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Gold is right up against the big inverse head and shoulders neckline around 1440.
I am struggling to see a breakout here, but it is possible. The last big neckline breakout took place around a failed option expiration gambit.
Maybe Jamie is too preoccupied with the largest unsecured, non-syndicated bank loan every (to AT&T as a bridge loan to buy T-Mobile) to worry about Blythe's capital needs.
I think this AT&T acquisition, and its very rich price, is indicative of what is wrong with the US economy. Money is being generated and held by fewer hands who continue to use it to consolidate their economic and political power.
But these things ebb and flow. The mighty sow their own destruction in their excesses and their overreach. The reign godless as if triumphant, until they fall back upon their knees. It can be a curse or a blessing, to see the true face of that which you serve.
I take profits, holding bullion but trading paper, and retire to the kitchen for the evening trade.
The appetites and customers seem unchanging, but there is always something a little different on the menu if you look carefully. And over long periods of time, tastes and fashions will change back and forth, but the basic ingredients remain the same.
"Money is gold, and nothing else." J. Pierpont Morgan
Since option expiry is on Monday the 28th, I would expect Blythe to throw some cards on the table and at least take a run at this rally. If it comes it will be in thin trading and likely into the weekend.
The gold/silver ratio is cracking 40 again. It could eventually go back to 16:1 which has historical precedent.
Keeping the Shell Game Going Department
JPM Becomes a Self-Licensed Vault/WeighMaster/Assayer For the NYMEX/COMEX
Makes it easier to move the bullion between the COMEX and SLV? lol
Good one, Baba Yaga.
Adobe came out after the close and cut forecasts in light of slumping sales, which they attribute to Japan.
"In a way, the worldview of the Party imposed itself most successfully on people incapable of understanding it. They could be made to accept the most flagrant violations of reality, because they never fully grasped the enormity of what was demanded of them, and were not sufficiently interested in public events to notice what was happening.
By lack of understanding they remained sane. They simply swallowed everything, and what they swallowed did them no harm, because it left no residue behind, just as a grain of corn will pass undigested through the body of a bird."
George Orwell (1984)
The US dollar is approaching some key support levels, and gold is pushing up towards a potential neckline on a big inverse H&S formation.
Silver is a juggernaut while the markets are climbing on Fed provided liquidity and the global carry trades.
So, we either correct soon, or Benny takes us to the next level of debasement.
It would be nice to see gold finally hit that 1455 level I called out so long ago before it had broken out.
Option expiration at the Comex on Monday the 28th as shown on the calendar below, although any serious bear raids are likely to be at the end of this trading week. They have not even sorted out the March deliveries yet in silver. It is hard to imagine them losing control of price, although some day they most likely will. Let's see how the metals fare, under the attack of Blythe Baba Yaga, the Silver Witch.
