Johnny Cash

Johnny CashI have no explanation for it. Johnny Cash sings in my head. I don’t think his last name has anything to do with it, but I can’t entirely exclude the possibility.

Driving back to Paris on Sunday, I hear The Caretaker on FIP. Last night a friend in New Jersey tells me he’s coincidentally been on a Johnny Cash hokey-sentimental-reunion-tour, pulling out vinyl.

Maybe it’s the classic lines: The beer I had for breakfast wasn’t bad so I had another for dessert, or the holiday arriving, and A Johnny Cash Christmas subliminally starts to leak back into my consciousness.

I’m off track, and that, thanks to Grant Williams, who is growing increasingly frustrated with the state of the Gold Market. Aren’t we all?

His latest TTMYGH is as good as most, even if you’re tired with his fixation on Gold, you’ll learn something from his (what’s the adjective?) latest newsletter. He deconstructs Gold Price fixing. There is little doubt that 2 times per day in London a mini-cartel, with no legal constraints around their ability to trade or share trades, profits handsomely from their insight into forward prices. No manipulation there… He draws a common sense parallel with the London Gold Pool failure in 1967. Worth the read, again.

Besides Johnny Cash and Grant Williams, I’m intrigued today by the weakness in the S&P index. We’re all looking for signs of a top, might this be it? The VIX is creeping upward, and we see crowded Long Nikkei/Short Yen bets. What would a reversal confirmation look like, in a market that’s been climbing for years?

The chart mavens are calling in sick.

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