One more reminder, coming a week from yesterday:
On Monday, 27 February 2017 I'll be speaking for the Campaign for Liberty in Memphis. Time is 6:30, place is Jason's Deli on Poplar. Not exactly sure what I'll say yet, but I want to talk about indicators of liberty, the signs liberty is making progress, & restoring freedom in Tennessee. Of course, I'll also talk about silver & gold. If you join us, come up and introduce yourself. I am always delighted to meet my readers.
Chart for the US dollar index is here, http://schrts.co/IayZRE
US dollar index gapped up today and closed up 43 basis points (0.42%) at 101.38. No doubt riots in France & Sweden help to boost the dollar as scared money flees the euro for safety in the dollar. Riots are also helping the National Front candidate for president, Marine le Pen, but there are abundant other reasons to flee the euro including worsening situations in Greece and Spanish & Italian banks. But then their situation has been horrifyingly insolvent for a long time.
A head and shoulders topping pattern appears to be forming on the dollar index chat. If the now-forming right shoulder rises much higher than 102, that would invalidate the pattern. If it is a H&S, it has a couple more weeks to form. Breaking the neckline would target 95.50.
We'd have riots here where I live in Tennessee, but there's nothing to throw rocks at but trees and nothing to loot but forests. It's tough staging a meaningful riot.
Look at the Euro: http://schrts.co/HcRUv0 Fell 0.76% today to $1.0535.
It gapped down today through its 50 DMA and is trying to fall through support. That dotted line support, by the way, marks the bottoms of shoulders in an UPSIDE-DOWN H&S which would signal a reversal upwards when completed. Mirrors the Dollar index. Well, turns it upside-down.
Here's the yen, http://schrts.co/UuqBFa Lost 0.75% today but remains in an uptrend.
Stocks continue on a tear that looks like a blow off top (if you don't sell stocks for a living). Dow jumped 0.58% or 118.95 to 20,743. S&P leapt 0.6% or 14.22 to 2,365.38. Goes without saying those are new all time highs, but I will say it anyway. Dow in gold & Dow in silver both hooked up a little today, enough to make me fret but not enough to make me bite my nails yet.
I reckon some cosmic event might change my mind, but for now I believe the dollar & stocks are merely floating on hot enthusiasm for what Trump will do in the future. When the future arrives here in a few weeks, the enthusiasts will discover their error & make a mad dash to resume mourning in sackcloth and ashes -- and to sell. But I'm jes' a nat'ral born durn fool from Tennessee.
Silver & gold were mired down today. On Comex gold slipped one thin dime to $1,237.50. Silver backed up 2.9¢ to 1799¢.
Gold's low came at $1,227.50, the high at $1,238.60, an skinny $11 range. Best thing that can be said about it is it recovered itself from two passes at that low & rallied.
Gaze upon the gold chart, http://schrts.co/L5aem1
Despite today's let down, gold barely budged in the face of the strong dollar's garlic breath. And if my life depended on interpreting this chart, I'd say it began an up leg off that December bottom, corrected to the bottom of leg 2 near January's end, and then began leg 3 up & corrected once to $1,217.50. If so, what gold turns loose next will be a humdinger, but not lower.
Here's the daily silver chart, http://schrts.co/o96FnV
During today's trading silver fell as low at 1785¢ but double bottomed and climbed fiercely to 1808¢, where it decided to stop. Fending off that attack, in the face of a rising dollar, ain't bad.
Silver's daily chart looks like gold's, namely, headed higher. However, it is now mired in that 200 DMA and resistance around 1800¢. First it has to peck through that wall, but with stocks sucking in all the money & headlines in the world, traction is hard for silver to grab. Be patient, be patient. Both metals are headed higher.
On 21 February 1848 Karl Marx & Friedrich Engels first published the Communist Manifesto. It would be taxing to estimate what rivers and oceans of blood have been shed over that pamphlet. The Manifesto contained ten "planks": 1. Abolition of private property in land & application of all rents to public purpose; 2. heavy progressive income tax; 3. abolition of all rights of inheritance; 4. confiscation of the property of all emigrants & rebels; 5. centralization of credit in the hands of the state, by means of a national bank with state capital and an exclusive monopoly (in other words, a central bank like the Fed); 6. centralization of the means of communication & transportation in the hands of the state; 7. Extension of factories & instruments of production owned by the state; bringing waste lands into cultivation and improving the soil generally in accordance with a common plan; 8. equal obligation of all to work & establishment of industrial armies, especially for agriculture; 9. Combination of agriculture with manufacturing & gradual abolition of the distinction between town and country by more equably distributing population, and 10. free education for all children in government schools, abolition of children's factory labor, combining education with industrial production.
Don't want to depress y'all, but all of these planks are the ruling reality in the United States today. Think about that & you'll understand why I used to say I was the only person in Tennessee who WASN'T a communist.
If you want to give yourself a headache, ask yourself why the supposedly most capitalist country in the world has a government outlined by the communist manifesto. It'll make your head throb.
Argentum et aurum comparanda sunt —
Silver and gold must be bought.
— Franklin Sanders, The Moneychanger