We wrote a few weeks ago about the global markets weekly oscillations.  Not just markets, but fundamental outlooks on inflation and deflation.  When markets are driven and highly dependent on liquidity and the direction of monetary policy, the underlying fundamentals are inherently unstable.  Witness the talk of dollar collapse and hyperinflation one week and deflation the next.

Many commodities, especially silver and gold, are journeys and not destinations.  That is, we’re not obsessed with prices targets and levels as much of the potential changes in monetary policies of the major central banks.    This is an important week and with some important levels.  Our sense is we chop around and digest last week’s commodity collapse.  Good luck!  (click here if charts are not observable)