Gold Daily and Silver Weekly Charts - Hi Yo Silver!

Tony Sanders made a confoundedly interesting observation today.

"I keep hearing from anti-Brexit cheerleaders that it is about immigration. While there may be some who voted for Brexit to get their borders under UK control again, it is mostly about the big banks and who is going to bail them out. Again."

And that may be a good question for most of the beleaguered citizens of the Western developed nations to consider.

I wonder if the sado-monetarists will be as hard on the shareholders and management of Deutsche Bank as they have been on the people of Italy Greece, Portugal and Spain.

Mexico's central bank raised interest rates 50 basis points today to 4.25%, largely in a market positioned move to give a pause to the forex traders who had been players various crosses short the peso. It certainly wasn't due to a robust economy.

The British pound fell today as the Bank of England's Mark Carney suggested today that they would be back in the monetary stimulus saddle in response to Brexit.

And as you can see below we saw the first significant deliveries in Comex silver, as the July contracts come into play, which is an active month for silver and not gold.

So keep an eye on it, because except for the huge physical hoard in JPM's warehouses, physical silver seems a little on the tight side against demand at these prices historically.

The 'breakout levels' for both gold and silver are fairly easily seen on the two charts below.

Have a pleasant evening.

SP 500 and NDX Futures Daily Charts - BofE's Carney Saves the End of Quarter

Today was the last trading day for the second quarter of 2016.

The Bank of England's Mark Carney pledged today to do whatever the Bank must do to support Britain's economy.

And on that accommodative note, global paper assets turned around and took some legs higher.

I am starting to think bearish thoughts here, but wish to see what stocks do when they hit the overhead support levels.

As you can see, they bounced very nicely on the underlying support. The NDX is particularly well-behaved, with the SP futures being the pivot on stock market upside interventions.

Have a pleasant evening.

Gold Daily and Silver Weekly Charts - The Men Who Sold the World

"You go into these small towns in Pennsylvania and, like a lot of small towns in the Midwest, the jobs have been gone now for 25 years and nothing's replaced them. And they fell through the Clinton administration, and the Bush administration, and each successive administration has said that somehow these communities are gonna regenerate and they have not.

And it's not surprising then they get bitter, they cling to guns or religion or antipathy toward people who aren't like them or anti-immigrant sentiment or anti-trade sentiment as a way to explain their frustrations."

Barack H. Obama,  San Francisco Fundraiser, April 11, 2008


"The problem of the last three decades is not the 'vicissitudes of the marketplace,' but rather deliberate actions by the government to redistribute income from the rest of us to the one percent. This pattern of government action shows up in all areas of government policy."

Dean Baker


"If the IMF’s staff could speak freely about the U.S., it would tell us what it tells all countries in this situation: recovery will fail unless we break the financial oligarchy that is blocking essential reform. And if we are to prevent a true depression, we’re running out of time."

Simon Johnson, The Quiet Coup

Today was a double-header of discouragement in how quickly the pampered plutocrats are dismissing any possible lessons they might have taken from the Brexit.

The Three Stooges Amigos at the North American Leaders Summit, Barry, Pena, and Justin, were talking up free trade, globalization, and the benefits of corporatism for the ignorant masses.

And on the other hand, the profound thinkers of modern finance returned to Aspen today to celebrate the Aspen Art museum, a monument to the nouveau riche with a 'broad base of community support of one million dollar donations from 28 individuals.'

The interviews with the very serious people there were surreal, almost otherworldly and profoundly discouraging in their lack of understanding of what is happening all around them, and any sense of context and self-examination.  Well, that is why people go to Aspen and all the other enclaves of unreality these days.

I fear that this is going to get much uglier before it gets better.

Have a pleasant evening.

SP 500 and NDX Futures Daily Charts - Down In the River To Pray

They'll never learn.

It looks like it will have to be the hard way.

Have a pleasant evening.