07 August 2020

Stocks and Precious Metals Charts - Shenanigans Abounding in Quiet Summer Trading

"Write this message plainly on tablets, so that even a passerby may read it.

For there is still a reckoning coming in its appointed time. It speaks of the end, and does not lie. If it seems to be late in coming, wait for it; it will surely unfold.

Look at the proud and the powerful. They trust in themselves, and so their lives are becoming twisted.  But the righteous will endure, and live by their faithfulness to God."

Habakkuk 2:2-4

Gold and silver both pulled back today to consolidate their recent spectacular break out gains that left them both short term very overbought.

Do I think their rally is over? Not hardly.

Gold and silver have hardly gained much notice or respect in the broader investing community, which is still chasing rainbows.

If you look at the gold clearing report below, you can see that every active financial playing was buying for their house account, at 2051.

Most of the gold and silver commentary on financial TV is shallow and dismissive.

There is more rally to come.

The Dollar bounced back a bit today.

Stocks in the non-techs managed to gain back their earlier losses of the day, thanks to the light trading of a Friday in midsummer.

Big cap techs were a serious divergence, with the NDX ending firmly in the red.

Washington is dead-locked, the political posturing and lies are flying thick and fast. The Trump administration is throwing out useless symbolic poses and gestures, with no leadership or competent governing skills, as usual.

See you next week.

Have a pleasant weekend.

06 August 2020

Stocks and Precious Metals Charts - King Silver! - Non-Farm Payrolls Report Tomorrow

Gold and silver were both moving higher today, with the Dollar continuing its slide lower as measured by the DX index.

Gold closed just north of $2070.

Silver had a major move and finished up just shy of $29!

Stocks were a bit lackluster in the early trade, which was also especially light.

However in the afternoon the animal spirits of the pigmen stirred, and stocks were bid up towards new bubble highs.

There will be a Non-Farm Payrolls report tomorrow. Stocks may move on it. Trumpolini wants to see good numbers.

I put up a chart that shows the returns of a few of our familiar asset classes since the beginning of 2019.

And surprise, the winner was King Silver.

Hail to the king, baby.

Have a pleasant evening.

03 August 2020

Stocks and Precious Metals Charts - Risk On!

Today was one of those 'risk on' days when the punters on Wall Street decide that there are blue skies ahead.

Gold and silver were off a bit, and the Dollar bounced a little higher off the recent low.

Tropical Storm Isaias is due to rip through here tomorrow, so I was taking the usual precautions for one of these late summer storms coming up the coast.

This one looks to be a proper nor'easter, with 60 mph winds and 4-6" of rain.

Have a pleasant evening.

31 July 2020

Stocks and Precious Metals Charts - Crazy Train All Aboard

Gold and silver moved higher today, along with the Dollar which gained back a little of yesterday's loss.

Stocks came in much lower this morning.

And I was carrying an overnight short in the small caps, which I covered before I left around lunchtime.

Stocks managed to drift higher, to finish up on the cash market and almost unchanged in the futures after a big after hours pop last night.

Next week is August and with that comes the Non-Farm Payrolls Report for July.

The 'risk on' attitude for today seems like bravado.

Eyes are on Washington and the expiration of the unemployment benefit kick.

Have a pleasant weekend.