Net Asset Value Premiums of Certain Precious Metal Trusts and Funds

The premiums are pressed rather heavily, reflecting both short selling and a type of capitulative pessimism.

As you know I tend to view 1420 as key downside support for gold.

Gold Daily and Silver Weekly Charts - Acts of Desperation

"It is not at all uncommon for someone to arrive at a scene of brutality or injustice and, with a sympathetic murmur or heroic flourish, attack the victim."

Renata Adler

Intraday gold tagged the 50 percent retrace of its rally off the bottom, and then bounced back.

From everything I hear all these paper price declines are met by heavy physical buying. The jokers may have overplayed their hand.

The potential 'bull flag' is gold is very much intact.  The rally from the bottom has now been retraced. 

See you Sunday evening.

SP 500 and NDX Futures Daily Charts - Complacency

This is the longest beginning streak for a year without at least a 4% correction since 1995.

Have a pleasant weekend.

BBC2: Bankers Fixing the System

"In our time political speech and writing are largely the defense of the indefensible."

George Orwell

Libor scandal: Can we ever trust bankers again?

"In the five years since the crash that brought the world's economy to its knees, bankers have lurched from one crisis to another.

Scandal after scandal has raised questions about their pay, their values and their judgement and after the industry received billions in taxpayer bailouts, the public is in no mood to forgive and forget.

Like it or loathe it, banking is a vitally important industry to London and the whole of the UK.

But can we ever trust bankers again?"

If you live in the UK you may watch the series here. BBC iPlayer

Otherwise you may watch episode one below.