Gold Daily and Silver Weekly Charts - Bubbles Carries the Day - Hit the BRICS

There was a fairly obvious hit on the metals today, to add a bit to the declines experienced yesterday.

Unless you are daytrading this type of thing ought not to be of any great concern.

The miners were certainly taken out to the woodshed on these antics.

It was a bit disappointing to see silver give up the 21 handle.

Most would think that the slam on the metals, and that is clearly what it was, is coincident with Bubbles Yellen and her appearance before the Congress. I was thinking it was more related to the BRIC meeting in Brazil.

I am sure you have heard about their plan to bring out their own development bank as a counter to the Anglo-American controlled IMF. But I am also hearing that they may say more about substantial about reserve currency alternatives in a subsequent announcement. 

Xinhua News Agency July 15, 2014 3:09pm

FLASH: BRICS AGREES TO SET UP CONTINGENT RESERVE ARRANGEMENT WITH INITIAL SIZE OF 100 BLN USD

A good chunk of silver bullion arrived in the deliverable category at Brinks, but otherwise the Comex is a snore, except for concentrated selling in quiet markets. Up and down, these jokers like to move the price to scare the retail crowd. 

The only real long term affect is to kill the markets they have, to be replaced by other markets which offer more equitable and efficient terms and execution. Bad actions crowd out the good. We are seeing that in spades as the great trading floors turn into ghost towns. Someone needs to save the crony capitalists from themselves, but I do not think it is possible.

Liz Warren's questioning of Bubbles today was a breath of fresh air.

Have a pleasant evening.

SP 500 and NDX Futures Daily Charts - Wobbly But Buoyant

After the bell Intel beat its numbers and Yahoo. missed. Yahoo also announced that they will be able to retain more shares of Alibaba than previously anticipated.

As you may remember, Alibaba is expected to be one of the largest IPOs ever in August of this year.

No doubt the wiseguys will seek to sustain the market until then.

The handoff of stocks to mom and pop is underway however. I am thinking of a drop in the stock markets in the autumn.

Otherwise, all is complacency despite the occasional wash and rinse.

Have a pleasant evening.

Gold Daily and Silver Weekly Charts - Liberté, Liberté Chérie

The hit on the metals began in the quiet overnight hours and received some additional momentum on the New York open. Here is a picture of a 2300 gold contract 'dump.' Just another day of price discovery, nothing to see here.

Tomorrow is when Bubbles Yellen gives her Humphrey-Hawkins testimony to the Congress.

That was a very close World Cup final game yesterday, for those who actually watched it before commenting on it. While it was largely a defensive battle, Argentina gave up a few opportunities to score that I am sure will be to their regrets in retrospect.

Götze's goal for Germany was very well done against the able goalkeeping of Romero, and was only his second of the tournament. Herr Schweinsteiger must surely have set some sort of record for the number of medical treatments on the field. But there was a general strong team play on both sides, and the sort of well executed game that graced the setting well.

Happy Bastille Day, mes amis.

Have a pleasant evening.

SP 500 and NDX Futures Charts - Rally Around the Banks Boys

US equities rallied today for no particular reason, except perhaps that nothing 'bad' had happened over the holiday weekend.

Bubbles will give her Humphrey-Hawkins testimony tomorrow to the Congress.

Have a pleasant evening.