Stocks were soaring to new highs today, and gold rose sharply, off of the rather dovish testimony of Fed chair Powell. 

His rationale for cutting rates in such a 'strong economy' is trade risks. Although he did note correctly that despite the apparent improvements, wages still remain sub-par.

Gold rallied smartly, up $20 to the upper bound of the consolidation pattern in which it is currently coiling.

If it breaks out to the upside it could be rather impressive.

I am stunned, and I hear little talk about it, at the lack of withdrawals from the Comex Hong Kong warehouses, much less the NY ones. 

Hong Kong has been an active supplier of physical gold to Asia for some time. 

Something momentous is happening behind the scenes. I am almost certain of this. It will, of course, be brought to light, eventually. But it will not be acknowledged readily by those who draw power from this rotten system. This is the credibility trap.

"The truth has to be melted out of our stubborn lives by suffering. Nothing speaks the truth, nothing tells us how things really are, nothing forces us to know what we do not want to know except pain."

Aeschylus, The Oresteia

Trade if you must, but be cautious of the big moves overnight, when you may not be able to trade in your positions. And do not allow yourself to be swayed back and forth by those snakes and vipers who prey upon the innocent for a living.

Have a pleasant evening.

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