The FAZ/AGQ spread has given up some ground this morning but is still making a profit.  Markets are reacting in various ways to the end of austerity elections in Europe - in my view this means money printing will start in earnest.  To counter this we can expect central banks to do a coordinated raid on Gold and Silver and as silver drops I will be buying - as I do so I will close out the spread trade a little at a time.

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