Shanghai Gold Exchange Transactions - Boom Boom Boom Boom

The Shanghai Gold Exchange is a bit different from most, because they deal in the exchange of actual physical metal for paper, rather than mostly paper for paper, in a mad game of Liar's Poker played over a highly leveraged and apparently diminished  base of physical assets.

Gold is flowing from West to East.

The long bear market in gold, fostered by official gold sales has ended. Central banks have become net buyers since 2009.  

Long term gold pools always end, and most always end in the same manner.

Boom.

Gold and Silver Holdings in Trusts and Funds

Very Long Term Gold Chart

The chart formations are a bit sloppy for the moment.

There are some possibilities, but they require fleshing out.

And until 1370 is taken out, they are just lines on a piece of paper.

The levels of support and overhead resistance are quite clear.

Stocks and Precious Metals Charts - Bubble Up To the Bar - Stocks Rise Ahead of Three Day Weekend

“Man has places in his heart which do not yet exist—  and into them enters suffering, in order that they may have life.”

Léon Bloy


"Remember us, O Lord, in your loving kindness and tender mercies, as they ever have been from old."

Psalm 25:6

Stocks rose today in the face of poor economic news led higher by the SP 500 futures.

What a surprise.

Gold and silver also turned higher, with gold sticking a close over the 1320 resistance.

The Dollar moved lower.

Markets in the US will be closed on Monday for President's Day.

Repentance, forgiveness, and thankfulness.  These are the greatest gifts of all.

Have a pleasant weekend.