via Bloomberg - Buffet Invests In Refiners

Notable to the discussion is where investors feel commodities prices are going. Icahn bought Freeport, and Soros bought Barrick. The rise in oil prices on Friday reversed the $TNX:!PRII ratio. A further decline in the Dow would see lower interest rates again.

That means gold prices are set to rally.

http://bloom.bg/1hKXpYn

$TNX:!PRII Daily

A reversal is in evidence for the daily chart, which will probably mean a decline to the 200-day MA. During recent declines in the Dow, you also had declines in the dollar, presumably due to lower interest rates. But declines in the dollar can only go so far before the value of the gold held in foreign exchange reserves becomes a factor in the gold price.

http://schrts.co/Ly3cNI

$INDU Monthly

There is no recovery in sight from the failed breakout of a broadening top:

http://schrts.co/q8MCKc

http://blog.bcaresearch.com/still-not-time-to-be-a-contrarian

The obvious contrarian bet is in the gold miners, but nobody in gold miners could foresee the disastrous copraphagic breakfast of consequences the miners had in store for investors. It was as if they were under contract to short selling interests to make the most complete cockup of affairs humanly possible.

$USD Monthly

The USD Monthly chart is interesting from the point of view that a notable low in the silver/gold ratio should occur at around the same time as a dollar rout.

http://schrts.co/aEh57F

$Gold/$Silver Monthly

The Gold/Silver ratio broke out resolutely this week, and along with wild fluctuations remained relatively unchanged. It looks more like the 2000-2003 breakout.

http://schrts.co/rvlgan

-F6