09 October 2013

Gold Daily and Silver Weekly Charts - G20 Central Bank/Finance Meeting in Washington Tomorrow

“Above all, don't lie to yourself. The man who lies to himself and listens to his own lie comes to a point that he cannot distinguish the truth within him, or around him, and so loses all respect for himself and for others. And having no respect he ceases to love.”

Fyodor Dostoyevsky, The Brothers Karamazov

As a reminder, the G20 finance ministers and central bankers will be meeting in Washington DC starting tomorrow 10 October for a two day meeting.  They will be continuing the discussions of changes to the international financial architecture and banking system.

There was a 31,000 oz. deposit made to customer storage at HSBC yesterday, and one bar of bullion was moved from customer to deliverable status at JPM.

Today was the usual slap and cap, wherein gold is hit early and then held down for the rest of the NY trading day, rebounding a bit in the afternoon.

It turns out that in August there were 300 tonnes of gold bullion shipped to Hong Kong from the US and Switzerland. The game is afoot.

Let's see how the debt ceiling discussion fares as it seems to be the big market driver now. Expect the lies and hysteria to get thicker as the date grows closer. There is a slim chance that this amounts to a serious crisis other than the usual deterioration of nearly everything from systemic corruption, but there is a chance.  

People offer their fears to all the wrong things, to their false gods.  They live in constant fear of phantoms and dustballs, in service to their pettiest vanities.  If we only knew.  But we don't, even though God has sent Moses and the prophets to warn us.

How terrible it would be, to hear those awful words.

Weighed, and found wanting.

Have a pleasant evening.