Stocks and Precious Metals Charts - This Attractive But Deceitful World - Gold Hits 50% Fibonacci Retracement

 

“Only the humble believe him and rejoice that God is so free and so marvelous that he does wonders where people despair, that he takes what is little and lowly and makes it marvelous.  And that is the wonder of all wonders, that God loves the lowly.  God is not ashamed of the lowliness of human beings.  God marches right in.  He chooses people as his instruments and performs his wonders where one would least expect them.  God is near to lowliness; he loves the lost, the neglected, the unseemly, the excluded, the weak and broken.” 

Dietrich Bonhoeffer, Reflections on Advent 

 

“Evil when we are in its power is not felt as evil, but as a necessity, or even a duty.  Sin is not a distance, it is a turning of our gaze in the wrong direction."

Simone Weil

 

"These are suitable feelings towards this attractive but deceitful world.  What have we to do with its gifts and honours, who, having been already baptized into the world to come, are no longer citizens of this?  Why should we be anxious for a long life, or wealth, or credit, or comfort, who know that the next world will be every thing which our hearts can wish, and that not in appearance only, but truly and everlastingly?  

To those who live by faith, every thing they see speaks of that future world; the very glories of nature, the sun, moon, and stars, and the richness and the beauty of the earth, are as types and figures witnessing and teaching the invisible things of God.  All that we see is destined one day to burst forth into a heavenly bloom, and to be transfigured into immortal glory." 

John Henry Newman 

 

Gold and silver had a follow on hit this morning, but they took much of that back into the afternoon.

Gold in particular hit its 50 percent Fibonacci retracement support level intraday. 

This was a buy point in the metals for me, fwiw.

Silver rebounded with a vengeance.   Bought that on the slump too.

It does look to me like the usual wash and rinse action we see around a big contract month expiration, and is often a multiday event. 

There is no bigger contract month for gold than the December contract.   

And this does seem to be an annual event.  Especially with the regulators asleep at the switch.

Stocks were week, most likely for the end of the month profit-taking and rebalancing. 

The election seems to be a done deal, except for some fantastical stories from snake oil salesmen and the purveyors of clickbait.

The COVD pandemic is still kicking, and taking a toll.  

The talking heads were whining that the VIX remains elevated.   How dare it see risk in these markets.

 Let's see how the rest of the week goes.  

Have a pleasant evening. 

 

Who is the father of this ugly financial system?