Gold Daily and Silver Weekly Charts - Summer Wind

"You will find that the truth is often unpopular and the contest between agreeable fancy and disagreeable fact is unequal. For, in the vernacular, we Americans are suckers for good news."

Adlai Stevenson

Funny but most people these days are also suckers for bad news too, especially news that spells doom and gloom and grim warnings about the imminent decline of the world as we know it. There are web sites that seem to specialize in it.

Maybe its not that the news had to be good, or bad, but extremely good or extremely bad. Maybe that says something about how overwhelmed we are becoming by 'news' so that only the real shocks can get our attention.

Most of life is just doing your daily chores, finding grace in simple things, and waiting. What one is waiting for says quite a bit about who they are.

Gold and silver were drifting largely sideways today in what can best be described as the 'Summer trade.'

We may see a little more action next week with the option expiration. Or some exogenous event could certainly liven things up.

Positional trading is fine, but short term trading markets like these tends to exhaust the retail trader with commissions.

Put more simply, short term trading these dull markets is for suckers, and those who prey on them.

Have a pleasant evening.

SP 500 and NDX Futures Daily Charts - Lazy Summer Trade

Stocks were a bit off for most of the day, but the futures managed to bounce up to nearly unchanged in the fifteen minutes of trading after the bell.

Earnings results from Microsoft et al. seem to be cheering the risk on trade.

Have a pleasant evening.

Gold Daily and Silver Weekly Charts - Same Old

Patience stands on the twin pillars of faith and hope, and is sustained by love.

Next week is an options expiration on the Comex, on Tuesday the 26th.

There may be twists in the short term gold trade because of the thinness of the London gold float.

Ted Butler give us the lay of the land in the silver market - The Greatest Lie Ever Told.

Have a pleasant evening.

SP 500 and NDX Futures Daily Charts - The Dog Days of Summer

It appears that the Reichstag fire in Turkey has not done any serious damage to the financial markets.

These are truly the 'dog days' of Summer, with oppressive heat and humidity, passing thunderstorms, and thin trading in the markets with a drift higher in the usual suspects.

Have a pleasant evening.

Jim Rickards On Financial Reform, Corruption, and Gold

Gold Daily and Silver Weekly Charts - Comex Expiry Next Week, Military Coup Underway In Turkey

“Have courage for the great sorrows of life and patience for the small ones; and when you have laboriously accomplished your daily task, go to sleep in peace.  God is awake.”

Victor Hugo

With shots fired and helicopters flying over Ankara, it appears that there has been a 'military uprising' in Turkey.  But it cannot be called a 'coup d'etat' according to their president.

The military has taken control of the country, according to them.

Gold was responding to this after the bell and is ending the day with some modest gains.  The Turkish lira and their stock ETFs were getting sold.

No shots were fired on Wall Street today, as the heat and oppressive humidity acted to urge most of the adults to leave around noon and head out for the shore breezes of the Jersey beaches and their palatial homes on Long Island.

Not being one to waste an opportunity, I took the queen and headed out West for Pennsylvania Dutch country for a pleasant day there, and did not come back until just after the close.

Gold and silver are sitting on support, on the verge of breaking out, but not quite yet.

Have a pleasant weekend.

"As they continued their journey he entered a village where a woman whose name was Martha welcomed him.
She had a sister named Mary who sat beside the Lord at his feet listening to him speak.

Martha, burdened with much serving, came to him and said, 'Lord, do you not care that my sister has left me by myself to do the serving? Tell her to help me.'

The Lord said to her in reply, 'Martha, Martha, you are anxious and worried about many things.
There is need of only one thing. Mary has chosen the better part and it will not be taken from her.'”