10 August 2012

Gold Daily and Silver Weekly Charts - Dull Trade to End the Dullest Week

"You need to be prepared for firm decisions and action, without losing gentleness towards those who obstruct or abuse you.

It's as great a weakness to be angry with them as it is to abandon your plan of action and give up through fear."

Marcus Aurelius

Ted Butler had some words on the CFTC Silver Investigation.

The DOJ gave Goldman Sachs a complete pass on their fraudulent activities leading up to the financial crisis in selling what they knew was crap to their customers and betting against it. That speaks volumes about the rule of law in case you were still wondering.

Volume on the NYSE today was only 400 million shares, and the week's trade was the lowest since 1995.

So there is little point in making commentary on such a dull, technically traded market, except to note that it will be event driven, so watch out for any macro or exogenous developments.

The momentum traders will hop on anything that even smells like a trend breakout or breakdown.

Gold and silver are still coiling for a move.

Have a pleasant weekend.