07 July 2016

Gold Daily and Silver Weekly Charts - Pause Ahead of the Non-Farm Payrolls - Winter Is Coming

"Every increase of knowledge may possibly render depravity more depraved, as well as it may increase the strength of virtue.

It is in itself only power; and its value depends on its application."

Sydney Smith

Let's see if the Non-Farm Payrolls Report tomorrow gives the Fed enough of a recovery fig-leaf to start talking about rate increases, and sufficient nudge for the market takers to shove the price of the precious metals around to catch any of the over-leveraged specs leaning in the wrong direction.

Except for the occasional exogenous news that moves markets, we are in the Summer doldrums where the market fakers and takers like to shove prices around to generate enough action to fuel the vig.

 It used to be ridiculously high commissions and the occasional frauds, but now it is pervasive insider trading and the soft corruption surrounding HFT and the exchanges that fuels the Jabba the Hutts of Wall Street and Washington.

So I wisely chose to spend a pleasant afternoon doing a thorough overhaul on our old Troybilt Pony rototiller on the driveway in the shade, and rewarded myself with an ice cold beer after it was done.   It has done us good service over the past twenty five years on both lawn and garden.  It really needed some careful attention, a few parts, and a bit of elbow grease.

Like most things in daily life really.  You choose quality and take good care of it, and it serves you well in the long run, from kits to chickens to investments.

It is very hot and humid here this week. But it was nice to get out and do a few chores, tidy up the yard, and feed the birds.  They are very vocal in their gratitude, and the birdsong makes the backyard seem very cheerful.  In a little while I will be taking the queen out for some light shopping.  What more could one ask for?

Support levels on the charts are important to watch here.

Have a pleasant evening.