Gold Daily and Silver Weekly Charts - Correlated to Comex Option Expiration Manipulation

Gold and silver are capped or go lower if stocks goes up. But they do the same thing if stocks go down.

I think it is fair to say that the precious metals are correlated to manipulation.

As a reminder we had another Comex option expiration today.

Meanwhile, Insider Buying of Gold Mining Stocks Surges to Multi-Year High

SP 500 and NDX Futures Daily Charts - Bail In Jitters

Futures were soaring overnight on the news of a Cyprus deal.

When the Dutch finance minister said this morning NY time that Cyprus could be a 'template' for further bank bailouts in the Eurozone stocks plummeted. He later amended that statement but the damage was done.

So what next. Cyprus is still not settled, and the Eurozone banks, especially those in the UK, are deeply troubled.

But the US equity market has ADHD and may forget all this tomorrow in the face of fresh domestic news about housing and consumption.

As I noted intraday, the 1550-1555 pivot area is proving to be quite a problem for bully, with six attempts in a row having failed to take it out.

So let's see what tomorrow brings. I did lighten up on the volatility I had bought on Friday during the lows today, but kept some bought 'on the cheap' on the open euphoria.

This is a swinging market. And Benny is the guy in the black and white houndstooth suitcoat.

SP 500 Futures Intraday - Buy the Rumour Sell the News Pop n' Flop?

The bulls are having quite a bit of trouble with the pivotal area of 1550-1555.
Today makes the sixth try. Perhaps they can take it by the end of the day.

As you know our intermediate target has been 1565 to 1570 since mid-January.
Let's see if they can take that price level and hold it for more than a day.

If not they may have to back up to big support at 1525 to 1530.

IF a 'significant' event triggers a selloff then we are looking into the 1400's at least with a 'must hold' at 1450.  Look at the turmoil that a relatively symbolic event like Cyprus was able to stir.

This is what I would call a 'fluffy' market.

I would not bet on that just yet. The Fed continues to ply their cronies at the Banks and Funds with $80+ Billion of easy money per month.

It is a bubble, but bubbles are notorious bear-busters since they have an internal logic of their own.

I think gold is fundamentally undervalued relative to the financial and currency risks, but values are not very relevant to the kleptocracy at this time of papier-mâché economies, except as a rival to their control frauds and a reflection of their general perfidy.

In that sense Cyprus was a watershed event, despite its seeming insignificance, as the MF Global style confiscations of the oligarchs become official government policy.

Net Asset Value Premiums of Certain Precious Metal Trusts and Funds

Interesting outperformance of the Sprott Gold Fund albeit with razor thin margins on the others, with Sprott Silver showing a little life.

The Gold/Silver ratio is back above 55 as you will notice.

I did take the opportunity to buy some volatility on the initial exuberance for the Cyprus deal.

I have not yet gone into the miners, and hold bullion for the long term only here.

I do not care for these markets as they are quite artificial and more like a meringue, with the consistency of sugary whipped egg whites, than a foundation for future recovery and prosperity.