16 February 2013

Weekend Viewing: Shakespeare, For All Time


In Search of Shakespeare by Michael Wood is a wonderfully entertaining overview of the life and career of William Shakespeare, of whom we know quite a bit. And Wood gives us a deeper insight into Shakespeare, the man.

I enjoy Michael Wood's popular investigations into history and geography.  He brings an intellectual excitement and wonder to his documentaries that never seems to lose its edge, or to become cloying.  I do not know if this is his persona, or his genuine character.  But he is remarkable in his ability to share his knowledge and joy of learning with ordinary people, which is the hallmark of a teacher.  

Below is Part Four of the series, dealing with the last part of his life.  I recommend the entire series to you, as well as some of his other works. 

I spent quite a bit of time reading and studying Shakespeare at school. I was lucky to have two Harvard educated teachers, one in high school and one at University, who were very knowledgeable literary men, who had a deep learning of Shakespeare, his sonnets and his plays. 

And I read widely about him and his works on my own.  Reading was a solace, an entertainment, and at certain times a refuge.  I suppose as a  working class young man, Shakespeare provided a view of life that lifted me above what I saw each day, and gave me a broader, renovated vision.  This is the power of art, to uplift and transform, to speak to others across the vast gulf of place and time.

Literature, music and the visual arts are often denigrated in 'hard societies,' and abased to the pedestrian use of the State as diversion and propaganda. But even in the most heavily laden social environments, beauty in the arts can bloom. And they do so much more with the encouragement, rather than repression, of the culture.

What is remarkable about the wealthy class in America is that they have such narrowly limited educations, in the manner of clerks and technicians and professional conmen, and thereby have so little appreciation of art. 

Their expectations of themselves are exhausted in material acquisition.  They are given to banal and garish displays, imposing but lifeless edifices of power.  They have deadened their sentiments in pursuit of the material. It reminds one of the monumentally lifeless art of National Socialism, a cultural 'dead end' without any higher prospects.

And cut off from the organic fertility of its culture, the artistic impulse becomes increasingly introspective and eccentric, formless, fruitlessly growing inward, howling its shock and isolation from within deep wells of subjectivity.

Creativity is a sign of life. If a society has no arts, it has no creative life.  Look at the manner in which a people put their creativity to use, and one will see what they hold in high regard, what they love, and serve.




15 February 2013

Intermediate Gold Chart - 1550 to 1570 For a Range Trade, If It Gets There


This looks like a long consolidation, with a range trade of 1550 to 1800.

If we do get down as low as 1570 one might be inclined to step in and buy, adding to longer term holdings and for a trade, with an eye to that 1550 as a low and an upside target north of 1700.

I am sure most traders on the Street are seeing/thinking the same thing. So it might take some agility, and scaling in. And of course if too many specs pile on there, the bullion banks will deliver a short term smacking on general principle. That's what they do. It is tough playing against the house, especially when they get to deal your cards face up.

But I will also be keeping an eye on the stock markets, to see if they correlate with the metals, or if not, and how the VIX fares.



Gold Daily and Silver Weekly Charts - Hedge Funds and Specs Selling


The Commitments of Traders chart below is courtesy of GoldSeek.

That report suggests that the Banks are starting to cover, and that the small specs and the hedges are doing the short selling.  Let's see what next week's report says to confirm this, since it will include today's big selling operation.

In the silver market the banks are having trouble taking new longs at these prices, causing some to speculate that they are stuck a bit on the big short.  I'll wait to see more evidence on that.

After the bell, the SEC says traders front running the options market in the Heinz - Buffett announcement netted $1.7 million, and that the SEC presumably intends to do something about it.  Small fry most likely if they do.

Intraday commentary on the metals market here and here and here.

Remember that Monday is a national holiday in the States.

Have a pleasant weekend.






SP 500 and NDX Futures Daily Charts - Bernanke Says 'Economy Is Recovering'


Actually he did NOT say that.

But that is what the spokesmodels on Bloomberg TV were saying most of the afternoon, citing that as the reason for the sell off in the metals and the late strength in the stock market.

Here is what he really said, according to Bloomberg (in print):
"Federal Reserve Chairman Ben S. Bernanke said the U.S. economy is far from operating at full strength and reiterated his commitment to record easing.

“With unemployment at almost 8 percent, we are still far from the fully healthy and vibrant conditions that we would like to see,” Bernanke said today at a meeting in Moscow of his counterparts from the Group of 20. “The United States is using domestic policy tools to advance domestic objectives...

The U.S. central bank has faced criticism from some foreign officials, including Brazilian Finance Minister Guido Mantega, who in October said that its accommodation has weakened the dollar, threatening to fuel a “currency war” of competitive devaluations. The Fed under Bernanke has expanded assets to a record exceeding $3 trillion and pushed down the benchmark interest rate close to zero.

“We believe that by strengthening the U.S. economy we are helping to strengthen the global economy as well,” Bernanke said...”