NAV Premiums of Certain Precious Metal Trusts and Funds - Stockman On Crony Capitalism

As I suggested might happen yesterday, the precious metal longs were given a gutcheck today as the price was hit on the NY open.

The housing number this morning was a well-seasonalized canard, from the looks of it.

Below the chart, there is a reprise of Bill Moyers and David Stockman discussing the crony capitalism that is pervasive on the US economic scene, have encompassed both political parties, despite their marketing campaigns and brand differentiation.

Gold Daily and Silver Weekly Charts - Comex Option Expiration - Far From Any Road

There was very little movement in the Comex gold warehouses yesterday.

Gold was a little stronger than silver today, but both settled back close to evens at the close.

The option expiry was quiet, not unexpected for the less consequential March contract. We *might* get a gutcheck on the new longs if there was a significant amount of call options coming in the money.

Have a pleasant evening.

SP 500 and NDX Futures Daily Charts - Just Another Day in the Hood with the Hoods

There was a lot of back and forth around key resistance today. I suspect that the wiseguys are waiting for some additional punters to take positions before they flip the switch, unless something untoward happens in the great world of reality.

Have a pleasant evening.

Gold Daily and Silver Weekly Charts - Option Expiry Tomorrow - Remembering Baghdad Bob

As a reminder, tomorrow is the option expiration for precious metals on the Comex, for the March contracts.

There was intraday commentary on the Mad Tea Party at the Comex.

Gold has broken out of the short term downtrend, but has yet to take out the big overhead resistance on the chart below marked in red.  

We have the smaller inverse head and shoulders working with a target that will activate the larger inverse head and shoulder, which forms the right portion of a huge 'W' double bottom.

So what does all that mean?    Follow through to the upside is everything at this point.  The wiseguys still have the whip hand on the Comex.

And the Comex is still playing a role in setting the price of the precious metals at least in the West.

The shorts are not quite on the run yet, and we may have to face some difficulties during the non-active delivery month of March.  

The Baghdad Bob's of the gold cartel are still out there talking their gloom and doom for the metals, and triumphantly asserting their demise.

But so far, so good.   Let's see what happens.

Have a pleasant evening.