It would be hard to have seen a more technically perfect performance on the chart by gold today, as it came down and bounced off support and finished higher on the day.
Gold was a snoozer in the deliveries and the warehouse reports, as is befitting a normally dull July contract.
Let's see how things go next week.
Silver continues to bleed out, slowly but surely in the warehouse inventories, with JPM having a virtual corner on Comex physical supply.
Price-wise silver is looking very good, and approaching the first of a big set of potential cups and handles with an eye towards $54.
And so we'll put this week in the books.
There was a certain lawyer in the crowed who stood up, seeking to test him, and said,
"Teacher, what must I do to inherit eternal life?"
And Jesus asked him, "What is written in the law? How do you read it?"
And the lawyer said in reply,
"You shall love the Lord, your God,
with all your heart,
with all your being,
with all your strength,
and with all your mind,
and your neighbor as yourself."
And Jesus replied to him saying, "You have answered correctly;
do this and you will live."
But the lawyer, wishing to make himself feel righteous according to the interpretation of the the law, asked Jesus,
"And who is my neighbor?"
And similarly, as Pilate the wily parser of the laws asked, wishing to make himself feel righteous according to the fashions of a worldly empire, "What is truth?"
Such is it with all those who deceive others, even as they deceive themselves. They look to the law, in its particulars and in twisted interpretations of it, in order to bend and distort it to their own will and desires.
It must take a hardened, cynical heart indeed to flout the Spirit to whom they have sworn their oaths of honor and service so willfully. How terrible may their judgement be.
Have a pleasant weekend.
