23 February 2015

Gold Daily and Silver Weekly Charts - The Reign of the Careless Few

Tomorrow will be an option expiration for the precious metals on the Comex. A calendar is included below. The March contract is not active and the expiration itself is not likely to be significant.

Probably more important will be Janet Yellen's testimony to the Congress, which will last two days.
It is difficult to forecast exactly what the Fed chair will say.  Of late, she is focusing on 'productivity,' that most malleable of metrics, as a possible sign of a recovery. 
And of course, we see the cash Nasdaq pushing at the 5,000 level, bringing back sweet memories of 1997-2000.
There is certainly a recovery--  for some.

And of course the presentation of the action plan by the Greek government to the troika which was postponed by them today.

These are very 'technical' markets, meaning the usual fundamental ties to the real economy and market supply and demand are a bit 'tenuous.'
We seem to arrive at this point, about every seven years or so.   It is not that hard to do, when you keep repeating the same failed policies that benefit only a few.

What could go wrong?  

Have a pleasant evening.