Gold Daily and Silver Weekly Charts - That Was The Week That Was

"Over a protracted period of good times, capitalist economies tend to move from a financial structure dominated by hedge finance units to a structure in which there is large weight to units engaged in speculative and Ponzi finance. Furthermore, if an economy with a sizeable body of speculative financial units is in an inflationary state, and the authorities attempt to exorcise inflation by monetary constraint, then speculative units will become Ponzi units and the net worth of previously Ponzi units will quickly evaporate. Consequently, units with cash flow shortfalls will be forced to try to make position by selling out position. This is likely to lead to a collapse of asset values."

Hyman Minsky, The Financial Instability Hypothesis

Gold and silver had a very positive day today, running up to their short term overhead resistance intraday, and holding most of those gains.

There was intraday commentary on gold and silver here.

The moves next week will be much more meaningful than this short term run up off a very oversold condition.

I am ready for anything, given that the character of the bucket shop has not been improved.

 

I have included the economic calendar for next week.  There will be the *third* revision to 4Q GDP which, unless it is markedly revised lower to give some headroom for the next 1Q estimate, will likely be a trip to the snoratorium.

 

The macroeconomics and global situation are much more significant, even if the domestic trade and commentary barely gives it an exceptional nod or acknowledgement.

 

Remember me in your prayers, as I remember you.

 

Have a pleasant weekend.

SP 500 and NDX Futures Daily Charts - /Bubble On

/Bubble on.

Have a pleasant weekend.

 

 

NAV Premiums of Certain Precious Metal Trusts and Funds

Gold has hit my short term objective of the overhead resistance at 1185, albeit in three steps of up, down, up.

Sprott silver has taken its cash levels up to a much more healthy level with the sale of a bit more silver from its trust.

I think a lot of bearish sentiment was leaning into the FOMC day trade in both stocks and metals, and a number of other markets as well.    And with the expected deletion of 'patient' happening, but with the Fed whispering some rather dovish words, the markets were able to run to the upside and take the bears for a ride.

Market rigging does worth both ways in the short term. And it is easier when you get to see into the other fellow's hand.

And the shills and trolls provide the chorus.   Remember Jim Cramer's infamous video about how to manipulate the market 'legally'?

Longer term fundamentals manner. Short term only money and power matters. Intermediate is a mixed bag.

 

There is not a lot of doubt that the intermediate trend in the metals is and has been a policy thing, while providing a backdrop for the self-serving antics of the usual suspects.

 

It is all a part of the 'currency war.'