"When misguided public opinion honors what is despicable and despises what is honorable, punishes virtue and rewards vice, encourages what is harmful and discourages what is useful, applauds falsehood and smothers truth under indifference or insult, a nation turns its back on progress and can be restored only by the terrible lessons of catastrophe." … Frederic Bastiat


Evil talks about tolerance only when it’s weak. When it gains the upper hand, its vanity always requires the destruction of the good and the innocent, because the example of good and innocent lives is an ongoing witness against it. So it always has been. So it always will be. And America has no special immunity to becoming an enemy of its own founding beliefs about human freedom, human dignity, the limited power of the state, and the sovereignty of God. – Archbishop Chaput

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Tuesday, November 15, 2011

Gold marking time - rangebound trade continues

Gold has been held in check below $1800 with the bulls unable or unwilling to commit enough firepower to run the shorts out of their defensive line erected at that level. Bears on the other hand cannot get anything going to the downside either as buyers are surfacing on dips in price. The result is more of the same - rangebound trade.

Sometimes there is not much worth commenting on concerning market action and today is one of those days.

Uncertainty over European financial woes is keeping a firm bid in gold with Euro-gold above the 1300 euro level.


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1 comment:

  1. RobertNovember 15, 2011 at 11:41 AM

    Dan ,
    Since expirations for gold/silver is next Tuesday--do you see the usual take-down in the metals in order to get the price down.Right now it would cost the cartel billions of dollars if the prices stay at the level they are at now

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