Stocks and Precious Metals Charts - Metals Take a little Gut Punch For Comex Options Expiration

Stocks were correcting today, sliding more into the afternoon and the close.

The economic news this morning regarding new home sales and consumer confidence was fairly bad.

Gold and silver were rallying in the overnight, with gold hitting $1440, but alas, gold had reached a short term limit and took a hit during the day, dropping all the way to 1411, but bouncing back to the 1420s.

Did I mention that today was an option expiration on the comex? And yes it was.

But still, given the strength of the rally that the metals have shown in the past couple of weeks, who are we to complain?

I posted some thoughts in a chart on the longer term gold price last night. You can scroll down to it.

The Dollar bounced back a little today. But it probably has more correction to go after its own long rally.

We are going out for a hot pot dinner this evening.   While my son was in London the past few weeks he and his girlfriend went to the new Hai Di Lao hot pot restaurant there. There was a 2 1/2 hour wait for a table late on a Thursday night, but he said it was worth it.

Hai di Lao is a global restaurant phenomenon that has made a fortune for its owners.  There are over 3,000 locations worldwide, but alas, there are only three in the US, all in California.  But there are some less prestigious but very good local places around the NYC metro area.   It is a fun social or family event in addition to a good meal.

Need little, want less, love more. For those who abide in love abide in God, and God in them.

Have a pleasant evening.

Long Term Gold Chart with Support and Resistance and Potential Objectives to $2,000

Here is a multi-year look at the gold chart, from the bull leg to the top, a decline, and the multiyear consolidation pattern that seems to have completed.

It is good to have a broader picture of where we have been, in order to see where we may be going.

Let's take this one step at a time.

Stocks and Precious Metals Charts - What Do Bonds and Gold Know That Stocks Don't?

Daniel 5:25  מנא ,מנא, תקל, ופרסין (Mene, Mene, Tekel u'Pharsin)

"A baited banker thus desponds,
From his own hand foresees his fall,
They have his soul, who have his bonds;
'Tis like the writing on the wall.

How will the caitiff wretch be scared,
When first he finds himself awake
At the last trumpet, unprepared,
And all his grand account to make!

For in that universal call,
Few bankers will to heaven be mounters;
They'll cry, 'Ye shops, upon us fall!
Conceal and cover us, ye counters!'

When other hands the scales shall hold,
And they, in men's and angels' sight
Produced with all their bills and gold,
'Weigh'd in the balance and found light!'

Jonathan Swift, A Run Upon the Bankers

Gold continued to move higher, closing around the $1420 mark. Silver is at $15.50.

The dollar moved slightly lower, giving up the 96 handle.

Stocks appeared skittish and hesitant, moving in a tight range around the open.

Geopolitical events *finally* seem to be weighing on the risk consciousness of bully.

There will be a precious metals option expiration on the Comex this week.

The G20 meeting is coming up this weekend at Osaka. Eyes are on the US and China presidents.

Have a pleasant evening.

Physical Holdings of Gold and Silver with Commitments of Traders - Dollydollars

"For ten years, if not longer, financial tectonic forces have been building up; artificial central bank forces vs the market trying to correct itself. While many investors keep dancing on the fault line, eventually the market wíll move towards equilibrium."

Jan Nieuwenhuijs, the analyst formerly known as 'Koos Jansen'

And finally, here is a safe and sensible alternative to the newly proposed, global cryptocurrency from Mark Zuckerberg called Libra, or 'Facebucks.'  Be assured that Dolly has no interest whatsoever in what you are doing with Dollydollars, much less monitoring it, unless it clearly involves Zuke's Mini roast pork treaties.