28 July 2020

Stocks and Precious Metals Charts - Precious Metals Soar Overnight - FOMC Tomorrow

"Demagogues are willing to do or say anything to gain office or to consolidate their power. Unconstrained by ideology, they have no concern for the consequences of their actions. Anything that serves to make them more powerful is good enough for them — even if the political system that facilitated their rise should be destroyed in the process."

Daniel Ziblatt

"The inability to identify with others was unquestionably the most important psychological condition for the fact that something like Auschwitz could have occurred in the midst of more or less civilized and innocent people."

Theodor Adorno

"I urge you, brothers and sisters, to be wary of those who cause divisions and undermine the faithful, in opposition to the teaching that you have learned. Avoid them. For such people do not serve our Lord, but their own appetites. And by clever words and flattery they deceive the hearts of the innocent and naive."

Romans 16:17-18

"I will not bow, and God grant that we will never bow, before the gods of evil."

Martin Luther King, But If Not

Gold and silver rocketed higher overnight.

Gold briefly tagged the 2000 mark in its big December contract which prompted some headlines, but only 1975 in the continuous futures contract. Silver pushed above 26.

In the later trading both metals pulled back, and somewhat sharply. The lows are marked on the charts.

But for the day trading both metals finished well, with gold around 1950 and silver around 24.50.

As for stocks, they faded into the afternoon in quiet trade, going out near the lows.

Tomorrow there will be an FOMC meeting. We will hear what they have to say in the afternoon.

Let's see how the markets react to this.

Have a pleasant evening.