07 August 2020

Stocks and Precious Metals Charts - Shenanigans Abounding in Quiet Summer Trading

"Write this message plainly on tablets, so that even a passerby may read it.

For there is still a reckoning coming in its appointed time. It speaks of the end, and does not lie. If it seems to be late in coming, wait for it; it will surely unfold.

Look at the proud and the powerful. They trust in themselves, and so their lives are becoming twisted.  But the righteous will endure, and live by their faithfulness to God."

Habakkuk 2:2-4

Gold and silver both pulled back today to consolidate their recent spectacular break out gains that left them both short term very overbought.

Do I think their rally is over? Not hardly.

Gold and silver have hardly gained much notice or respect in the broader investing community, which is still chasing rainbows.

If you look at the gold clearing report below, you can see that every active financial playing was buying for their house account, at 2051.

Most of the gold and silver commentary on financial TV is shallow and dismissive.

There is more rally to come.

The Dollar bounced back a bit today.

Stocks in the non-techs managed to gain back their earlier losses of the day, thanks to the light trading of a Friday in midsummer.

Big cap techs were a serious divergence, with the NDX ending firmly in the red.

Washington is dead-locked, the political posturing and lies are flying thick and fast. The Trump administration is throwing out useless symbolic poses and gestures, with no leadership or competent governing skills, as usual.

See you next week.

Have a pleasant weekend.