Gold Daily and Silver Weekly Charts - Wooden Ships by Jesse


	“You cannot go on 'explaining away' for ever: you will find that you have explained explanation itself away. You cannot go on 'seeing through' things for ever. The whole point of seeing through something is to see something through it... In a sort of ghastly simplicity we remove the organ and demand the function. We make men without chests [strong hearts for honor and truth] and expect of them virtue and enterprise. We laugh at honour and are shocked to find traitors in our midst.” C.S. Lewis, The Abolition of Man There was some intraday commentary on the NAV Premiums of Precious Metals Funds here. Gold and silver had a pop rally today out of the 1200 bound and up to the next big level of resistance, as can be seen on the chart below. Silver is in a similar position, but gold seems to be leading the way this time. If the metals break out, look for silver to get some serious legs. But in this long bear market that is one big 'if.' In checking some things today, I noticed that JNUG, the triple junior miners ETF, has almost doubled since Christmas Eve. Live by beta, die by beta. Friday is a Non-Farm Payrolls Report. The last time the metals were smacked, they rolled them up higher, got some specs in with stops, and then just smacked them down, hard. When you are able to rig so many global markets with virtual impunity, the many possibilities are open. Pick a quiet hour and drop more tonnes of paper metals than a miner can produce in real bullion in a year. Why not? It is only money, and the Fed can print more of it. And they would be as gods. So, the only thing that really matters to the gold and silver bulls now is a follow through to break the bearish downtrend. This will put some proper regards back in the Street, but we are not there yet. The political neo-cons and the economic neo-liberals are riding high, heedless, invincible, winning. What could go wrong? Have a pleasant evening. "The head rules the belly through the chest— the seat, as Alanus tells us, of Magnanimity, of emotions organized by trained habit into stable sentiments. The Chest-Magnanimity-Sentiment— these are the indispensable liaison officers between cerebral man and visceral man. It may even be said that it is by this middle element that man is man: for by his intellect he is mere spirit and by his appetite mere animal. The operation of The Green Book (a book promoting relativism) and its kind is to produce what may be called Men without Chests. … A persevering devotion to truth, a nice sense of intellectual honour, cannot be long maintained without the aid of a sentiment... It is not excess of thought but defect of fertile and generous emotion that marks them out. Their heads are no bigger than the ordinary: it is the atrophy of the chest beneath that makes them seem so." C. S. Lewis, The Abolition of Man

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