Gold Daily and Silver Weekly Charts - Nothing Really Happened - FOMC Rate Decision on Wednesday

It appears that a criminal case is being brought against a 'rogue trader' at Goldman Sachs who was caught obtaining confidential documents from a 'rogue central banker' at the NY Fed. Informed rumour has it that the defendants may condescend to plead guilty to a misdemeanor. Who says that crime doesn't pay?

Gold and silver pretty much did nothing today. Just a little back and forth chop.

I continue to watch the model of this retracement which I have posted to gauge what is going on.

There was little activity in the gold warehouses. More bullion was traded between the house accounts of Nova Scotia and JP Morgan. That seems to be the fashionable thing to do this month.

Perhaps something will be allowed to happen later this week.

FOMC rate decision on Wednesday.

Have a pleasant evening.

SP 500 and NDX Futures Daily Charts - Chilly Today, Apple Tomorrow - FOMC Rate Decision on Wednesday

Stock were largely unchanged after a fluttering day on very light volumes.

No major central bank announced a new stimulus initiative today, so stocks will have to wait for the Apple results tomorrow for an excuse to do something perhaps.

New housing sales came in very light for September.

Perhaps the trend towards higher prices against stagnant wages for most potential homebuyers has something to do with that.

Notice how nicely the bubble in median housing prices tracks the expansion of the Fed's balance sheet.

If only that stimulus was directed at median wages.  But that would empower the 99%.

Have a pleasant evening.

Gold Daily and Silver Weekly Charts - The Charge of the Light Brigade

Gold and silver were hit by paper contract selling this morning and the US dollar caught a bid higher.

The only delivery action in The Bucket Shop was another house to house account delivery of gold from Nova Scotia to JPM.

Someone who owned gold bullion in the Nova warehouse put it up for delivery.  I wonder who that could be.

The IMF seemed to relent on the hardline Anglo-American position and indicated this morning that there might be room in the next SDR recast for the Chinese remnimbi.

As I have mentioned before the wiseguys are trading commodities like currencies or stocks, almost fearlessly so.  And most likely in some indirect support or assurances of the dollar supremacy.

I suspect this will end badly, as most of these cockeyed policy initiatives cooked up in the thin intellectual air of the central Banks most willful bureaucracies tend to do.

And they always seem to find some cat's paw to become the patsy for the results, if required.

"Forward, the Light Brigade!"
Was there a man dismayed?
Not though the soldier knew
Someone had blundered.

Theirs not to make reply,
Theirs not to reason why,
Theirs but to do and die:
Into the Valley of Death
Rode the six hundred.

Have a pleasant weekend.