"My fear is that we have seen the rule of law function in our country for so long that many of us have come to take it for granted. The rule of law is not self-executing. It depends on our collective commitment to apply it."
Jack Smith, Testimony to Congress, 22 January 2026
Gold had a nice steady rally up to the 1160 area, and then was capped there for the rest of the day.
Silver managed to climb back up to the 16 handle, but was not able to hold it this week which was a little disappointing.
Gold even managed to show a little delivery action at The Bucket Shop yesterday, as a few paper receipts managed to change hands amongst the house accounts of JPM, Nova Scotia, and HSBC.
Next week is likely to be a little more important test for gold as it is now bumping up against some overhead resistance in the long bear market.
The warehouses are a bit thin on deliverables, and as my friend Dave asked, 'why does no fund ever try to take this price and supply situation in hand and stand for delivery?'
That is a very good question, and one that has occurred to most of us when we see the kinds of setups that have been seen to work in these markets.
I have always thought it to be a kind of professional courtesy; the same reason why carnies do not play at each others games in front of the townies, except in some supportive role.
I have included the economic calendar for next week.
I have noticed that the precious metals trolls have been acting a bit forlorn lately and thowing out a lot of exceptionally weak material. Perhaps we are nearing a short term top. Well, it is hard to say. And so I won't.
On Monday 12th October our Canadian friends will be celebrating their Thanksgiving.
And a happy one to you all. As a consequence their markets will be closed.
Canada is the country that most Americans still think that they have, or would like to have, but don't.
“It would take a while before the postmodern Narcissus perceived the ruins of society behind the emptiness of his mirror.”
Paul Verhaeghe
If there have been any doubts about the veracity of the above quote remaining after the post-Fed pronouncement of Alan Greenspan, I am sure that Ben Bernanke has dispelled them with his most recent musings in the press about his memoirs and his time as the head of the Federal Reserve.
Let us pray for those whose hearts are hardened against His grace and loving kindness by greed, fear, and pride, and the seductive illusion and crushing isolation of evil.
We pray that we all may experience the three great gifts of our Lord's suffering and triumph: repentance, forgiveness, and thankfulness. And in so doing, may we obtain abundant life, and with it the peace that surpasses all understanding.
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