Gold Daily and Silver Weekly Charts - Bounce

The metals bounced today.

There is still the possibility of a lower base forming, but it is probable than we are closer to a bottom than otherwise might be expected.

The artificiality of this selling was notable and unmistakable. If some regulator says that they cannot find price manipulation in these markets, then they really are not looking for it, just following orders.

Last week I said I thought the market would find a footing around 1550 to 1570 and that is still a good outlook. I think we might see a bottoming process into next week's option expiration, with the final tests in the days after expiry depending on how many new holders of futures their are from call options in the money.

Chris Powell of GATA put out a message today that is worth reading. What Then Must We Do?

We do not seem to be able to count on much these days. Such are the times of currency wars, and the craven silence of careerism. In the end, truth will out, and real wealth will remain.

SP 500 and NDX Daily Charts - Finding a Footing

The Philly Fed number came in much lower than expected.

There is no recovery. Capitalism has itself caught in the trap where the concentration of wealth and lag of growth in the median wage, relative to productivity, is strangling the 'virtuous cycle.'

I think the jawboning from the Fed was designed to dampen the growing bubble in financial assets.

Let's see if the correction is done. It seems to have strong support around 1490 in the futures.

Net Asset Value Premiums of Certain Precious Metal Trusts and Funds

Premiums remain thin.

Why So Many Russians Have Dashcams

You may have wondered why so many of those meteorite pictures were captured live by Russian dashcams.

Here is the reason why. Russian roadways are like some libertarian wet dream. Except the people seem rather lightly armed.

And I thought driving in Boston was bad.

I think equipping Wall Street traders with dashcams would be a great idea.

The footage could help the SEC and CFTC figure out what is really happening in the markets.

Or not.

Enjoy.