Markets and financial reporting were virtually flat in April. The only bright spot on the horizon was natural gas prices, which were up 16 percent, probably a dead cat bounce. The Dow, Nasdaq, Oil and metals prices were channel trading, but these directionless markets are usually short lived. As Mickey and I spoke, gold and silver were getting raided as usual. Employment numbers were released, and they pointed to a slight decrease in new filings. However, these monthly numbers have been shown to be completely unreliable and inaccurate; wait for the inevitable revisions to kick in.
In other precious metals news, Copper is showing great stability, while platinum got kicked in the teeth and fell bellow gold once again. But, history shows such instances to be short-lived, and this will no doubt follow the pattern. So we’ll see if the old saw, Sell in May and go away holds true this year like it has in previous ones.
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