Recapping Yellen’s Comments at Jackson Hole and Looking Past Labor Day
Chris Temple joins me today to recap Fed Chairwoman Janet Yellen’s comments from Jackson Hole. She did not provide any update on forward guidance for the Fed but did defend the central banks policy since the financial crisis. Since nothing has changed in this respect we then look to past labor day and the potential for big moves and breakouts to happen.
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The Canadian Dollar is up past .80 today!!!
Politics:
Russia’s ambassador to Sudan has reportedly died of a heart attack, becoming the eighth Russian diplomat to pass away unexpectedly in the past 10 months.
This is now statistically, highly anomalous, even allowing for typically high age of ambassadors and lower Russian life expectancies.
Mirgayas Shirinsky, 62, was found dead on Wednesday at his Khartoum residence.
Maria Zakharova, Russian foreign ministry spokeswoman, told journalists on Thursday that the ambassador had been “found with signs of an acute heart attack”.
“Embassy employees called a doctor, but unfortunately he was unable to save (Mr) Shirinsky,” she said.
Police told AFP he had “died while he was swimming in his pool at his house” but that an initial investigation had ruled out foul play.
The spate of deaths began on the day Donald Trump was elected US president in November, when Sergei Krivov, duty commander of the Russian consulate in New York, was found dead with a head wound at the facility, police said.
Initial reports said he had fallen to his death from the roof, but consulate officials said he had a heart attack and hit his head. The New York city medical examiner later contradicted these explanations, saying he died of internal bleeding related to a tumour.
(!)
Andrei Karlov, ambassador to Turkey, was shot in the back during his speech at an Ankara art gallery in December by a police officer yelling “Don’t forget Syria”.
Vitaly Churkin, ambassador to the United Nations, died at work in February the day before his 65th birthday, reportedly of a heart attack. More than 10,000 people work at the Russian foreign ministry in Moscow and abroad, and five of the men were in their sixties, old by Russian standards.
Alexander Kadakin, ambassador to India, was 67 when he died in a hospital in January, one year over the average life expectancy for Russian males.
The recent deaths, at least three of which occurred in unclear circumstances, have raised eyebrows, especially since high-profile Russians have been killed abroad before.
A UK inquiry found in 2016 that spy-turned-MI6-informant Alexander Litvinenko had been poisoned by two Russians acting on the Kremlin’s orders.
In addition, some US intelligence and law enforcement officials reportedly now believe Mikhail Lesin, former communications minister and aide to Vladimir Putin, was murdered on the eve of an interview with the department of justice in 2015.
Maybe nothing, but…..
Mystery Deepens After US Confirms 16 Diplomats Suffered “Traumatic Brain Injury” In Cuban ‘Sonic Attack’
“…from a review of medical records that the American and Canadian diplomats in Cuba have been diagnosed with mild traumatic brain injury – and central nervous damage – after an apparent attack with a sonic weapon targeted their homes…”
To many cuban cigars…………..
Most likely laced with Roundup……
They just went Man sain toe…….tip toe thur the tulips…….
someone said they were listening to this when the event occurred……
https://www.youtube.com/watch?v=Vl89g2SwMh4
Rock music is 60 year old technology.
This is what 60 yrs of acid rock gets ya
http://www.zerohedge.com/news/2017-08-24/fidelity-says-baby-boomers-havent-even-saved-enough-cover-their-retirement-healthcar
Heck,,,,,,they can always move into the kid’s basement……..
Or just rent an apartment from OWL…………
The Clintons are getting revenge on the Russkies.
Ronald Bernard, Dutch Banker Who Exposed Illuminati, Found Dead
Ronald Bernard, the elite Dutch banker who exposed the financial industry Illuminati in a series of TV interviews, has been found dead in Florida. He was 61.
https://newspunch.com/dutch-banker-illuminati-dead/
Maybe they will just blow each other up…………..
Evidently a false story. The man who died is Ronald Bernard FERNANDEZ. http://wfla.com/2017/07/24/sebring-man-lost-on-nature-trail-is-found-dead/
Funny last name for Dutchman……..Fernandez…….
The most common name in Holland now is Muhammed.
Holland and Holland…….give um some buckshot if they misbehave
https://www.hollandandholland.com/
Then they will Ker Ran
They are going to milk this for all it is worth. The apex probably lands somewhere in late September or even first week of October. No fireworks in the miners until this pennant break up or down. Look at the ridiculously flat MACD.
http://stockcharts.com/h-sc/ui?s=GLD%3AGDX&p=W&yr=2&mn=0&dy=0&id=p70150809219&a=541256814&listNum=1
Bearish rising wedge in GDX.
http://stockcharts.com/h-sc/ui?s=GDX&p=D&b=5&g=0&id=p20173809321&a=541262327&listNum=1
Ouch! I’d look at Franco before getting too bearish!
Gold Is Shaken by a Mysterious 2 Million-Ounce Trade
August 25, 2017 – By Susanne Barton and Luzi-Ann Javier
“Comex volume spiked to 21,256 lots in a minute at 9:41 a.m.”
Google To Refund “Fake Traffic” Advertising Revenue
So, one month later, in its first tacit admission that its ad network has few protections against “fake traffic” such as ever more sophisticated ad bots – and that P&G’s criticism was spot on – the WSJ reports that Google will issue refunds to advertisers for ads bought through its platform that ran on sites with fake traffic “as the company develops a tool to give buyers more transparency about their purchases.”
http://www.zerohedge.com/news/2017-08-25/google-refund-fake-traffic-advertising-revenue
Rome Is Burning… This Time It’s By Refugees
“This is Rome, Italy… Once the most civilised place on earth…”
http://www.zerohedge.com/news/2017-08-25/rome-burning-time-its-refugees
Rome has be burning for a long time……….
Keep the stupid people on hold……..
Candy from a baby… Another flush incoming? Or is this time different?
http://stockcharts.com/h-sc/ui?s=SIL&p=D&b=5&g=0&id=p53239443663&a=541281661&listNum=1
Closed with an ugly doji in GDX today. What an absolute crap daily cycle. GDXJ has been even more pathetic. The silver miners the absolute worst. Isn’t that the exact opposite one would expect coming out of a supposed ICL???
Where is the smart money? Shorting miners in all likelihood, unfortunately. This entire rally off the July lows has been feeble and ugly. More mindless churn with a downward bias incoming.
going to be crap for awhile……….called the Trump effect…….stocks and the Fed are all over this one…….Mnuchin has closed the gold window……….JMO
good nite…….
https://www.youtube.com/watch?v=dQ-F80NYwn0
PMs dont look like the place to be to me.
Maybe Novo,Kondic/klondex (i forget) or pebble beach.
These 3 might get some big pumping.
Funny if any of them produce what has been suggested, there is already more PM than required to meet demand, wouldnt even more drive the price down?
It,ll be a “madness of crowds” for any of them I would think tho.
Here are some Silver miners that had a positive greed day on the last day of the week:
AZS.V Arizona Silver Exploration Inc. +15.38%
BCM.V Bear Creek Mining Corporation +8.11%
SCZ.V Santacruz Silver Mining Ltd. +7.50%
MMG.V Metallic Minerals Corp. +7.14%
WRM.AX White Rock Minerals Ltd +7.14%
USAS Americas Silver Corporation +7.12%
SSV.V Southern Silver Exploration Corp. +7.04%
AUN.V Aurcana Corporation +6.38%
GRG.V Golden Arrow Resources Corporation +5.26%
MYA.V Maya Gold and Silver Inc. +5.17%
EXK Endeavour Silver Corp. +2.69%
SMT.TO Sierra Metals Inc. +2.61%
BTT.V Bitterroot Resources Ltd. +2.56%
AG First Majestic Silver Corp. +1.09%
SVM.TO Silvercorp Metals Inc. +0.86%
FSM Fortuna Silver Mines Inc. +0.66%
HOC.L Hochschild Mining PLC +0.07%
sorry not a greed day …. a green day…. Meaning they weren’t so terrible and went up.
😉
Every day is greed day for me…
Good one Bonzo Barzini !
Global Commodities Nickel: Big Winner from Electric Vehicles?
UBS view: Electric Vehicles may be a game changer for the Nickel market
Seems to me that the weekly charts are very bullish. But the latest move up has lacked energy. But that’s not so strange, as the coil tightens in wedge formations.
Many breakouts have occurred on different charts, and it surprised me a couple of days ago how there is no follow through on big breakouts…but it looks to me like more and more bullish signals keep getting thrown.
Seems there ought to be a descent into a daily cycle low sometime soon…but if a DCL does materialize, it could still be a shallow down-leg here, given the strongly bullish weekly charts.
Haywood Securities Weekly Dig
Aug 25th – Mick Carew PhD.
$AOT $KNT $AUG $NHK $COR $VTT $LGD $DML $MOZ $PGM $OSK
http://cdn.ceo.ca.s3-us-west-2.amazonaws.com/1cq1dpn-MMAug252017.CEO.pdf
Incredibly weak sauce. When GDX rolls over, it’s going to get ugly.
http://stockcharts.com/h-sc/ui?s=GDX&p=D&b=5&g=0&id=p85280951786&a=541289390&listNum=1
Not a bad idea to do a little hedging…
AMZN Amazon Is Looking A Lot Like URA (Uranium ETF)
by @Goldfinger on August 24, 2017
“The daily candlestick which AMZN printed on July 27th, 2017 was terrifically bearish, and came at the end of a one month move straight up, and a much larger move since early 2016 (more than a double):”
To Infinity and Beyond!
Amazon is going into everything……….they have shipping on their mind…..
Can hardly wait till Monday, when my wife will get a discount at Whole (check) Foods….
Amazon Medical Next………feed um, fuel um, stick it to um……….
I bet Hilly and Billy , take Bezo out to lunch……and tell him he needs to write some nice articles at WAPO
I bet we start seeing some package bombs…..being landed on the white house lawn….
Ay.Ay Catain,Hyper Warp Drive to 100%.
Captain, We seem to be going the wrong way.
Quick,get Spock in here.
I don’t know where Spock is. Damn it Jim I’m just a doctor!
I just realized you were Scotty, but regardless I just like that catch phrase….
It must have seemed logical.
Whistleblower Andrew Maguire Says US Orchestrated Manipulation Of The Gold Market Is Collapsing And ‘Vampire Squid’ Goldman Sachs Is Moving In For The Kill
Today London whistleblower and metals trader Andrew Maguire told King World News that the U.S. orchestrated manipulation of the gold market is now collapsing and that ‘Vampire Squid’ Goldman Sachs is looking to take full advantage of the upcoming implosion of London Gold Pool II by moving in for the kill.
The bear market in gold is over
By Gary Savage
The bear market in gold is over. We are now in the advancing phase of a new intermediate cycle. Meanwhile, the dollar appears to have entered a bear market and may possibly continue lower until mid-October.
I’ve enjoyed Gary’s cycles & Technical Analysis for years and thought he summarized well the general approach we’ve been discussing with the falling us #dollar and gold rally that should take out 2016’s high and rally until the dollar bottoms in October.
A number of us posters here have proposed the idea that the catalyst to get Gold to break out, could very well be a greenback that falls through 92 and into the high 80s. We’ll see how it goes, but that matches up precisely with the seasonality factor and the Fall rally perfectly.
Gold Futures – 20 Year #Seasonality #Chart ending 12/31/2015
http://charts.equityclock.com/seasonal_charts/futures/FUTURE_GC1.PNG
Yeh Im not so sure about Gaty on that one
Maybe not Gaty, but how about Gata? 😉
Another option is to check with the Great Gatsby….
Ozibatla – As for Gary’s video it is exactly what you and I were discussing about a week or two back, about the dollar breaking down being the catalyst for a rise in Gold to take out the 2016 high of $1377 into the Fall Rally.
You weren’t that hot on the idea when I mentioned it then either. Do you feel the US Dollar may surge higher back up to the 103 level, and if so, what do think the major drivers might be to cause it to rally? Just curious, because I just don’t see where a dollar rally would be coming from.
speaking of Gary’s that do #PreciousMetals #TechnicalAnalysis….Here’s another one….
> Don’t Rock the Boat
Gary Wagner – August 25, 2017 #VIDEO #Charts #Gold #Dollar
Look I agree Excelsior, I dont see the dollar rallying back up to parity. Theres just too much work to achieve that in the near term. However the dollars weakness just doesnt seem to be having an overly positive affect on the metals at this stage.
With abit of basing like action happening on the dollar chart presently as well, we could continue to see the metals under some selling pressure.
Im still not sure what the catalyst is to drive gold and silver higher. Whatever it may be, it probably needs to have that fear element in it to attract some safe haven money.
That downtrend overhead resistance that Rambus has mentioned previously on the gold charts is very strong. We may need a left field event to pierce through thst resistance ie: black swan financial shock, war, debt ceiling fallout etc. Not sure if this will happen soon though. More can kicking on the cards.
Good points Ozibatla, it may take a left field / black swan event where fear in the water would bring main stream investors back to the Precious Metals. This event could also coincide with dollar weakness (think government shut down or something like that) that may cause the average investor to grab a little exposure to Gold/Silver.
North Korea fires ‘unidentified projectile’
(CNN)North Korea fired an “unidentified projectile” from Kittaeryong into the sea east of the Korean Peninsula, the South Korean Joint Chiefs of Staff said in a news release Saturday.
North Korea has conducted a series of ballistic missile tests this year.
Developing story – more to come
http://www.cnn.com/2017/08/25/asia/north-korea-fires-projectile/index.html
I suspect gold has put in a long-term bottom versus the S&P500
precious metals mining stocks as well:
Menacing breakdown in DUST
http://stockcharts.com/h-sc/ui?s=DUST&p=D&yr=1&mn=4&dy=0&id=p02107478757&a=429810405
Reverse psychology….. nice. A breakdown in DUST is a grand thing indeed.
Key breakdown in gold versus gold mining stocks
http://stockcharts.com/h-sc/ui?s=%24GOLD%3A%24HUI&p=D&yr=2&mn=0&dy=0&id=p20204430194&a=538675581
It’s the miners time to shine….
On the weekly chart:
That’s ugly for gold relative to the gold mining stocks, which is to say it looks very good for the gold mining stocks.
This ratio was rejected at the 200 week simple moving avg; has broken down out of the triangle; look at those indicators–all bearish!
You Can Relax! Steve Mnuchin Peers Through Ft. Knox Window And Confirms Gold Is Still There!
The Dollar Vigilante – Aug 24, 2017
If the USD is going to continue down then copper and nickel could just rocket up in the coming weeks of September.
Maybe the focus should be away from gold and silver miners which have done nothing, with some exceptions, whilst base metal mining stocks have soared since late June?
That’s an interesting point to consider Bob UK. Commodities like Copper, Zinc, Cobalt, and Palladium have already been surging for the last year, but they may accelerate into a more parabolic nature if the dollar keeps slipping.
I’ve been stocking up on stocks with exposure to these metals in addition to the precious metals miners for just these reasons. Cheers!
Ira’s mornig
https://www.youtube.com/watch?v=3jen1ZSevzM