Gold Daily and Silver Weekly Charts - Pause At Resistance

Gold and silver paused today, after bumping their heads for most of the New York trade against overhead resistance.

The dollar rallied back a bit today, at least as measured by the DX index. Why? Because the euro was lower, based on the European stance towards additional easing and a weaker currency to aid German exports.

The Bucket Shop was deadly quiet on deliveries, and the gold warehouses continue to look like wax figures in Madame Tussauds'. See how paper gold used to be hypothecated and traded in the 20th century.

There was the usual slow leakage of silver bullion.

Let's see if the metals can form a new base here and consolidate their recent gains.

Have a pleasant evening.

SP 500 and NDX Futures Daily Charts - Bad News Is Good For Paper Assets - Option Expiration

The economic news this morning was simply awful.

You can skip over the unemployment claims figures, and take them with a grain of salt.  They do not show a 'strong labor recovery' to anyone who has an open, reasoning mind.  They show an economy of low paid stagnation with a sizable portion of the labor force laid out with exhaustion and giving up the pursuit of jobs.

But the Empire Manufacturing and Philly Fed numbers were chilling.

And that is why stocks rallied so hard today, because except for the inimitable servant of the New York Banks first and foremost, Bill Dudley, there won't be any rate increases from the Fed anytime soon.

However, the Fed's presumed lack of further action, caught as it is in a credibility trap of policy error, does not do much for the rest of the world, particularly China.

And in that we may find a scapegoat, but no respite or relief from the mismanagement of the economy by the kleptocratic elites and their minions.

Where to next?

Let's see if hope floats.

Especially since tomorrow is an option expiration for equities.

Have a pleasant evening.

Gold Daily and Silver Weekly Charts - Paper Bullion Marketplace Fading Away- Pet Rocks

Gold and silver both had nice rallies today as they moved even deeper in the overhead resistance of the long bear market.

I have updated the gold chart with some new indicators of where we are.

The next big level for gold is at 1210, although 1200 is likely to be a significant 'psychological' barrier.   And of course, gold needs to hold within the new uptrending channel it is establishing on any retracements and corrections.

The Bucket Shop is becoming very quiet, like a museum, but empty, devoid of humanity.  More like a ghost town perhaps, an artifact from a place that time and custom are passing by.

As of today, gold and silver are outperforming stocks year to date.

Let's see if gold and silver can truly break out from here, or just form a different trading challenge.  I have not noticed any genuine reform in the paper markets.

I wonder how the fellows who say that gold and silver 'have no fundamentals' would explain this?  I am sure it would be misleadingly distracting.

That seems to be the currency and major export of America's elite ruling class and their servants these days.

Pet rocks.

Have a pleasant evening.