02 October 2013

Gold Daily and Silver Weekly Charts - Pop Goes the Weasel

Gold and silver rebounded today from the artificial smackdown yesterday.  It seems likely that this was a raid designed to flush out amateurs who had taken safe haven positions ahead of the government shutdown, both in downside stock protection and precious metals. 

There was intraday commentary on financial journalism and the Banks here.

Someone brought 31,000 or so ounces of bullion into customer storage at HSBC yesterday, otherwise there was no activity for the first day of October.

As I mentioned in the stock commentary, barring a deal, the Street has its eye on the October 17 debt ceiling discussion, moreso that the shutdown which they really don't care about. I suspect that trade will be 'unsettled' until then.

There is an interesting movie on Netflix streaming called Surviving Hitler: A Love Story.  It is fascinating to see a well done documentary of how ordinary human lives separate and come back together again in a time of momentous and dark historical events.  I won't give away the ending, but if this was not a true story it would be hard to believe.