31 July 2014
Gold Daily and Silver Weekly Charts - Into the Storm: Sharknado II - Embracing the Con
Today was not unexpected. Let me repeat. I was not surprised.
The markets today were so boring, in the manner of a staged match in professional wrestling, that I actually broke down and watch a DVR'd copy of 'Sharknado II.'
It was absurd to the point of being clichéd and campy but without genuine laughs, just like the current US Congress.
This was the 'wash and rinse' that was being written all over the charts.
Stocks dropped about 2%, and gold and silver were under continuing pressure for most of the day.
It did not seem like a panicky sell off, based on the Argenine default, although the VIX spiked pretty hard.
Rather, it looked like the type of very cynical market move that has characterized almost everything we have seen from the equity markets Matrix for some time now. Now that we have run them up, let's do a quick dump of stocks to once again try to skin the pension and mutual funds, along with mom and pop.
The gold and silver sell off, despite the big drop in stocks, ahead of the Non-Farm Payrolls report tomorrow, was just too much. Wow, precious metals hit ahead of a Non-Farm Payrolls Report. What a surprise.
Well, let's see how things progress. This *could* turn into something else, but for now it seems about as manufactured and orchestrated as the crisis in the Ukraine, and the neo-con beating of the war drums with Russia.
The markets are not as invincible as this newest crop of the Masters of the Universe think that they are, even though they have been on quite a market-rigging, justice fixing roll.
Doesn't this whole thing with Russia seem about as weird as the sudden push for war in Iraq that we saw in the Bush Administration? Its pretty clear what the motives were then in terms of making the most of a phony crisis. I wonder what they are up to now?
Have a pleasant evening.
Posted by Jesse at 4:34 PM