12 August 2016

Gold Daily and Silver Weekly Charts - Not Too Obvious - The Devil's Tower

Today's intraday gold chart looks like the Devil's Tower mountain in Close Encounters of the Third Kind.

So up they went into the NY trade, and down they came after Europe and Asia went to bed.

There was quite a bit of delivery action yesterday in gold, if delivering claim tickets for bullion of a less than transparent pedigree counts. And as usual there was little to no action with the physical bullion in the warehouses.

Silver had no deliveries reported, but enough movement in the warehouses to warrant a look.

There was intraday commentary on the warnings that Pam Martens had given to the Fed and the Administration in 1998 about the repeal of Glass-Steagall and the proliferation of dangerously leveraged derivatives bets. And guess what, we are right back there again, with many of the same faces saying the same things in different ways.

I hope today's affirmation of the supremacy of leveraged financial paper bolstered your confidence in the wisdom of our ruling elite.

But not one thing has changed on the charts.  They are still coiling, and as Pam Martens observes, I think there is trouble behind the scenery with one or more of the Banks.

We had the results of the queen's full body neck to legs cat scan today, and it was 'perfect.' After such a tough year so far it is nice to get some unexpected good news. And so we celebrated with a brief but rather indulgent visit, by our standards, to a favorite bakery called Natale's.

We might even brave the heat and humidity to visit another favorite, Cacao Market by MarieBelle, in Williamsburg Brooklyn.  They say that its layout drew its inspiration from the shop in the movie Chocolat.

 I am not so much of a candy person, but the queen has an affinity for chocolate, especially dark chocolate truffles.  And theirs are exceptional says she, having had the opportunity to sample some of the best across Europe over the years.  So who am I to question her expertise in all things chocolate?  lol

It's the little things that make life worth living, especially His tender mercies, coming slowly over the horizon like welcoming lights in the darkness, reassuring us, and marking our way safely home.

Have a pleasant weekend.