Gold Price Intraday Average Pricing For March

During March the price of gold in dollars has been bottoming a little after the London PM Fix.

That would be around 11 AM EDT.

Right now the powers that be are doing their job of bailing out Wall Street. Let's see if they are successful.

P.S. at 12:20 PM - Yep, they did it, at least for now. Smacked down gold and pumped up stocks to unchanged. Now they have to hold it into the close.

My laptop has fallen down on the job. Consequently I am using my old trading platform while it is being revived, hopefully tomorrow.

The update tonight *might* be late.

November Intraday Price Averages for Gold and Silver - Pictures In an Exhibition

"Pardon one offence, and you encourage the commission of many."

Publilius Syrus


“And the banks - hard to believe in a time when we're facing a banking crisis that many of the banks created - are still the most powerful lobby on Capitol Hill. And they frankly own the place.”

Dick Durbin, US Senator From Illinois


"And there is a kind of an 'ok guys, you're mad, how are you going to stop me' mentality at the top."

Robert Johnson, economist

Gold and Silver Daily Trading Patterns For November 2015

Does anyone see a marked daily pattern in the precious metals for the month of November?

What a surprise!


These charts are from Nick Laird at goldchartsrus.com

Nine Out of Ten Non-Regulators MIght See a Trend In Intraday Precious Metal Trading

'What is truth?' said jesting Pilate, and would not stay for the answer.

Francis Bacon

Here are the intra-day averages for the price of gold and silver for February.

 

Can you detect any pattern intraday? 

 

There does seem to be a pronounced pattern associated with the geographic location of the primary trading market's time zone.

 

As the dissembling Winnie the Pooh said to the angry nest of bees, 'I'm only a little black rain cloud,  pay no attention to me.'

 

Tut tut, looks like rain.

 

Storms gathering on the horizon.  Better get more buckets for the bucket shop.

 

 

Charts courtesy of Nick Laird at Sharelynx.com.

SP 500 and Gold Futures On Sunday Evening

The apparent lack of a viable debt deal sent stocks dropping and gold soaring in Sunday evening NY trade. 

Gold needs to break out from here, or risk a correction back down to support. The reverse is the story for broad equities.

Notice how the SP futures dropped right down to key support at 1322, to mark it firmly. While stocks remain above the 1320 level, Wall Street does not seriously believe that a budget impasse will prevail.

If stocks break down below 1300 we could be in for a Nantucket sleigh ride on the world market.  And below 1290 it might be time to head for the exits.

I thought all along that the teenage drama queens in Washington would take this into last minute sturm and drang to impress their constituents that they are major players with serious concerns and must be appreciated.

The financiers like to create crises when they wish to get their way. It is always a mistake to give in, since it just encourages them for the future.

As a reminder it is Comex option expiry this week.

Gold February Futures Daily Chart Intraday

There is an ebb and flow to all markets. While the primary trend is in place these intraday fluctuations are of most concern to speculators and traders with a very short term focus. That is natural.

But there are also those hedge funds and trading desks that seek to spread either panic or euphoria, to promote short term trend changes and churn the market for easy but too often illicit gains through price and information manipulation. This is what I euphemistically call the 'technical trade.' And unfortunately sometimes these trade manipulators are very large and influential with the exchanges, the regulators, and even the politicians. Corruption is corrosive of society and must be contained.

Transparency, position limits, leverage constraints, and trading rules such as the uptick and curbs on frequency and tape painting help to maintain legitimate price discovery and efficient capital allocation. Secrecy, back room insider deals, and self regulation are the allies of corruption.

As was shown in the Congressional investigations following the Crash of 1929, quite a few of the analysts and financial news people covering the Street were implicated by the cancelled checks in the suitcase of a Mr. A. Newton Plummer, who delivered payments from the pools and large trading syndicates to manage perceptions as it were among the thought leaders and purveyors of information to the public. Nowadays checks are out of favor and information, sinecures, and grants are the currency among the white collar criminals.

There are few such investigations today, perhaps because that net is likely to catch quite a few fish larger than red faced analysts, economists, and news people, and some even who may have had a held a long and auspicious tenure in important positions of trust, public and private. Mr. Madoff is not a lone outlier unfortunately.  And too often the 'CEO defense' of benign non-involvement or an admission of simple error, plausible deniability as it were, and a self-effacing apology are enough to cover and excuse heinous acts of false stewardship and even betrayal.

After all, we sophisticates no longer believe in the capacity for evil among 'people like us,' but rather in the natural goodness of ourselves and of course others. And so we can suspend common sense and even rational skepticism can be turned against the truth while things are falling down all around us. There is historical precendent for the big lie and a self-destructive loyalty to its bitter end.

For those with the intermediate view one sells strength and buys weakness as indicated on the trend charts. And so this is what I do in one of my accounts with a more intermediate to short term focus.

Those portfolios with the long view do nothing but ride the trend and reap the reward, selling when the fundamental conditions that provoked the bull market no longer remain in place.

To clarify some questions I received, I do not forecast 1455 as a 'top.' It is the minimum measuring objective for the cup and handle formation that will likely be met as long as the financial markets do not undergo a liquidity panic selloff. I would like to reiterate my view that gold and silver will continue to rally while the fundamentals remain unchanged. I do not think 2800 is unlikely but there are too many exogenous variables and no active chart formation to justify a forecast higher than 1455 at this time. But the top trend line on the chart below certainly points the way.

Gold and Silver Go Vertical Intraday

Gold and silver spot prices went straight up in a 'flight to quality' on the news from Goldman Sachs that the Fed will have to engage in substantial quantative easing. This analysis received a boost by a much worse than expected existing home sales number, with 3.83 million units sold versus 4.72 million expected.

So the squid threw a rock in the pond ahead of Thursday's precious metals option expiration on the Comex, and caught many traders offsides in what was expected to be the usual 'skin the specs' easy money trade. As the metals market rig starts crumbling look for more players to break ranks and start taking chunks out of the bullion bank elephants for themselves.

Gold Chart Intraday



Silver Chart Intraday