SP 500 and NDX Futures Daily Charts - VIX Calm Despite Lies and Hysteria

I think the toughest trade might be to decide what to carry into the weekend.

I can't recall this amount of bare faced lying and misleadingly hysterical headlines in quite some time. Well, that's a currency and class war for you.

Net Asset Value of Certain Precious Metal Trusts and Funds

PSLV is carrying such a large premium, and is so low on cash holdings indicating a secondary offering may be coming, that I would not buy it now personally at this price in lieu of other ways to play silver for a trade, without the intention of taking physical delivery at some point.

Additionally I would never own GLD or SLV except for the most cynical day trade, if then. But that is a preference.

The US 'Debt Crisis' in One Picture

And the O-Man can be Aunty.

“Great occasions do not make heroes or cowards; they simply unveil them to the eyes of men. Silently and imperceptibly, as we wake or sleep, we grow strong or weak; and at last some crisis shows what we have become."

Brooke Foss Westcott

Gold Daily and Silver Weekly Charts

Gold and silver look particularly good in times of thuggery, deception, and the willful arbitrariness of the powerful to promote their own interests, the public be damned.

However, the markets are still clearly signalling that they believe that cooler heads will prevail, and there will be a fresh opportunity to game the market and steal from the many.

The US made a tragic mistake in not pursuing real reform earlier on, and speaking out for it forcefully when they had the momentum and opportunity. Co-opting the reform movement and turning it into a tool of the monied interests was a stroke of genius.

The best lack all conviction, while the worst are filled with passionate intensity.

Tomorrow is option expiration on the Comex. I hear that there are quite a few call options open around the 1600 strike. So we would expect the price of gold to get hammered down below 1600 sometime this week.

When options are in the money, they are converted into open futures contracts. So there may be a lot of new holders of futures contracts who get a stiff gut check on Wednesday through Friday, if it does not come tomorrow.

"When you spread out your hands in prayer, I will hide my eyes from you; even if you offer many prayers, I will not listen. Your hands are reddened with blood; wash and make yourselves clean. Take your evil out of my sight. Stop doing wrong, learn to do right. Seek justice, encourage the oppressed...

See how the faithful city has become a harlot. She once was full of justice; righteousness used to dwell in her, but now it is filled with destroyers. The silver of your goodness has become waste, the wine of your virtue is diluted. Your rulers are rebels, companions of thieves; they love bribes and seek after gifts...

My kingdom will be restored by justice; those who repent will be reborn. Those who desert the Lord will be consumed by shame, but rebels and sinners will be cast out into the void, forever."

Isaiah 1:15-29