Gold Daily and Silver Weekly Charts - Been Down So Long It Looks Like Up

Gold got quite a pop intraday, as repeated attempts to take gold below the key support at 1190 failed.

Oil was down, stocks were down, but gold was not going lower.

And so the metals bears seemed to throw in the towel, and gold rebounded sharply running almost straight up towards the 1210 level.

I thought this was almost certainly a 'technical bounce' with a little flight to safety sprinkled in.

Gold needs to break out of this pattern. I have included a closeup of the relevant part of the chart so you can see the levels.

Have a pleasant evening.

 

 

 

SP 500 and NDX Futures Daily Charts - The Eternal Footman Snickers

Stocks were weak today, with a decided lack of new economic news, based I think on 'jitters' with stock valuations at these lofty levels, and yet so many hedge funds underperforming the indices.

Oil took a 4 percent hit, and concern is growing that this is a sign of slackness in aggregate demand, and not a over production move by the US and some of its allies to punish Russia, or the Saudis to give the shale oil crowd a stiff gut check on their long term viability.

But all in all, today was just a pullback. Let's see if we get any follow through anywhere in this market.

There is a surprising lack of liquidity in the market, despite the massive printing that has been done by the Fed.

If the markets get in trouble, it could develop into a blood bath. But that is a big *could*.

Have a pleasant evening.

NAV Premiums of Certain Precious Metal Trusts and Funds - Another Sprott Gold Redemption

There has been another redemption of bullion from the Sprott Physical Gold Trust.

Someone has redeemed units in the Trust to obtain 36,915 ounces of gold bullion.

Physical gold is not plentiful in the West at these prices.

The premium on the Sprott Physical Silver Trust has moderated significantly from its recent levels.

Given the cash on hand for the Trust, it would not be unreasonable to expect a secondary offering for the Trust to raise some cash by sometime early next year.

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