02 May 2016

Gold Daily and Silver Weekly Charts - Reverse Algo Engines - No Limits

(I do not believe that there is a limit to monetary policy.)

Haruhiko Kuroda, Bank of Japan, 13 April 2016

It appears that Kuroda san is a thoroughly modern monetarist.

Gold and silver both popped early, with gold surmounting 1300 and silver banging hard at 18. Stocks were lower.

But then the trading opened in NY, and the algos got busy with a trading reversal that saw the precious metals going lower and stocks catching a bid.

This looked and smelled very much like a short term 'technical trade.'

Let's see what happens tomorrow and the next day.

There will be a Non-Farm Payrolls Report on Friday for the month of April.

Silver continues to see heavy delivery action, such as it is on the Comex. The stores of ready bullion have shrunk back down a bit. This looks like a good month for silver. Gold will have its day in May-June as the free bullion float continues to diminish relative to wagers placed and bullion demand.

Have a pleasant evening.

SP 500 and NDX Futures Daily Charts - The Arsenal of Hypocrisy

Stocks were in bounce mode today, off some fairly decent support below as indicated on the charts. Let's see if they can follow through tomorrow and make a dent in some meaningful overhead resistance, or if this was just a flash in the pan.

The economic news is not particularly good, and the smart money continues to shift out of equities from the statistics that I have been seeing.

That, however, does not mean that the algos will not take a crack at the bear specs if they start directionally leaning to the short side.

I comfort myself in knowing that I have the privilege of never, ever voting for Hillary Clinton, no matter what.   That in itself is a consolation.

Have a pleasant evening.

30 April 2016

Asset Performance for the First Four Months of 2016 - Hi Ho Silver

"Day by day the money-masters of America become more aware of their danger, they draw together, they grow more class-conscious, more aggressive. The [first world] war has taught them the possibilities of propaganda ; it has accustomed them to the idea of enormous campaigns which sway the minds of millions and make them pliable to any purpose.

American political corruption was the buying up of legislatures and assemblies to keep them from doing the people's will and protecting the people's interests; it was the exploiter entrenching himself in power, it was financial autocracy undermining and destroying political democracy.  By the blindness and greed of ruling classes the people have been plunged into infinite misery."

Upton Sinclair, The Brass Check

"It’s not just political spin, however, that explains the rose-colored coverage [in the media]. Another explanation is that the media is plain stupid — quick to accept guidance from economists on Wall Street, for example, who have a vested interest in making everything wonderful."

John Crudele, Americans Have Not Gotten a Raise In 16 Years

“It is difficult to get a man to understand something, when his salary depends on his not understanding it.”

Upton Sinclair, I, Candidate for Governor: And How I Got Licked

Just a fine time we're having in the great divide of wealth and power, masked and sustained by the lack of real reform and the credibility trap.

Speaking of 'stupid media' blithely passing along the spin from the Wall Street paper pushers, what assets outperformed stocks in the first four months of 2016?

Survey says: pet rocks.

29 April 2016

Stock and Precious Metals Charts as of 2:30

I have places to go and papers to sign, so I will just post the charts as they look now.

It will be most interesting to see how stocks and the metals go into the close for the weekend.

If something notable happens I might add more to this tonight, but if not, then have a pleasant evening and a great weekend.

NAV Premiums of Certain Precious Metal Trusts and Funds

Modest premiums to say the least, especially given the sharp rally of the past few days.

28 April 2016

Silver Explodes Back On To the Trading Scene With the Comex May Contract

April was a dull month for the silver bulls, with gold dominating the Comex contract deliveries.

And now that we are into the May contract delivery period, the shoe is definitely on the other foot.

The May silver contract showed 3,915,000 ounces delivered on the first day for May at the price of 17.55.

The big seller was the house account from the vampire squid, Goldman Sachs.  And the biggest buyers were the tag team of the house account at JPM, and their mystery customer who keeps taking delivery after delivery of bullion.

The next big contract month for gold is in June.  Of course with the shift of trading from NY and London to Asia, one has to wonder how much that may really matter.

Silver is back on track.  Let's get ready to rumble.