01 July 2014

Gold Daily and Silver Weekly Charts - Dogs, Not Barking

I found it interesting that on a day when the Dow Industrials (index for the financial tourists) and its little brother, the SP 500, were pushing to new highs, with VIX falling, that gold and silver held their rally from yesterday.

More silver contracts were stopped, bringing the new monthly two day total over 11,000,000 ounces.

There was nothing happening in the warehouses. The hot potatoes are all staying in the restaurant for now.

Non-Farm payrolls on Thursday and then the market close early afternoon for the national holiday. Unless we have a six sigma non-farm payrolls print I expect the early action to fade fast as the adults exchange their cell phones for summer drinks, leaving the carney games to the juniors.

I was pleased to hear that several of my son's friends of the highly talented mathematical persuasion have decided that budding careers working for Wall Street Banks are just not worth it, and have given their notice on their offers and internships. Perhaps there is room for hope. Let them eat liberal arts majors. Extreme careerism and shallow greed has its ebbs and flows along with everything else.

Have a pleasant evening.