22 May 2015

Gold Daily and Silver Weekly Charts - Caps on the Bottles

"You know, I think many people have the mistaken impression that Congress regulates Wall Street. In truth that's not the case. The real truth is that Wall Street regulates the Congress."

Bernie Sanders

"It is rather for us to be here dedicated to the great task remaining before us -- that from these honored dead we take increased devotion to that cause for which they gave the last full measure of devotion -- that we here highly resolve that these dead shall not have died in vain -- that this nation, under God, shall have a new birth of freedom -- and that government of the people, by the people, for the people, shall not perish from the earth."

Abraham Lincoln, 19 November 1863

There will be an option expiration for the precious metals on Tuesday the 26th next week.

Gold and silver are obviously being capped in this area as we have previously noted.

Monday will be a holiday in the US for Memorial Day.

The economic calendar is a bit light for holiday shortened week, but we will see the second revision of the 1Q GDP which is most likely to be negative.

Since the propeller heads have already decreed this to be an anomaly, a 'one-off' I doubt we will see much reaction, as is the plan to easing the bad news to us without disturbing the placid thoughts of the herd.

The US Senate is scheduling a rare weekend vote on security surveillance legislation in case you were wondering what it might take to get some work out of this august body.

Have a pleasant weekend.