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SMF069

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OT: Gold Up, Oil Soaring

posted on Aug 27, 2013 01:40PM

....not to mention the large commercials went net long gold. We might see silver through $25 and beyond this week. SMF

Loud War Drums Send Gold Into New Bull Market, Oil Soaring

08/27/2013

A flurry of Reuters headlines climaxing with:

WESTERN POWERS TELL SYRIAN OPPOSITION TO EXPECT STRIKE WITHIN DAYS - SOURCES WHO ATTENDED MEETING BETWEEN ENVOYS, SYRIAN COALITION
MILLER SAYS CHANCE OF U.S. STRIKE ON SYRIA ‘VIRTUALLY 100%’

has sent investors scrambling for cover and added war premia to risk assets. Gold is now up over 20% from its 6/28 lows to $1,418.90; WTI jumped to over $108.50 - its highest since early March - collapsing the Brent-WTI spread back to $4. S&P futures are at their overnight lows -12pts (as all-important AAPL loses the $500 level and Icahn's dreams); 10Y yields have slid to 2.76%; and the JPY is surging back to 97.50 as carry-unwinds escalate.

Oil prices are surging...

as gold breaks away from Mikael's grip...

to a new bull market...

as a safety bid drives Treasuries higher (yields lower) and carry-unwinds smash stocks...

and the all-important AAPL loses its post-NASDARK/Icahn gains...

Charts:Bloomberg

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