Gold Daily and Silver Weekly Charts - Sideways Into the Fed - Good Time To Do Nothing

Gold and silver did relatively little today, ahead of the Fed decision for October tomorrow afternoon.

Nova and JPM continue to pass bullion between their house accounts.

Silver was quiet with a little minor leakage.

Since someone has asked, I see a few pundits are predicting a 'massive selloff' of paper gold with the FOMC.  I am not so inclined to believe that, but it does allow one to claim victory if it does happen, and to brush it off and forget about it if it does.  Selling predictions is a dodgy business.  I'll look to the facts and the reasoning, and at most ask a fellow what they are doing with their own money.  As they say, 'money talks...'

October is a minor month.  The big action is coming in December, and the bullion banks seem to be preparing for it with all these house transfers to JPM who now holds quite a bit of bullion in Nova's warehouse.  Or one may surmise that this is the reason.  Those house transfers have been most of the action in physical Comex this month.

I see things a lot closer than this, and am standing pat while I wait for the macro trend to resolve.  There is certainly a possibility of a major bear raid.  But as Bagehot said, 'life is a school of probabilities.'

I am still following my four retracement scenarios to see which one comes to fruition.

Have a pleasant evening.

SP 500 and NDX Futures Daily Charts - Apple Mixed, Waiting For the Fed

After the bell AAPL was mostly in-line with some good news and some not so good news.  The stock was fluttering the last time I looked.

Twitter missed on users and guided lower and revenue, and the stock was being spanked down about 10+ percent, but the Jack Dorsay effect has the carnies pounding the table with hopefulness, especially with the price of the stock down.

Not that anyone cares about such mundane things, but the real economy continues to flounder under the weight of policy errors by both the monetary and fiscal sides of the house.

Are they errors if they obtain their real objectives, and not those stated by the PR people for the one percent, the media?

FOMC tomorrow.

Have a pleasant evening.

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.