Gold Daily and Silver Weekly Charts - Flight To Safety

In 2008, their economic worldview and unrestrained corruption precipitated a global economic crisis that literally caused, and is still causing, billions of people to suffer — in response, they quickly protected the plutocrats who caused the crisis while leaving the victimized masses to cope with the generational fallout. Even now, Western elites continue to proselytize markets and impose free trade and globalization without the slightest concern for the vast inequality and destruction of economic security those policies generate...

Corrupt elites always try to persuade people to continue to submit to their dominance in exchange for protection from forces that are even worse. That’s their game. But at some point, they themselves, and their prevailing order, become so destructive, so deceitful, so toxic, that their victims are willing to gamble that the alternatives will not be worse, or at least, they decide to embrace the satisfaction of spitting in the faces of those who have displayed nothing but contempt and condescension for them.

Glenn Greenwald

Next week should be interesting.

Gold did a $100 overnight move last night at one point from the low to the high, before giving some back today.

We are still waiting on a proper breakout, but the ice has been broken.

And we have only just begun.

Have a pleasant weekend.

SP 500 and NDX Futures Daily Charts - And It Is

Let's see how next week goes after the professional class has the weekend to digest what has happened.

I expect the credibility trap to keep them drawing up short of reaching any useful and actionable conclusions.

That was painfully obvious last night and today.

Have a pleasant weekend.

BBC Calls the Election: LEAVE It Is - Gold Spikes To $1350, Silver To 18.20, SP Futures Down 90

I have been watching a live stream of the BBC, and they just called the election for 'Leave.'

The most repeated phrase of the evening from the professional class has been 'this is a wake up call' for Westminster.

Wake up calls may be the order of the day for the status quo.

The politicians are shocked, shocked that the people have rejected the advice, arguments, and warnings of 'the experts.'

Some 'very serious people' are wondering what this means for the future of the EU.

And as always, they never saw this coming.

Gold is trading at 1334, silver at 18, the SP stock futures are down 90 points, and the FTSE futures are down 8%.

The map below shows the support for 'Remain' was centered primarily in the southeast which is London and in the north in Scotland.   The huge majority for 'Remain' in Scotland raises the prospect of another referendum there for independence in order to remain in the EU.

I wonder if the professional establishments of the West will continue to misjudge the depth of the dissatisfaction of the public, counting on their complacency to maintain the status quo.

The November elections in the US may be another interesting situation to watch closely.  The smug sense of complacent entitlement of the Democratic National Committee and their anointed one is striking.

Gold Daily and Silver Weekly Charts - Anything Goes

Times have changed
And we've often rewound the clock
Since the Puritans got a shock
When they landed on Plymouth Rock.
If today any shock they should try to stem
Instead of landing on Plymouth Rock,
Plymouth Rock would land on them.

Cole Porter, Anything Goes

Gold and silver were lackluster today as the markets are holding their collective breaths, waiting for the Brexit results.

Interestingly enough the Dollar DX index was down as well.

Tomorrow may be a wild ride.  The charts are clearly coiled for a move, one way or another.

Have a pleasant evening.

SP 500 and NDX Futures Daily Charts - Begin the Beguine

Brexit results tomorrow.

It might get a little wild depending on the outcome.

Have a pleasant evening.

Gold Daily and Silver Weekly Charts - Brexit and Stress Test Results - Exceptional USA

Markets were edgy ahead of the Brexit vote tomorrow.

As our friends at Wall Street on Parade point out, the Fed's latest 'stress test results' will be partially announced tomorrow as well.

The results of the vote are not likely to be known until early Friday morning, as the ballots will be hand counted.  So we will be subject to rumours and speculation tomorrow perhaps.

And in the exceptional column, the IMF has warned the US about its unusually high poverty levels.

Have a pleasant evening.