Stocks and Precious Metals Charts - Hi Yo Silver - Silver Breaks Out

"Real journalism is different from the gossip, punditry and clickbait that dominates today’s news. Real journalism, in the words of Joseph Pulitzer, is the painstaking reporting that will “fight for progress and reform, never tolerate injustice or corruption, [and] always fight demagogues”. Pulitzer said journalism must always “oppose privileged classes and public plunderers, never lack sympathy with the poor, always remain devoted to the public welfare, never be satisfied with merely printing news, always be drastically independent, never be afraid to attack wrong, whether by predatory plutocracy or predatory poverty”.

When we have had real journalism, we have seen crimes like Watergate exposed and confronted, leading to anti-corruption reforms. When we have lacked real journalism, we have seen crimes like mortgage fraud go unnoticed and unpunished, leading to a devastating financial crisis that destroyed millions of Americans’ lives."

Bernie Sanders, The Media Today

Here are the charts.

Silver has broken out.

Gold is setting its mark higher again.

Stocks were lackluster.

Bill Dudley is always and everywhere a sycophantic tool.

In general, the news and commentary is full of people who are crooks and liars, and just plain nuts.

Try to refrain from joining in. 

You will stand to account for all that you say and do.   Of this you may be as sure.  

You can rehearse all the witty justifications, flippant remarks, and clever arguments that you wish.    But when the time comes to present them, and your naked self, before almighty God, I suspect that they will seem a bit thin.

They will be worth nothing then, as they are now.

So now is the time to cast your prideful selfishness asie, and accept the three great gifts of repentance, forgiveness, and thankfulness.

For what does it profit a man, to gain the whole world, but lose themselves.

Have a pleasant evening.

Silver Breakout Targets $22

Provided that the silver breakout is confirmed and holds $18, a target for this range breakout targets $22.

A similar breakout attempt failed around August of 2017 as you can see on this chart.

It must be noted that in a major stock market liquidity event, silver is like to take a drop in price because of its 'industrial component.'

Stocks and Precious Metals Charts - Woe to You, Scribes and Pharisees, You Hypocrites - The Seven Woes

"Cass shipments index has gone from “warning of a potential slowdown” to “signaling an economic contraction.” This indicates US GDP growth turns negative in Q3 or at latest Q4. World shipping data already confirming word trade slump deepening even before Trump tariffs."

Dr Harald Malmgren


"Hot money seeks out the conscious mispricing of risk.  Capital, in the form of both money and personal talent, increasingly flows into malinvestment and the gaming of markets.

The productive economy languishes, left wanting for the lack of creative resources and attention.  The bubble rises to unsustainable valuations— and fails, and a nation's capital is consumed.  The next five years are not about winning, but surviving."

Jesse, 5 August 2019

Citigroup dumped the gold contracts from its house account on Friday. The clearing report is below.

We will be having a minor Comex precious metals options expiration tomorrow.

Stocks and the metals went on a wild ride last night, in the latest episode of our bipolar President's trade war.

I spent a fruitful day taking Dolly to the groomer. She is pouting on her pillow, but very glad to be home.

Earlier this morning I did a minor rebuild on the carburetor and put a new fuel line in my Husqvarna chainsaw.  The old fuel line pretty much fell apart.  No wonder it would not start.  lol.

The weather has turned glorious, an early taste of autumn. I am making borscht with beef bones and beets today, to be served cold with diced onion and sour cream. Yum.

Have a pleasant evening.

Gold Related Assets - Percent Gainers Over the Past Three Months

Here is the gold related assets box score for the past three months.

Although there are many, many gold mining companies, I have asked Nick why he has not included Kirkland Lake.

Compliments of the data wrangler Nick Laird

Gold: A Path to Challenge 1800 by Year End

If this potential chart formation 'works' I will be as surprised as anyone. lol

I do think that gold will eventually challenge its all time high in dollars, but maybe not so quickly.

In order to maintain 'orderly markets' I strongly suspect that there will be determined efforts to limit rallies in gold to around 20-30 dollars or less.

We may see a 100 dollar up day before this reaches an intermediate peak.

The ultimate objective for this leg of the bull is closer to 3000 than to 2000, but let's take this one chart formation at a time.

Let's watch to see how this all unfolds.

Stocks and Precious Metals Charts - Now They Know How Many Holes It Takes To Fill Jackson Hole

"The fragile wants tranquility, the antifragile grows from disorder, and the robust doesn't care too much."

Nassim Taleb


“The tyrant is a child of Pride
Who drinks from his sickening cup of
Recklessness and vanity,
Until headlong from his high crest
He plummets into the dustbin of hope.”

Sophocles, Oedipus Rex

It was a risk off day, as the markets succumbed to a triple dose of Powell, Xi, and finally the coup de Trump.

There may be a raucous time at the G7 meeting in France starting tomorrow.

The joint communique could be interesting, if they manage to put one out.

The short term trading environment looks to remain rather frisky for the foreseeable future.

Precious Metals option expiration next week.

Have a pleasant weekend.