Gold Daily and Silver Weekly Charts - Phaeton Descending

"Narcissism falls along the axis of what psychologists call personality disorders, one of a group that includes antisocial, dependent, histrionic, avoidant and borderline personalities.

But by most measures, narcissism is one of the worst, if only because the narcissists themselves are so clueless."

Jeffrey Kluger

As I noted last night in my gold and silver commentary, 'we might get a gutcheck tomorrow...'

And so we did, and it was hard to miss.

Some gold was finally taken off the deliverable inventory at the Comex yesterday.   See how they run.

What is most shocking I think is the utter lack of self-awareness of the ruling class, and the disconnection and disregard which they have for the greater reality of the people of their country and the world.

But, to paraphrase Keats, what will create the most intense surprise is when their souls look out through renovated eyes. Unfortunately their muse is not of the intellect and the light, but the hubris of Phaeton giving itself over to the dark, disordered madness of Dionysus.

There will be torches, but it is not yet clear who will be carrying them.  But it appears that the bonfires will be lit, nevertheless.   See how readily they burn the breadbasket of the Slavs to achieve their ends.

Have a pleasant evening.

...Here Homer with his nervous arms
Strikes the twanging harp of war,
And even the western splendour warms,
While the trumpets sound afar:
But, what creates the most intense surprise,
His soul looks out through renovated eyes.

Then, through thy Temple wide, melodious swells
The sweet majestic tone of Maro's lyre:
The soul delighted on each accent dwells, -
Enraptur'd dwells, - not daring to respire,
The while he tells of grief around a funeral pyre...

John Keats, Ode to Apollo

SP 500 and NDX Futures Daily Charts - Ghosts of Bubbles Past

The New Homes Sales number came in much higher than expected this morning, and so stocks reversed from their initial slump. They rose to challenge the overhead resistance once again, only to fall back down in the afternoon.

Rinse, wash, repeat.

Be careful, because this is a piñata market, shaped like the bubbles past, an elevated construction with the consistency of papier-mâché, at which a crowd of those with the forethought of children are taking their swings, trying to release its hidden riches.

But, alas, this one comes with a plague of Pandora's woes inside.

Have a pleasant evening.

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.