27 January 2016

Gold Daily and Silver Weekly Charts - Continuing Flight to Safety

"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."

Robert Bolt, A Man For All Seasons

"I wonder, Madam, that you have not penetration to see the strong inducement to this excess; for he who makes a beast of himself gets rid of the pain of being a man."

Samuel Johnson, from Anecdotes of the Revd. Percival Stockdale

Gold continued to push higher today after some early weakness.  Interestingly enough the dollar has shown some weakness, but the overall flavor of the markets has the tang of a repricing in of risks that have been sore neglected, and for far too long.

The FOMC deferred on doing anything at their meeting today in grudging recognition of the deteriorating 'recovery.'

There was intraday commentary on the little noted 'informal one-on-one' meeting between Bernie Sanders and the President.   You may read about it here.

Hillary Clinton announced today that she would considering appointing Barack Obama to the US Supreme Court.

"Why Richard, it profits a man nothing to give his soul for the whole world... but for Wales?"

Let's see if the 'cup and handle' in gold can continue its formation and become activated.  If it does I will go over the formation and its implications.  But for now I will save myself the effort, since no charts may work in markets divergent from market fundamentals.

Have a pleasant evening.