27 August 2015

Gold Daily and Silver Weekly Charts - Bottom Watching - Icahn Buys Stake In Miner Freeport-McMoran

Gold took a gratuitous little hit on the NY open/London PM fix this morning. It was held down most of the day.

Silver managed to perk up nicely though, regaining the midpoint to the 15 handle. Next month will be more active for silver, and not so for gold.

Lets see if sparky can carry the day.

Not much ever happens at The Bucket Shop these days, so when Goldman takes 44,200 gold ounces for its house account as they did yesterday it is at least worth of note intraday which you can read about here.

I know, it's not that great, but it's something.  We're hard up for any real action here, except for the daily dump of paper to knock the prices lower in the AM with a slight recovery into the PM and then higher prices overnight.  Rinse and repeat the next day.

Chart formations for the precious metals have not meant much for, oh I don't know, about a year or so now.   Its just a steady knockabout lower, tap tap tap.

It may be dissipating.   Way to early to say.  But let's watch the chance for a rounding bottom here.  No charge for looking.  And after all, Summer is almost over.

Have a pleasant evening.

Related:   Carl Icahn Takes 8.5% Stake In Miner Freeport-McMoran

Check out those 1960's outfits and hairstyles. And that frilly blue cap?  Ouch!