Gold Daily and Silver Weekly Charts - We Come In Peace

"The wealth of another region excites their greed; and if it is weak, their lust for power as well. Nothing from the rising to the setting of the sun is enough for them. Among all others only they are compelled to attack the poor as well as the rich. Robbery, rape, and slaughter they falsely call empire; and where they make a desert, they call it peace."

Tacitus, Agricola


"When the rich wage war, it is the poor who die."

Jean-Paul Sartre, The Devil and the Good Lord

Gold and silver look to be 'pegged' around these levels for now.

There was little clearing activity yesterday on the Comex, and the warehouses were a snooze as well.

The dollar lost a bit today, but regained it back.

Gold and silver are chopping sideways now, as can easily be seen on the chart.

They will resolve this impasse at some point.

Let's see which way that they go.

The mispricing of risk is like karma;  it comes back around when you least expect it.

Have a pleasant evening.

SP 500 and NDX Futures Daily Charts - Risk On

Stocks were risk on today, bouncing off support.

Although it seemed like that brisk feeling of defying the potential dangers of a faltering world order and wobbly economies in order to chase a bit of short term return faded a bit into the close.

The underpinnings of the market are weak, because the time horizon of most of the daily holders of stocks can be measured in seconds.

So on an 'exit-provoking' event, we can expect stocks to do a melt down that could be fairly impressive.  Perhaps not nearly as impressive as in 1987, but it might seem that way to those whose market memory only goes back to 2002.

Have a pleasant evening.

Gold Daily and Silver Weekly Charts - The Status Is Quo

"We are The United States of Amnesia, which is encouraged by a media that has no desire to tell us the truth about anything, serving their corporate masters who have other plans to dominate us."

Gore Vidal

Gold and silver were marking time today, bouncing along the support line at 1250 for gold and the 17 handles for silver.

There were some deliveries on the Comex for gold on Friday as Macquarie unloaded a chunk of its 'house account' gold.  Silver was a snooze again for October.

I am disallowing the possibility that Trump is either knowingly or unwittingly a cat's paw for Wall Street and the Clintons.  He is certainly making her way easier by taking all the focus away from their many unfolding scandals and abuses of power.

Have a pleasant evening.

SP 500 and NDX Futures Daily Charts - Pigs, With Lipstick

Stocks were weak today on the worse than expected macro-economic news from the US. See the economic calendar below.

They recovered a bit in the afternoon and closed almost unchanged.

Tech was helped by Netflix, which reported 'better than expected' earnings per share and more importantly subscriber growth.

What I find interesting is that the discussion on the financial infomercial channel had been centered around who might purchase Netflix? You know, the same sort of talk that had been swirling around Twitter, that died off fairly quickly.

If Netflix is doing so well, why are they being shopped out for acquisition? Could it be that they are at peak valuation, especially with their after hours surge for being 'better than expected?'

And they did indicate that they would be going to the debt markets to raise more money in the next few weeks? Is this just another tech 'growth story' with ever-receding success?

Stocks look very fully valued here, and the economic news is really not all that good from the consumer side despite criticisms and complaining of the faults in the current system and economic conditions being labeled 'anti-American' by the august economist Paul Krugman.

Yes I know, Paul K. has given himself over to hyperbole and dramatic rhetorical devises in the service of politics.  And that is what has made economists what some have called a 'disgraced profession.'

There are few things more petty than an academic argument. And nothing more despicable than an academician making political arguments with aspirations for positions and power.

Have a pleasant evening.

Just Charts At 3 PM - Knocking Off Early On a Friday Afternoon

I waited until Yellen had said her piece this afternoon to see if the markets reacted to it, and they really did not do much.

So, since it is a nice, sunny day out and I have things to do, I am going to get an early start on them, and present you with the charts and data for the precious metals and major equities as of now.

I will update any major change *if* any should occur between now and 4:15 PM when the futures close.

See you Monday.

Have a very good weekend.

Gold Daily and Silver Weekly Charts - Dull Times in Snoozerville

Gold and silver once again chopped sideways today, as stocks slumped due to much weaker Chinese exports data, but the dollar fell from its recently overbought prices.

The clearing reports and warehouse activity was relatively meh.

Just another day in the Empire.

Have a pleasant evening.