Gold Daily and Silver Weekly Charts - World Gold Council China Gold Demand Figures Called 'Fallacious'

"The amount of gold withdrawn from the vaults of the Shanghai Gold Exchange (SGE), which equals Chinese wholesale gold demand, accounted for 45 tonnes in the trading week that ended on 6 November. Year to date SGE withdrawals have reached an astonishing 2,210 tonnes, which is more than the full year record set in 2013 at 2,197 tonnes. With nearly two months of trading left in the Chinese gold market, SGE withdrawals are estimated to reach more than 2,600 tonnes...

How can so much gold be supplied to China without someone buying it and thus being genuine demand? It cannot. Chinese gold demand as disclosed by the World Gold Council (WGC) is fallacious...

Does the mainstream media ever investigate this odd discrepancy?  Of course not.  According to them gold is just a commodity, a pet rock. Nobody cares about 2,500 tonnes of gold that have vanished into a black hole somewhere in China...

Koos Jansen, SGE Withdrawals Break Yearly Record - World Gold Council Hides Insatiable Chinese Gold Demand

It will be interesting to see how this difference of opinions in the precious metals markets resolve.

Gold is trading inversely to the dollar here.

That is not how it always happens, but that is what is happening now, more or less.

There were no deliveries at The Bucket Shop on Friday.

The warehouses saw a little action, with a dribble of gold coming in and about 420,000 ounces of silver bullion leaving.

Today was 'one of those days' where light volumes let stocks rally in a patriotic display of resolve that we will keep calm and bubble on.

I hate to be too negative but most commentary on the metals in the prestige media ranges from useless to ridiculous.  But why should the precious metals be any different from all the other things that the financial media likes to say these days.

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

Have a pleasant evening.

SP 500 and NDX Futures Daily Charts - Neither Rain, Nor Snow, Nor Gloom of Night

The economic news this morning in the form of the Empire Manufacturing number was awful.

Nevertheless, stocks had plenty of incentive to ramp today, having fallen into an oversold condition and tagged to the point the support levels one would expect them to match if we are seeing a W bottom or a 'cup and handle' setup to ramp equities higher into the end of the year.

The terror attack in Paris, which was horrible and vicious, nevertheless gave Wall Street the chance to look brave and patriotic, and rally paper assets just to spite those who are jealous of our freedom and prosperity.

So what next.

Let's see if stocks can really keep in going and set up that cup and handle and make it active.  We have fallen to the middle of the 'W' if you allow for the slant, so stocks cannot go lower than today's intraday lows or the chart formation is invalidated most likely.

When you are winning, nothing matters.

Have a pleasant evening.

Stiglitz: TPP Is an Anti-Democratic Law For the Benefit of Corporations, Not a Trade Agreement

When you have corporations having a very short-sighted view, paying their CEOs such outrageous monies with less money spent on investment, of course you’re not going to make long-term investments that are going to result in long-term economic growth.

And at the same time, there’s going to be less money to pay for ordinary workers. And paying that low wages to ordinary workers, not giving them security, not giving them paid, you know, family leave, all that results in a less productive labor force.

So what we’ve done is we’ve actually undermined investments in people, investments in the corporation, all for the sake of increasing the income of the people at the very top. So there’s a really close link here between the growing inequality in our society and the weak economic performance.”

Joseph Stiglitz

Stiglitz tends to excuse Obama at some point and blames the Republicans, I think he is being naive at best, wrong-headedly kind perhaps to one of the worst betrayals of a public mandate for reform in American history.

Obama is, at the end of the day, a corporate brand, a clever vehicle to attract and divert reform-hungry Americans who are tired of being misused and lied to.  He has betrayed his supporters at every key turn and on every major political and social issue from financial reform to healthcare.