NAV Premiums of Certain Precious Metal Trusts and Funds - Another Gold Withdrawal From Sprott

There was another redemption of gold from the Sprott Physical Gold Trust, of about 6,150 ounces, with a commensurate reduction in units since the last time I updated this chart near the end of June.

Gold Daily and Silver Weekly Charts - Poised on a Knife's Edge

The World Cup final is on Sunday, and the punters have Germany and Argentina as fairly even odds with a bit of an edge to the Germans.  I would call it pretty even, especially since it is only one game, and a typically low scoring one at that which can turn on a few events and an emotional tide.

Speaking of too close to call, gold and silver turned in a satisfactory week's performance, and are on the verge of breakouts.

We have been here before. Let's see if they can find firmer ground and sprint a little, or will we continue this slow slog through the marshlands of international monetary push and pull.

The metals bears have grown fairly complacent, and their talking trash is running high.  If gold and silver can break and run, it would be quite the change in trend and in sentiment.

I am holding a good sized gold position since the latest selling bottom, and am back into silver. My long term positions never change.

The World Cup will not be the only action in Brazil, as the BRICs will be having their annual meeting there next week.

See you Sunday evening.

SP 500 and NDX Futures Daily Charts - Pivotal Week Ahead - Mortgage Slump

As you can see on the charts we have symmetrical triangles on the big stock charts.

It looks like next week will be a pivotal week for US equities.

There will be more in the way of economics news and earnings, and I believe that Janet Yellen will be doing her Humphrey-Hawkins testimony.

 

There was some analysis today that most cash home purchases in the US can be attributed to buying by Wall Street and Chinese investors looking to expatriate their newly found wealth. 

 

Mortgage originations from Wells Fargo are show in the first chart below.

 

 And as you know I will be keeping an eye on some key international developments and other potential outliers.

I held off putting any straight up stock positions on, although the emotional side was itching to short the gross complacency.

 

 I'll wait for a clearer signal from the charts, and a bigger trend change perhaps.  One can become tired of these short term wash and rinse cycles.

Have a pleasant weekend.