The Swiss team’s latest report is out. They continue their uber bullish call and expect 1470 to give way soon. There is much detail around instruments and levels to add but I’ll come back to all this later.

They are bullish AUD vs the USD but I’m playing the AUD not vs the USD buy vs the JPY. If Asia moves the jpy should fall a fair way vs the world basket particularly so if the Shanghai is to bounce and the metals are to make a new bull run.

Just to pick up on the GDX also HUI. She is  pushing on and their continues to be a strong bid supporting any minor pull backs in gold silver. Its hard not to be bullish here i must say. We don’t have bullish sentiment extremes either and monetary conditions continue to be very accommodating. The only near term doubts in my mind are whether the Asian breakouts turn out to be false breakouts. If the Chinese fail to agree a policy move its easy to see how this could occur.

For I’m continuing to run a large balance sheet increasing weightings to commodities. I’m following the money and the trends but i’m keeping a careful eye on China and Spain.

Here the report Weekly02-10

All the best guys

Rich

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