28 August 2013

Gold Daily and Silver Weekly Charts - Though the Heavens May Fall

"When a man takes an oath, he's holding his own self in his own hands, like water. And, if he opens his fingers then, he need not hope to find himself again...If we lived in a state where virtue was profitable, common sense would make us saintly. But since we see that abhorrence, anger, pride, and stupidity commonly profit far beyond charity, modesty, justice, and thought, perhaps we must stand fast a little, even at the risk of being heroes."

Thomas More

Silver was quite volatile as the new holders of September contracts were given a wild ride last night and today, with gold largely riding on the silver surfer's wave.

The drums are playing a martial tune, and the markets wait with some anxiety.

The bears had all they could manage to keep the price of gold and silver in check today given the importance, in the short term, of the outcome of this week to them. For if they lose control now, they have little hope of making it into the year's end. 

The action around 1420 tends to confirm the neckline. This is all endgame, and delay.  And so there is less doubt in my own mind now that, for the long run, the tide has turned.

This market distortion will not stand, until those who stand entrapped within a tangled web of their own lies and misdirections, finally stand and deliver. And so we will find, at long last, that justice is satisfied.