Gold Daily and Silver Weekly Charts - Lazy Holiday Trade - Daffodils In Search of Grace

Harold Pardey, Daffodils In Search of Grace

"If someone cannot feel the power of God when they look upon the stars, then I doubt whether they are capable of any feelings at all.”

Horace


"Our Lord's love shines forth as much in the simplest of souls as it does in the most highly gifted, as long as there is no refusal offered to his grace."

Marie-Françoise Thérèse Martin de Lisieux

Today was Columbus Day in the US and Thanksgiving Day in Canada.  Plus the weather in the northeastern US was absolutely gorgeous, typical of early Autumn.

So needless to say the adults were occupied with other things than equities, the bond markets being closed and the economic news and the banks taking a day off.

Gold rallied up and then fell back a bit from the high as did silver.

These two precious metals are at very key overhead resistance levels.  1166 for gold and 16 for silver are two areas to watch.  You can see why on the charts.

The better miners are showing quite a few interesting potential chart formations as well.  IF they work then things could get interesting.  But that is a big IF, related to the remarks about the bullion prices above.

The Bucket Shop was very quiet last Friday.   The only interesting thing is the buildup of gold bullion in their Hong Kong warehouses, notably Brinks.

Other than that, it is status quo, with a slow bleed of bullion out of the West, flowing towards the East.

Speaking of Western ghost towns, Mitsui is said to be pulling out of the precious metals trade in New York and London.   Who wants to stand around watching some lame wiseguys shifting the pea under the shells for the bewilderment of the tourists?

As for me, I spent some time outside putting the final touches on a 'dog ramp' that my son and I built for the old family pooch.  She is starting to have trouble navigating the back steps up and down at night.

Thérèse de Lisieux

So, all in all, it was a good day.

Let's see if gold and silver can make it up the steps this time, or have to go back down again for another run at it.

At the end of the day people are so fragile, so easily crushed, so vulnerable to the great changes in nature.   And yet so remarkably resilient, seeming to rise again and again, filled with an undeniable yearning to reach skyward and blossom forth.

People are so small compared to the universe of things, and yet such amazing little treasures, adding our own joy in the life-giving light and warmth of the sun to the the majestic harmony of His garden.

At our best, we are daffodils in search of grace.

Have a pleasant evening.

SP 500 and NDX Futures Daily Charts - Light Holiday Trade

Today was Thanksgiving in Canada and Columbus Day in the States.

US stocks were trading, but the banks and bonds were closed, so there was not much news or noise to drive the stock carnies.

Tomorrow JPM reports its numbers at the close, a change from its usual pre-trade reporting to kick off the financials earnings season.

Have a pleasant evening.

Gold Daily and Silver Weekly Charts - Happy Thanksgiving, Hosers!

Gold had a nice steady rally up to the 1160 area, and then was capped there for the rest of the day.

Silver managed to climb back up to the 16 handle, but was not able to hold it this week which was a little disappointing.

Gold even managed to show a little delivery action at The Bucket Shop yesterday, as a few paper receipts managed to change hands amongst the house accounts of JPM, Nova Scotia, and HSBC.

Next week is likely to be a little more important test for gold as it is now bumping up against some overhead resistance in the long bear market.

The warehouses are a bit thin on deliverables, and as my friend Dave asked, 'why does no fund ever try to take this price and supply situation in hand and stand for delivery?'

That is a very good question, and one that has occurred to most of us when we see the kinds of setups that have been seen to work in these markets.

I have always thought it to be a kind of professional courtesy;  the same reason why carnies do not play at each others games in front of the townies, except in some supportive role.

I have included the economic calendar for next week.

I have noticed that the precious metals trolls have been acting a bit forlorn lately and thowing out a lot of exceptionally weak material.  Perhaps we are nearing a short term top.  Well, it is hard to say.  And so I won't.

On Monday 12th October our Canadian friends will be celebrating their Thanksgiving.

And a happy one to you all.  As a consequence their markets will be closed.

Canada is the country that most Americans still think that they have, or would like to have, but don't.

Have a pleasant weekend.

SP 500 and NDX Futures Daily Charts - It's All Over Now, Baby Blue

“It would take a while before the postmodern Narcissus perceived the ruins of society behind the emptiness of his mirror.”

Paul Verhaeghe

If there have been any doubts about the veracity of the above quote remaining after the post-Fed pronouncement of Alan Greenspan, I am sure that Ben Bernanke has dispelled them with his most recent musings in the press about his memoirs and his time as the head of the Federal Reserve.

Have a pleasant weekend.