Gold Daily and Silver Weekly Charts - Peak Boredom

"Gold has worked down from Alexander's time. When something holds good for two thousand years I do not believe it can be so because of prejudice or mistaken theory."

Bernard M. Baruch


"Gold is unique among assets, in that it is not issued by any government or central bank, which means that its value is not influenced by political decisions or the solvency of one institution or another."

Salvatore Rossi, Central Bank of Italy, 30 Sept 2013


“Those entrapped by the herd instinct are drowned in the deluges of history. But there are always the few who observe, reason, and take precautions, and thus escape the flood. For these few gold has been the asset of last resort.”

— Antony C. Sutton

From a practical and a technical standpoint very little happened in the precious metals today.

There were no deliveries at The Bucket Shop yesterday, and as for the warehouses, even CME Hong Kong looked more like New York than its hard core metalhead self.

Prices had a bit of a lift higher, which is impressive if you look at the manner in which the US dollar has been gaining in a 'flight to safety' of its own.

Still, I suspect we will see much of the same sort of coverup and inventory management to go with the price tinkering and its supporting pile of synthetic gold claims until the market resolves itself to the reality of the market behind the paper market, and then it will 'clear,' and perhaps impressively so.

Have a pleasant evening.

SP 500 and NDX Futures Daily Charts - Stick Like Glue

Stocks were weak today on continuing weakness in China.

But they managed to 'hold their ground' more or less.

Have a pleasant evening.

Gold Daily and Silver Weekly Charts - Bad Day at the OK Cartel

"Force does not work the way its advocates seem to think it does. It does not, for example, reveal to the victim the strength of his adversary. On the contrary, it reveals the weakness, even the panic of his adversary. And this revelation invests the victim with patience."

James Baldwin

Gold definitely had a flight to safety rally this morning on a plunge in Asian equities.   It was held around the key 1080ish level in New York, and was whittled back a bit in the same late day trading that saw the US stock market indices come off their lows, that at one point were the worst opening day of stock trading since 1932.

There was intraday commentary about financial reform here.

It is foolish to imagine that you will be justly treated in the markets, while so many others continue to be abused by a corrupt financial system and a rigged economy.  You are not exceptional, and you do not gain immunity from the scams and frauds by carrying water for these jokers and voting for the political candidates which they pay to promote their narrow interests.

I think that there is a better than even chance that the gold market will dislocate this year, based on the ongoing tracking of the 'free float' of gold in New York and London and the movements of bullion at various levels of pricing.

Being able to point to some reasonably good data and to draw observations based on it, even though one can never know everything, is far different from those who merely make predictions in rapid fire succession in the hopes of a hit, based on pretty much nothing except what they may have read elsewhere.

But that does not really matter.  Talk is cheap.  What matters is the purpose for which you may be in these markets, and why you are investing in the manner in which you are.  The point is achieving your goals, and reading the signs of the times correctly.

And so far I see nothing to change our minds about what is happening so far.  Timing these sorts of things is not particularly realistic, which is why patience and humility are such necessary virtues.

Have a pleasant evening.