Stocks and Precious Metals Charts - Gold and Silver Go Out at the Highs For the Holiday Weekend

 

"What is offensive is that they lie, and worship their own lying." 

Fyodor Dostoevsky, Crime and Punishment 

 

"Gold is unique among assets, in that it is not issued by any government or central bank, which means that its value is not influenced by political decisions or the solvency of one institution or another." 

Salvatore Rossi, Chief of the Central Bank of Italy, 30 Sept 2013 

 

Stocks were uninspired again today, finishing a little off to unchanged.

Gold and silver shook off an early morning selling wave and managed to go out near the highs at the close.

There will be a three day weekend in the US for Memorial Day.

We are having our first house guests in quite some time this week, with the arrival of in-laws from Ohio.

See you Tuesday.

Have a pleasant weekend.

Stocks and Precious Metals Charts - Futzing Around at Resistance

 

"The Federal Reserve, as one writer put it after the recent increase in the discount rate, is in the position of the chaperone who has ordered the punch bowl removed just when the party was really warming up.” 

William McChesney Martin, Chairman, Federal Reserve, October 1955 

 

"We're not even thinking about thinking about the consequences of our actions." 

Jerome Powell, Chairman, Federal Reserve, June 2020

 

Stocks were mixed again as the big cap techs weighed on the equity market.

The dollar slipped a little lower.

Gold and silver rallied back after some early selling pressure.

Have a pleasant evening. 

Stocks and Precious Metals Charts - Wall Street Hustle

 

Stocks were mixed today with big cap techs grinding out a little gain. 

The rest of the equities, not so much. 

Gold and silver backed off a bit from their recent gains. 

The dollar staged a counter-rally and managed to take back the 90 handle. 

Have a pleasant evening.

 

 

Stocks and Precious Metals Charts - Moral Hazard - Dollar Lower as Gold and Silver Shine

 

"Moral hazard is the central problem that the financial safety net necessarily brings with it. And this problem exists even if central bank lending ensures that the resolution of a problem institution leaves its shareholders with nothing. 

Market discipline on risk-taking by financial firms comes more from the cost of debt finance than from equity holders (given the limited liability nature of equity).

So it is the potential consequences of central bank lending for creditors that raises moral hazard concerns by reducing the cost of debt and potentially leading to greater leverage than would otherwise be chosen." 

Jeffrey Lacker

 

"Most men of business think 'anyhow this system will probably last my time.  It has gone on a long time, and is likely to go on still.'" 

Walter Bagehot, Lombard Street

 

The housing data from this morning reawakened concerns about inflation.

Gold and silver were in rally mode with gold hitting the1900 level and silver closing above 28.

All in all not bad for a Comex option expiration.

The dollar moved lower into 89 territory.

The VIX was a little higher.

Stocks were trading weakly.

Let's see if gold and silver can withstand any post-expiration gut checks and nail some closing numbers over key objective prices, or not.

Have a pleasant evening.