Loading ...Gold Daily and Silver Weekly Charts – Not Too Obvious – The Devil’s Tower
Today’s intraday gold chart looks like the Devil’s Tower mountain in Close Encounters of the Third Kind.
So up they went into the NY trade, and down they came after Europe and Asia went to bed.
There was quite a bit of delivery action yesterday in gold, if delivering claim tickets for bullion of a less than transparent pedigree counts. And as usual there was little to no action with the physical bullion in the warehouses.
Silver had no deliveries reported, but enough movement in the warehouses to warrant a look.
There was intraday commentary on the warnings that Pam Martens had given to the Fed and the Administration in 1998 about the repeal of Glass-Steagall and the proliferation of dangerously leveraged derivatives bets. And guess what, we are right back there again, with many of the same faces saying the same things in different ways.
I hope today’s affirmation of the supremacy of leveraged financial paper bolstered your confidence in the wisdom of our ruling elite.
But not one thing has changed on the charts. They are still coiling, and as Pam Martens observes, I think there is trouble behind the scenery with one or more of the Banks.