Stocks and Precious Metals Charts - Exhausted on a Wreckage of Devices - Metals Breakout

 

"Bizarrely, it’s precisely the jobs that shift money around – creating next to nothing of tangible value – that net the best salaries.  How is it possible that all the agents of prosperity are paid so poorly, while the unimportant, superfluous, and even destructive shifters do so well?  In a hierarchically organised society, the Machiavellis are one step ahead.  They have the ultimate secret weapon to defeat their competition.   They’re shameless.” 

Rutger Bregman 

 

"One thing I have learned in my time in politics is that if one of the parties is shameless, the other party cannot afford to be spineless."

Frank Lautenberg

 

"Do not join your efforts with the false and treacherous, for what does justice have to do with lawlessness?   Or what fellowship does light have with darkness?   What is there in common between Christ and Belial?  What do the faithful have in common with the faithless?" 

2 Corinthians 6:14-16

 

"The market ideology is now the new form of imperial power and many of us, without any critical reflection, have signed onto that." 

Walter Brueggemann

 

"The most important problem in the world today is your soul, for that is what the struggle is about." 

Fulton J. Sheen 

 

Stocks were volatile again, with a wide range between the highs and lows.

And once again they made a determined effort to finish them in the green.

But alas, it was not meant to be.

And so stocks continued their declines from their blow off bubble tops.

Gold and silver rallied hard this morning.

They fell back from the highs, but held on to their breakouts fairly well.

The London Metal Exchange halted trading in nickel today as the metal doubled in price.

I know a lot of silver bulls who would like to see the same thing happen to the hi ho metal on its road back to $50.

The Dollar chopped sideways and settled down a bit, just managing to hold on to the 99 handle.

Bitcoin maintained its correlation to the big cap tech bubble, but for a change managed not to decline today.   

Green shoots?

JPM let a large number of March gold contracts go at $1994 from their house account the other day according to the clearing report below.

Maybe they felt like sharing?   Don't want to be pigs given their corner on physical silver? 

Smells like team spirit.

Let's see what happens.

Have a pleasant evening.

 

 

 

Stocks and Precious Metals Charts - Weighed, and Found Wanting

 

“Then he will say to those on his left, ‘Depart from me, you accursed, into the eternal fire prepared for the devil and his angels. For I was hungry and you gave me no food, I was thirsty and you gave me no drink, a stranger and you gave me no welcome, naked and you gave me no clothing, ill and in prison, and you did not care for me.’ 

Then they will answer and say, ‘Lord, when did we see you hungry or thirsty or a stranger or naked or ill or in prison, and not minister to your needs?’ He will answer them, ‘Amen, I say to you, what you did not do for one of these least ones, you did not do for me.’ And these will go off to eternal punishment, but the righteous to eternal life.” 

Matthew 25:41-46

 

“Now go and learn what this Scripture means: ‘I want kindness and mercy, and not sacrifices." 

Matthew 9:13 

 

"Those who have strong interests one way or the other, cannot be dispassionate observers and candid judges.  They are partisans; they defend one set of people, and attack another.  They are prejudiced against those who differ from them, or who thwart them.  They cannot make allowances, or show sympathy for them."

John Henry Newman

 

"Forgiveness is a moral decision to see the other person’s worth, let go of anger, and offer compassion, benevolence, and love toward the offender." 

Robert D. Enright

 

"Ever since the creation of the world, his invisible attributes of eternal power and divinity have been able to be understood and perceived in what he has made.  As a result, they have no excuse; for although they knew God they did not accord him glory as God or give him thanks.  Instead, they became proud in their reasoning, and their senseless minds were darkened." 

Romans 1:20-21

 

The spokesmodels were all smiles on the open, as another dramatic overnight plunge in the futures markets was seemingly reversed, and brought back to nearly unchanged.

But alas, the markets had an epiphany of sorts.  

And the perception of risk and its implications came home to roost, with a vengeance.

Stocks reversed again, and started falling in that most deadly sort of bearish dance, a controlled, orderly descent.

We may see more volatility and downside, until we reach some sort of denouement, and perhaps a capitulation.

Remember the pattern:  we have a blow off top, with several failed rallies at lower highs.

Gold and the Dollar were the safe havens of choice.

 Gold managed to take and hold $2,000. 

Who could have seen it coming?

Despite an early spike higher, silver gave up much of its gains as it was pulled down in the relentless equity selling.

Unfortunately silver has a correlation to equities in addition to its character as a precious metal.

Bitcoin, aka digital gold, declined again. 

Crypto has a correlation to pokemon cards.

There are some potential implications on the physical gold supply in London, given the potential blocking or Russian refiners.

Oil is rocketing.   And in the US probably excessively so.

And so are the prices at the pump, as the gas monopolies are looking to cash in quickly and establish a pattern of price inflation.

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

Have a pleasant evening.

 

 

 

Stocks and Precious Metals Charts - Seeking Safe Harbors

 

"But, what creates the most intense surprise,
His soul looks out through renovated eyes."

John Keats, Ode to Apollo
 

"Our little systems have their day;
They have their day and cease to be:
They are but broken lights of thee,
And thou, O Lord, art more than they."

Alfred Lord Tennyson, In Memoriam

“Many politicians are tantalizing storytellers, as they mix facts with fiction, grab our emotion and tell things they want us to believe.  Their factoids are unremittingly reiterated, take a life on their own, and in the end become the very truth— until the bubble bursts." 

Erik Pevernagie

 

"When humanity, subjugated by the terror of crime, has been driven mad by fear and horror, and when chaos has become the supreme law, then the time for the empire of lawlessness will have come." 

Friedrich Rudolf Klein-Rogge, Das Testament des Dr. Mabuse

 

"Some day an absolutely correct verdict—if you like, a perfect critique—will be passed on what each of us is.   We shall not only believe, we shall know, beyond doubt in every fibre of our appalled or delighted being, that as the Judge has said, so we are: neither more nor less nor other.  We shall perhaps even realize that in some dim fashion we could have known it all along.  The unanswerable and (by then) self-evident truth about each will be known to all." 

C. S. Lewis, The World's Last Night

The Jobs Report came in hot today. 

This seemed to provoke more of a lean to a Fed tightening down further on their asset purchases, and also raising rates, as early as this month. 

Stocks took another dive lower, and managed only a small bounce off the lows for the close.

The war in the Ukraine continues to unsettle markets, and pierce the Panglossian bubble of risk mispricing.

Gold, silver, and the Dollar continued to power higher in a flight to safety.

Bitcoin continues to wallow.  

Year to date 'digital gold' compares with the Nasdaq 100, while the 'pet rocks' are performing like safe harbors.

Let's see if gold and silver can hold their breakouts.

Have a pleasant weekend.