Gold Daily and Silver Weekly Charts - Silver Price Rigging, Huge Week for News Coming

Gold and silver bounced back quite a bit from the bear raid earlier this week.

Things are so boring on the Comex I think they didn't bother to update the clearing reports or the warehouse data.

 

Deutsche Bank, Bank of Nova Scotia, and HSBC have been accused of manipulating the silver fix.    Whitewash and/or wristslaps to follow. There is little justice, and no real reform.  Like flies to wanton boys are we to the Banks.

Next week is going to be a huge week for news.

First off we have a Comex option expiration on Monday the 28th.

Next, we will be seeing a trifecta of metals sensitive news events including 2nd Quarter Advance GDP release on Wednesday morning.   I have heard that John Williams is looking for a disappointing number.  I am thinking we will see a decent number, that will deteriorate noticeably in later revisions when no one cares as much.  They are also tinkering with the benchmark numbers and history in this release, so who the heck knows what will get tossed up from the Capitol maw.

And on Wednesday afternoon we will hear the results of a two day FOMC meeting.  I expect it will be steady on the taper, and we'll do something if something big happens.

And last but not least, we will be getting the Non-Farm Payrolls Report for July on Friday August 1.  The jobs number will likely be in line with seasonal adjustments, but keep an eye on hours worked and wages.  Without wage growth the velocity of money will continue to languish, and the Fed will feel free to keep pursuing a top down monetary stimulus and feed the asset bubbles.

There will also be the Chicago PMI, Michigan Sentiment, and the ISM Index.

I have included a calendar of next week's news events and projections below.

And in background the Ukraine and Gaza continue to simmer.

So let's get ready for some action in Madame Tussaud's precious metals museum on the Comex.  Maybe.

Have a wonderful weekend.

SP 500 and NDX Futures Daily Charts - Ho Hum

Earnings and geopolitical events continued to drive the US markets this week.

As for geopolitical events, since nothing blew up within the last 24 hours, the markets pretty much forgot about them, including plague, wars, and rumours of war.

As for earnings, they are mediocre, and stocks gave back some of their gains today on that disappointment.

Next week ought to be action packed. I will discuss that further in tonight's metals commentary.

Have a great weekend.

Beloved CEO Fired By Board For Being Insufficiently Ruthless: Employees Leave Jobs In Protest

"Just remember this, Mr. Potter, that this rabble you're talking about,  they do most of the working and paying and living and dying in this community. Well, is it too much to have them work and pay and live and die in a couple of decent rooms and a bath?

Anyway, my father didn't think so. People were human beings to him. But to you, a warped, frustrated old man, they're cattle. Well in my book, my father died a much richer man than you'll ever be!"

George Bailey in It's a Wonderful Life

This is by far the most remarkable story I have seen in a while.  Ordinary employees lay their jobs on the line to support a wealthy CEO who was fired by the board.  Talk about a 'man bites dog' story.

In the latest development the CEO of a northeastern grocery store chain, Mr. Demoulas, has made an offer to buy back his company, Market Basket.

If only more of us would put people before power and greed.  If only more of us would insist that our leaders live up to their duties to the people first, and not wallow in money and privileges for themselves and their cronies. 

If only those spreading fear and hatred to keep the people compliant would not find so many willing and gullible fools to support them.

 

Then that really might be 'a wonderful life.' 

Meet America’s Most Beloved CEO—Too Bad He Just Got Fired

Brad Tuttle

July 23, 2014

After the wealthy CEO of a supermarket chain was fired, thousands of workers walked off the job in protest—some getting fired themselves. What's up with that?

Workers understandably tend to go on strike or protest for selfish reasons—more pay, better benefits, improved working conditions. Over the last week in New England, however, thousands of employees at Market Basket, a supermarket chain with 71 stores in New Hampshire and Massachusetts, have been sticking their necks out (and in some cases putting their jobs on the line) in support of Arthur T. Demoulas, who was the company CEO until he was fired in June.

Rallies pushing for “Arthur T.” to be given his job back were held at the Market Basket headquarters in Tewksbury, Mass., on Friday and Monday, drawing upwards of 5,000 protestors. Meanwhile, the shelves of many Market Basket locations have gone barren, as there are too few employees still on the job to stock them. At least eight employees were fired over the weekend related to the protests...

“He’s George Bailey,” Trainor explained to the Washington Post, comparing Arthur T. Demoulas to the beloved savings-and-loan manager played by Jimmy Stewart in It’s a Wonderful Life. “He cares more about people than he does about money...."

Read the entire story here.

Joy

If I have learned anything in the past few years, it is that work and money and the markets are only things.   Important things perhaps, but only as means to the ends.  The ends are where the real stores of value in our lives reside.

And so I will enjoy the rest of the day, and be back tomorrow.  And the markets will still be there, as I hope that you and I will also be, thanking God for His small but tender mercies.

Have a pleasant evening.