23 January 2018

Stocks and Precious Metals Charts - We Are the World

"The shepherd drives the wolf from the sheep's throat, for which the sheep thanks the shepherd as his liberator, while the wolf denounces him for the same act as the destroyer of liberty."

Abraham Lincoln
Cohn and McMaster had a press conference today, to discuss the President's upcoming trip to the World Economic Forum in Davos, where he will meet with billionaires, their courtiers in the media and the academy, and some world leaders such as Benjamin Netanyahu and Theresa May.

This Davos forum is a gathering of the economic elite, and not necessarily of government functionaries, although with corporatism becoming more fashionable, it seems that the two will be increasingly one. Trump is the first American president to attend this gathering.

When asked about the framing of the 'America First' campaign slogan, Treasury Secretary Cohn said that it is 'America first, but not alone.' America is 'open for business.' And to that end the Trump admin slapped a 30% tariff on imported solar panels.

And Gary Cohn added that what was good for America is good for the rest of the world. I imagine this echoes his endorsement of the 'trickle down' theory which he

And there you have it.

As a bit of trivia, I have been to Davos, many years ago.  I often traveled to Switzerland over the years, for international standards meetings at the UN in Geneva at first, and then later for business conferences with our European customers and salespeople in places like Davos, Zurich and Zermatt.

Speaking of what's good for America, or at least for those elite Americans that count in the modern economic order of things, stocks continued upwards, as the riskiest of risk on markets continues to push to new highs, shrugging off any and all concerns with its 'rampant optimism' as the spokesmodels like to couch it.

Gold and silver caught a bid today on dollar weakness, as Uncle Buck cracked down through the 90 level on the DX index, finishing up around 89.90.   You may have noticed that the stock charts for the dollar that I post are initially a day behind, and then get updated to include today's action later on in the evening.  This is because of a lag that Stockcharts has in updated that particular pricing.  I watch it on my CME futures feed but don't generate my own chart for it.

As previously noted there will be a Comex precious metals options expiration on Thursday.

Have a pleasant evening.

"He makes the rules and he intends to keep it that a'way,
What's good for General Bullmoose, is good for the USA."