Gold and Silver are strong today on the back of an expected QE 3 and a bad NFB report. The raid never came but I am still a scale up seller of my core PM position. There are a lot of open positions for September silver delivery which would indicate the potential of a squeeze but this does not seem to be backed up by short term lease rates - Silver is also more of an industrial metal and weak economies around the world could impact consumption, so I am still not sure we won't see a raid.
The Dollar is getting stronger although I still think there is ongoing central bank intervention to hold it down. QE 3 and a loose money FED policy clearly can weaken the dollar - so there must be some fear that the Obama speach next week will do that. These markets are hard to predict and prone to violent moves - being long EUO seems to me to be a safer place to hide for now and the position is