22 October 2014

Gold Daily and Silver Weekly Charts - Consolidation Day and Tragedy In Canada

"Anger is the enemy of non-violence, and pride is a monster that swallows it up."

Mahatma Gandhi

There was a terrible shooting of some innocent people near the Parliament in Ottawa today. Such actions are never justified, and are simply murder, no matter what rationales some may wish to put forward. That these types of things may be used to promote oppressive responses by some is simply a doubling of the tragedy and injustice.

As Gandhi said, 'an eye for an eye makes the whole world blind.'

Gold and particularly silver were under pressure for most of the day.  They may have taken a pause at support.

It is interesting to see them run with stocks today, in the face of some exogenous risk events. They are certainly acting oddly.  One has to wonder if this is a related action by the 'Plunge Protection Team' which feels free to purchase stocks at key points apparently to help restore confidence.

Huge offtakes of physical gold are occurring, as highlighted by the official statement from China concerning their acquisition of 2,199 tonnes of gold bullion in 2013.

Let's see how the rest of the week goes.

Have a pleasant evening.