Gold Daily and Silver Weekly Charts - Complacency Trade

Gold and silver held their price levels quite well despite the rally in stocks, which ordinarily would have spelled a selloff in the precious metals. VIX dropped to a six year low.

Let's see how the Merry Pranksters trade the rest of this week. We may be near a turning point, at least in the short term.

SP 500 and NDX Futures Daily Charts - VIX to a Six Year Low

The VIX, the indicator of volatility, dropped to a six year low today as the US equity markets shook off weak economic data out of China, and the downgrade of Italian debt, to move to fresh highs in the touristy Dow.

The SP futures have a measuring objective of 1570. They closed around 1555 today.

I took a long in volatility towards the close of US trading today to balance some other things out for the most part.

US Unemployment Rates Adjusted For a Constant Labor Participation Rate

These charts courtesy of chartmaster Gary at NowAndFutures.com

Gold Daily and Silver Weekly Charts - God's Mills Grind Slowly

Gold and silver would not be denied, despite some fairly determined efforts.

Silver did the heavy lifting.  The intra-day charts are included below.

"Gottes Mühlen mahlen langsam, mahlen aber trefflich klein,
Ob auß Langmuth er sich seumet, bringt mit Schärff er alles ein."

Friedrich von Logau, Göttliche Rache

Have a pleasant weekend. See you Sunday evening.