Gold Daily and Silver Weekly Charts - J'attendrai

Gold and silver held steady at key resistance today, unable to move higher, but refusing to go lower.

There was very little delivery activity at The Bucket Shop yesterday, with the three bullion banks shoving some gold bullion around the plate in their house accounts again.  JPM picked up a little.

Other than that, the Comex is 'quiet' to put it charitably, with a little more silver leaking out through the seams.

And so I am waiting. I seem to be getting very good at it, waiting patiently. I have been waiting since yesterday for a phone call giving the latest test results from a PET scan last Wednesday. I probably have done this sort of thing about a dozen times now over the past four years. Waiting for someone else's tests, someone whose fear and pain strikes to your heart, seems worse than waiting for your own.

So as for gold and silver, waiting for them to do something is relatively easy. Bring it, you cartel clowns. Gold is flowing from West to East. And we are waiting for you, with a deepening resolve.

Have a pleasant evening.

SP 500 and NDX Futures Daily Charts - Going Nowhere Man

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.

Have a pleasant evening.

NAV Premiums of Certain Precious Metal Trusts and Funds

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 Daily and Silver Weekly Charts - Retracement - J'attendrai - I Will Wait

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.

Have a pleasant evening.