to reach the Median Line. According to Andrews' explanation, the probability is that price will fall beyond price pivot P2 in the graphic above."
-Gold and silver are dancing cheek to cheek. Gold is leading.
-Silver has the all time resistance level of $50.00 to plough thru. This number is purely psychological , because adjusted for inflation, $129.00 USD is the new $50.00.
-Gold is the battle line in a sovereign battle for the world base currency supremacy (or independence) fought internationally between London/US/ BIS on one side, China/Russia on the other. The Arabs and India are buying gold and posturing their possible alignment with a potential new world currency order. China is clearly winning the battle.
- If gold breaks out beyond $1,550, silver will be at $60 shortly thereafter.
- 86% of the demand for PM's currently is coming from Asia. The Chinese and Indian street are buying aggressively.
Yep, and there goes gold, smashing thru $1,500. This is the first decoupling i have seen in 10 days about. Or is it. lol.. let's wait a few hrs. I also took profits at 49. Holding my breath now..
