Gold Daily and Silver Weekly Charts - Raid Gets Stuffed As Silver Shines, Benny Aurophobic

Yes, Timmy. Operation Grand Slam!

There was an intraday bear raid on the metals as many had expected based on a drop to negative in Lease Rates that was shown by Kitco last week.

A special thanks to Bill Murphy of LeMetropoleCafe for pointing out some anomalies in the market yesterday, and the strength signal in silver as well. Bill often puts out indispensable insights into the gold and silver markets.

These types of market anomalies, or 'features,' often presage a bear raid .

Interestingly enough it was silver that was 'the tell' today, as it stubbornly resisted attempts to take it lower, and actually may have cheered the gold bugs, finished higher on the day.

As you know, the western governments have little access to silver bullion of their own anymore, and the bullion held by the system seems to be spoken for many times over.  The stockpiles of silver held by the US years ago are long gone.

Let's see what happens.

Note: The Leased Rates chart from Kitco that showed a plunge in rates to negative late last week was later removed by them as an error. A reader had questioned them about it, and informed me of their response. I have removed it as well. It is an odd mistake to make as it was a rather large plunge in rates, but these things do happen I imagine even with a service as established as Kitco.

SP 500 and NDX Futures Daily Charts - Down to Support

Intraday the SP 500 futures dipped down to the intermediate trend support of 1320. They bounced back from there closing just above the key support at 1328.

This is sleep 'technical' market action, very typical of a listless summer trade dominated by algos playing catch with the market prices.

Our markets are all LIBOR rigged now.

Until something happens that is, and then they will move, perhaps with a vengance, depending on what it is that happens.

 

Gold Daily And Silver Weekly Charts

The action in the metals markets is markedly artificial. 

Other than that it is quite boring and unremarkable.

SP 500 and NDX Futures Daily Charts - Turning Japanese

The market churned within a trend today, with much of the same effect as the House Republicans who symbolically voted to repeal the Affordable Healthcare Act for the 33rd time.

This slow and predictable market action is starting to make Waiting for Godot look like Philip Glenister in Life on Mars. Gene Genie.

The Fed did not offer hopes for more quantitative easing in the release of its June notes, so the market dipped and then bounced back to a tighter close.

Intraday commentary and a short term chart here.