Gold Daily and Silver Weekly Charts - Hey Boparee Bop, Bop Bop Sh'Bop

Gold and silver were bumping their heads pretty hard against overhead resistance after the first hour this morning as Bill Dudley of the NY Fed was out jawboning the stock markets higher as equities were in meltdown mode, threatening to break some key support.

This had the effect of putting a fire under the metals, which were carefully capped at the 2 percent level.

The metals did give some of it back to profit taking in the late afternoon.

This is some rough stuff overhead. Let's see if the metals can push through it.

That big swing in stocks today, off a little jawboning by Goldman's man at the NY Fed, should give you a hint at how disconnected valuations are from anything remotely resembling economic fundamentals.

Keep on truckin'.

Have a pleasant evening.

 

SP 500 and NDX Futures Daily Charts - Swing Kids of Wall Street

You might have missed it if you were not watching the futures markets, but from last Friday's huge miss the stock futures had plunged, triple digits in the DJIA and quite a bit in the SP 500.

That drop showed up on the open of the cash markets this morning.

William Dudley, erstwhile alumnus of Goldman Sachs and head of the deeply conflicted NY Fed was out this morning promising very slow and shallow increases in interest rates, even if the Fed does finally 'pull the trigger' this year.

Well, that bit of jawboning was enough to trigger a rocket rally in the stock markets, and also lit a fire under gold, silver and even crude oil.

So all in all, a triple digit swing both ways in the Dow Industrials, and the SP futures continues to oscillate in about a 40 point trading range.

This looks like a 'have your cake and eat it too' standoff at the Fed.

Swing heil!

Have a pleasant evening.

NAV Premiums of Certain Precious Metal Trusts and Funds

Enthusiasm seems somewhat subdued based on the negative premiums of these trusts and funds.

Remembering the 47th Anniversary of Martin Luther King's Last Public Words

"We ask for peace and freedom for the many men and women subject to old and new forms of enslavement on the part of criminal individuals and groups. Peace and liberty for the victims of drug dealers, who are often allied with the powers who ought to defend peace and harmony in the human family. And we ask peace for this world subjected to arms dealers.

May the marginalized, the imprisoned, the poor and the migrants who are so often rejected, maltreated and discarded, the sick and the suffering, children, especially those who are victims of violence; all who today are in mourning, and all men and women of goodwill, hear the consoling voice of the Lord Jesus: "Peace to you! Fear not, for I am risen and I shall always be with you."

Francis I, Urbi et Orbi, 2015

“The tyrant dies and his rule is over;  the martyr dies and his rule begins.”

Søren Kierkegaard

Martin Luther King gave this speech on 3 April 1968 in Memphis, Tennessee.

 

On 4 April 1968, Dr. Martin Luther King, Jr. was assassinated.

"O Jerusalem, Jerusalem, you who kill the prophets and abuse those whom God has sent as messengers to you.

How often I have longed to gather your children together, as a hen gathers her young under her wings. But you would not let me.

As you willed, your house is now yours— but is made desolate.’”