"They defended him, verbally and physically, every time he committed one of his criminal acts. They went blithely on past the suffering of all the bombing victims, the prisoners in the concentration camps, and the religious persecutors, because a different regime would have meant the end of their power. 'You made this monster, and as long as things were going well you gave him whatever he wanted. You turned Germany over to this arch-criminal.'”
Friedrich Reck-Malleczewen, 1947
Stocks were struggling to go green (again) all day.
After the bell Yahoo missed earnings and revenues and Chipotle was not looking robust either, especially with a miss on the bottom line.
I am mostly in cash here with a light short position, waiting to see if stocks can move higher or will start rolling over. They seem overvalued here, especially in light of a slowing US and global economy.
Sprott silver appears to be temporarily out of cash for current expenses.
Typically they have been selling off a little bullion in order to raise funds, since their premiums do not allow for secondary offerings under their current arrangements.
At at the bottom, central bankers extraordinaire Stanley and Janet take a QE Victory Tour by auto through the Swiss Alps, with Mario Draghi at the wheel.
Gold and silver were under light pressure most of the day, and slid a little in the afternoon to finish slightly lower.
The Bucket Shop was very quiet as usual, with only a little movement in the silver warehouses.
Gold bullion continues to act as though it was under lockdown.
As you know I was looking for a retracement here. The depth and shape of it will inform us on what sort of chart formation, if any, we have in play.
I have included the chart of the three scenarios and a 'worst case' below. We are now in the 'shallow retracement' area, probably from here down to 1170ish. The other levels are down to about 1150, and deeper down to 1130. If gold breaks down below 1120 and sticks a solid close for a couple days at least then this formation is off the table.
Much of the commentary I am reading these days about gold and silver is junk food for the mind. If you take in too much of it, you may become a fathead.
Let us pray for those whose hearts are hardened against His grace and loving kindness by greed, fear, and pride, and the seductive illusion and crushing isolation of evil.
We pray that we all may experience the three great gifts of our Lord's suffering and triumph: repentance, forgiveness, and thankfulness. And in so doing, may we obtain abundant life, and with it the peace that surpasses all understanding.
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