SP 500 and NDX Futures Daily Charts - Minor Swing

Stocks were in a bit of a slump today, understandable after the sharp run up in the post-Brexit surge of devil-may-care confidence by the ubermenschen.

So, all in all, just a minor swing, a brief setback in the technocracies plans to rule them all with the one ring of neoliberal economic nonsense.

Have a pleasant evening.

Target Prices of Gold from $5,000 to $12,000 per Ounce

If one compares the US monetary base per capita vs the price of gold in US dollars, we can see a historical relationship that diverges for long periods of time, but always seems to return to a closer relationship during periods of financial stress.

This is the case that some might make for gold with a price target of $5,000 per oz., which the potential to spike as high as $12,000.

Personally I hope we do not see financial stresses that drive the price of gold to that higher level.

These charts are from Nick Laird at goldchartsrus.com.

Gold Daily and Silver Weekly Charts - That Was The Week That Was

"The woods decay, the woods decay and fall,
The vapours weep their burthen to the ground,
Man comes and tills the field and lies beneath,
And after many a summer dies the swan."

Alfred Lord Tennyson, Tithonus

And unwilling to take a back seat in July, we saw a big 3,000 contracts of July gold stopped on the Comex yesterday as noted on the report below.  As seems to be the case these days, the gold contracts came out of the HSBC house account, and were taken up by the usual suspects.

There was intraday commentary regarding some chart projections of silver to $54 per ounce.

This will be a three day holiday weekend in the States.  Please try to carry on.

And below is a brief video of the theme song of an old television show that I watched regularly in its day, quite precocious taste for a ten year old now it seems. But then again, there were only three black and white television stations then, so even contemporary British humour could find an audience.  And like so many other British hits, in the manner of Snakes and Ladders as Chutes and Ladders, it did spawn a tamed down American version as I recall.

And of course there were always those first late night stalwarts of early television, the Tonight Show with Jack Paar, Your Show of Shows with Sid Caesar, Ernie Kovacs, and The Steve Allen Show.  Hi ho, Steverino.

Old age is like being a time traveler, but in slow motion.  And all that is happening now is starting to feel like Summer reruns from the 1930s.

And so, ladies and gentlemen,  as the Irish story teller David Allen used to say, "Good night, thank you, and may your God go with you."

Have a pleasant weekend.

SP 500 and NDX Futures Daily Charts - What Do You See That Frightens You?

"Peter. Verily, verily, I say to you, when you were young, you dressed yourself, and walked where you liked: but when you are old, you will stretch forth your hands, and another will gird you, and carry you where you would not wish to go."

Since the adults all seem to be leaving Wall Street early today to get a head start to the Hamptons, I will just post the charts as they are now and catch up on any late changes next week.

As a reminder, the US will be celebrating the 4th of July holiday on Monday.

Have a pleasant weekend.

The mighty rise and are fallen, but the word and the spirit endure.