10 October 2014

Gold Daily And Silver Weekly Charts - His Mills Grind Slow, But Exceedingly Fine

Today was gloom over Europe day, as concerns about European economic growth had stocks on the ropes, and a late day downgrade on the credit outlook for France had stocks selling off.

Traders are watching 1905 on the SP 500 cash very closely, because that is its 200 DMA. If we break it and don't bounce, the day after next could see a gap down open.

The Comex continues to be a showpiece, Madame Tussaud's on the Hudson, with little actual metal activity except for CNT which is providing bullion for the US government in their silver eagles sales, which are breaking records.

Jack Lew spoke to the IMF today, and had some hard words for Europe about doing things to stimulate aggregate demand.

Well considering that the Russia sanction which the US forced on Europe are hurting, and the austerity they imposed thanks to the massive control fraud perpetrated by the US based global Banks, I doubt the Europeans were taking his advice too well.

I might like to remind Jack that despite the lower unemployment rate that has the intelligentsia so mesmerized and happy, in fact the jobs being added are low wage, and overall the real median wage is falling.

In other words, Jack, unless you are one of the one percent, things do not look so good in the States either, and it is going to start showing through the threadbare sleeves of our real economy statistics beyond the accounting gimmicks.

I am keeping a very open mind on this, but to me the lower highs and lower lows that have been steadily hammering away at the precious metals are going to break down fairly soon, and the reaction might help us to forget some of the distasteful actions of our own guys in papering over their errors and missteps. And we ought not to forget. These half measures keep adding to the growing climate of moral hazard in the Western financial sector.
Party like its 1999
Here is an interesting article about IPOs and their financials.  Are we really at the threshold of a bubble?   I think we are beyond all that if you account for the real economy in this equation.
Let Wall Street tell us again that gold and silver are dodgy investments, but stocks and bond are such values?
Control frauds, leverage, counterparty risk, and other people's money, bitchez.   Mostly yours.

Have a pleasant weekend.