Gold Daily and Silver Weekly Charts - Credibility Trap

"While we were not watching, conspiracy theory has undergone Orwellian redefinition. A 'conspiracy theory' no longer means an event explained by a conspiracy. Instead, it now means any explanation, or even a fact, that is out of step with the government’s explanation and that of its media pimps...

In other words, as truth becomes uncomfortable for government and its Ministry of Propaganda, truth is redefined as conspiracy theory, by which is meant an absurd and laughable explanation that we should ignore."

Paul Craig Roberts

The Bucket Shop was quiet last Friday and today, as the usual punters were swapping stories and matching dollar bills for side bets.

 

There was a little spike in the precious metals as it was announced that the EU is preparing capital controls in the event of a Greek Default.

 

Keep an eye on these developments as I think that the powers that be are increasingly concerned that their fantastic (as in born of fantasy) plans are coming unraveled.

 

They do not know what they are doing but, of more concern, it is not clear that they even care, as long as they think that they are winning.

 

Have a pleasant evening.

 

 

 

 

SP 500 and NDX Futures Daily Charts - Roadhouse Blues

We saw a little flight to safety in the metals today, and a slump in equities that was overcome after the European markets closed.

This was all about concerns with a Greek default, and the weakness of the global banking system, and the not-very-exceptional weakness in the American economy.

Keep your eyes on the road and your hands on the wheel, as the song says.

Have a pleasant evening.

Gold Daily and Silver Weekly Charts - Snoratorium

"Such is the rule of our warfare. We advance by yielding; we rise by falling; we conquer by suffering; we persuade by silence; we become rich by bountifulness; we inherit the earth through meekness; we gain comfort through mourning; we earn glory by penitence and prayer.

Heaven and earth shall sooner fall than this rule be reversed; it is the law of Christ's kingdom, and nothing can reverse it but sin."

John Henry Newman

 

These markets are on manual control, and lockdown.

 

Keep an eye on Greece, Deutsche Bank, and the Ukraine.

 

Have a pleasant weekend.

 

 

SP 500 and NDX Futures Daily Charts - Everybody's Working For the Weekend

Too nice today to stay in and watch the wash cycle kick back in again.

These markets are on manual control from somewhere, I am not exactly sure by whom.

But I think we all have our suspicions.

Have a pleasant weekend.

 

Gold Daily and Silver Weekly Charts - The Dukes of Moral Hazard: Bad Boys, Bad Boys

Gold and silver were capped today as usual.

A reader told me, second hand, that an acquaintance in the CME claims that the action in the CME Hong Kong is 'phony' and that they ought not pay attention to it. The CME is just trying to make an appearance there, it seems.

I have to admit that it is a little funny to see these big withdrawals and deposits of almost the same size each day from the Brink's warehouse. But as I have said, I wish to keep an eye on this for some time.

What I found even odder was that the source of this information apparently takes what the CME says about their US operations very literally. How can someone say, 'oh yes they are crooks and frauds over there,' and not suspect that they are not exactly the pillars of righteousness in their data reporting over here?

I will keep an eye on things and see what happens. But overall I suspect my own opinions of this are fairly clear.

Speaking of which, there was little delivery action in The Bucket Shop yesterday, and they were mostly moving stuff around in the warehouses for the most part.

The active month of June for gold started out strong in the first couple of days, and then went completely flat as gold was hit hard in the paper markets.  

The physical markets in Asia keep rolling along.

I see some people asking whether gold bugs were wrong, or just early.  Allow me to retort. 

Since 2000, the SP 500 is up about 38%, plus dividends. Over the same timeframe, gold went from $250 to $1180 today.  That's spelled g-o-l-d.

What is going on in the Ukraine, Greece, and with these international treaties like TTIP and TTP is appalling. The political and professional classes in the West are just off the hook and out of control. I am wondering what will bring them back to earth, and restore some sense of proportion to their feeding frenzy of greed. 

 

Generally these sorts of things do not end well, or quietly.

Have a pleasant evening.

 

 

 

 

 

 

SP 500 and NDX Futures Daily Charts - Res Publica, Res Imperium, Res Corporata

 

What is happening in Greece is clearly about more than just money.   How can they blithely give Ukraine a pass and a free lunch, and Greece the Iron Heel?  

 

I am wondering what will satisfy the Troika, short of tossing out the elected government of Greece and putting a Stellvertretender Reichsprotektor in place to administer their newly taken territories to the south. 

 

Keep an eye on Deutsche Bank and the Ukraine.

 

I have a bad feeling about this market.

 

Have a pleasant evening.