Gold Daily and Silver Weekly Charts - Like a Leaf Upon the Water

So let me go like a leaf upon the water
Let me brave the wild currents flowing to the sea
And I will disappear into a deeper beauty
But for now just stay with me
God, for now just stay with me.

Audrey Assad, Show Me

I hope to start looking more closely at the markets the week after next, when the next round of hospital visits for various follow on treatments will be at an end.  There is almost one every day.

And I am very glad to start catching up on lesser concerns that had been put aside for too long, like some things around the house, the cars, and my teeth.  It takes an effort to do it, but when you do get them fixed it can feel very good.  lol.

But I certainly will try to pay close attention to the Brexit vote next week on Thursday. I will be surprised if it is not surrounded by the usual shenanigans, in the markets and then some.

There is a great deal of power and money at stake.  And the powerful are not shy about what they may be willing to do to hold on to what they believe to be their entitled positions and accustomed privileges.  Even if into the abyss.

Do not be afraid.  He does all things well.

Have a pleasant weekend.

SP 500 and NDX Futures Daily Charts - Fragility

All the world’s a stage,
And all the men and women merely players;
They have their exits and their entrances,
And one man in his time plays many parts...

William Shakespeare, As You Like It

Britain was not a member of the governance of continental European for many, many years.  Why is their membership in this body such an overwhelmingly important consideration now?

The issue is not Brexit itself so much, but the fragility of the system which is so threatened by it.

And at the heart of it all is the postwar financial hegemony, its Banks, and their retainers and enablers.

The passing of great houses, the rise and fall of those who would have power to write their lines in the pageant of history is often accompanied by change and uncertainty.  And at the very end, and perhaps too late, knowledge.

Winning...

Have a pleasant weekend.

Gold Daily and Silver Weekly Charts - The New Normal

"Maybe more of what is causing this rate to be low are factors that won't be rapidly disappearing but are part of the 'new normal.'"

Janet Yellen, 15 June 2016

Probably the smartest thing that the public can do, in the US and the UK at the least, is something that changes the basis of this 'new normal' that the professional plutocrats find to be so comfortable for themselves, if not for their broad constituencies.

Gold took off higher today and cracked up above the 1300 level.

And it had run quite far in a short period of time, and those who trade the precious metals like paper currencies were seeing some nice opportunities for a quick whipsaw, and they took it.

So in a fairly short period of time gold was smacked back down about $30 intraday as the algos did their thing, and the thin specs started taking profits and then dumping positions.

And unless you are a daytrader this does not matter much at all. It was not unusual for gold to get rejected at the 1300 level This has been the story for quite some time, as well as the old support and resistance at 1280.

Brexit is next week, and the Fed is chomping at the bit to give their masters at least 25 bp this year before the elections draw too close.

Let's see how gold digests this pullback against its recent gains, which have been quite impressive.

Have a pleasant evening.

SP 500 and NDX Futures Daily Charts - Reverse Engines

Money is still hot and cheap, and plentiful in all the wrong hands.  So do not look for fundamentals to be driving asset prices in the short time, if they ever do.

It was no surprise that we saw a sharp reversal in equities today as the selling obviously exhausted itself on Brexit jitters, and there were too many specs leaning with leverage to the short side.

So we had a nice sharp intraday reversal.

Ok, now that the Fed is off the table for now, at least until July, attention is turning to Brexit, and to a lesser extent to the real economy, primarily as it says something about what the Fed may be able to do.

Rough seas ahead, mateys.

Have a pleasant evening.

Gold Daily and Silver Weekly Charts - Seriously? - $28 Silver and $1490 Gold

"The rate hike cycle has left the building."

Jeffrey Gundlach


"Character is, in the long run, the decisive factor in the life of individuals and of nations alike."

Theodore Roosevelt

The Fed has failed.   Death by serial policy errors and a credibility trap.  They are in good company with their peers.

The longer term implications of this are quite interesting, especially given the upcoming elections in the US, the bonfire of the vulgarities.  And globally, something as old as Babylon and evil as sin slouches towards the darkness and the death of reason to be born, again.

And so now we know why gold was smacked down so hard at the end of May, in addition to a convenient opportunity for the well-informed to skin the call options holders for the June Comex gold contract.

Those hawkish comments and bullish tweets about the economy from the Fed in April were just so much spin and hot air.  But it did serve to facilitate the ongoing wealth transfer from the 99% to the pampered professional class.

There is little enough that is beneath them.   And the bar keeps getting lower.

The MSCI has decided that Chinese stocks are not good enough for their index.  Better luck next year.

There was intraday commentary related to the precious metals here.

On a breakout, the intermediate target for silver is $28 and change, and for gold about $1490.

As the fellow from the Comex told Kyle Bass, 'price will fix everything.'    If you let it.  And I doubt that they will, except under duress of men and markets.

The Fed is not the heart of it; they are merely the hired help.

Have a pleasant evening.

SP 500 and NDX Futures Daily Charts - Spinning Wheel

"But I am bound upon a wheel of fire, that mine own tears do scald like moulten lead.”

William Shakespeare, King Lear

In her defense, Janet is having to shovel out from a blizzard of bad karma created by her predecessors, as well as the results of her own actions. Nevertheless, she was not shanghaied into the job.

The Fed has revised to the downside the revision of growth which they had boldly put forward in April, along with predictions of rate hikes to cool off a robust economy.

Initially the markets took this turn back to dovishness as bullish, but then they thought about it and realized that the change in outlook is because there is no real economic recovery.

This is not a new concept, after all, a lack of recovery.  Except in the fevered imaginings of skittish bureaucrats who can't keep but failing, without changing.

We have not had a real recovery for about five years or so, after the initial rebound from the crash in 2007-8, which was caused by—  miscalculations by the Fed.

And of course this kind of widespread stagnation and transfer of wealth was not possible without the corrosive effects of the corruption by big money of the political and regulatory processes.  All in support of an oversized financial sector that has become largely parasitic to real growth and the broad creation of wealth.

A banquet of consequences, now being served.

Ride a painted pony, let the spinning wheel spin...

Have a pleasant evening.