“'Simon, Simon, behold! Satan has demanded permission to have all of you, to sift you like wheat. But I have prayed for you, that your faith may not fail. And once you have returned, you must strengthen your brothers.' And Simon said, 'Lord, I am ready to go with you, to prison and death.' Jesus answered, 'Before the cock crows, you will deny three times that you even know me.'" Luke 22:31-34
Gold and silver paused today, consolidating their recent gains.
Stocks seem to be doing the same thing, and even gaining a bit of ground.
But some selling crept in during the late afternoon.
And the selling started to accelerate in the last hour, with stocks going out on the lows.
Stock option expiration on Friday.
Have a pleasant evening.
Bernard M. Baruch
"You have to choose between trusting to the natural stability of gold and the natural stability and intelligence of the members of the government. And with due respect to these gentlemen, I advise you, as long as the capitalist system lasts, to vote for gold."
George Bernard Shaw
Stocks were off again today, but gathered themselves and managed to take back quite a bit of the losses in the afternoon.
But gold and silver were the real surprise today, bolting higher and never looking back.
Who let the dawgs out?
Both metals smacked up through overhead resistance, and managed to take it up to the next key level.
My favorite silver miners were the stars on the board, gaining 10-15%.
Not bad for a day's work.
There will be a stock market option expiration this week Friday.
Comex precious metals option expirations next week.
Let's see if the metals can hold their ground and move higher.
Or not.
Have a pleasant evening.
Stocks were up sharply today.
After having bounced off their key Fibonacci retracement levels.
This was a 'tactical correction' in my books.
Those worries about inflation were mostly hoo-haw and clickbait.
Those year-over-year comparisons are going to be distorted since this time last year we were in the teeth of covidageddon.
Even the month over month have to be read carefully now because of the sharpness of the vaccine deployment in the US.
The key actor is the Fed.
Everything else is noise.
Gold and silver both rallied to below breakout resistance, with gold leading the charge.
The Dollar fell back down towards 90.
See, that wasn't so bad.
I posted some intraday charts showing the placing of gold and silver to the breakout levels, because The Forester People of Spokane asked.
What can you say about such nice folks with exquisite taste in vehicles?
Let's see what antics the Wall Street wiseguys will have for us next week.
Have a pleasant weekend.
Close but no cigar even from a look at the simple daily charts with the retracements.
From the main chart in the 'Babson style' not shown, gold must take out and hold 1850.
On the weekly chart not shown, silver must take out and hold 28 and then move to take out 30 to truly break higher.
