Again, we hark back to the great Welsh football commentator Toby Charles, who in describing match-turning chaos and then running out of superlatives, would exclaim: “Ohhh, ’tis all happening there!”

To wit:

? This past week, Gold was jigged this way and that, in a desperate dance to hold the 1170s, its failing to so do threatening a drive by price back down through last February’s robust gains, which would all but snuff out the yellow metal’s most promising year in its last six;

? Allegedly no less than four more banks, (in the muddy footsteps of Deutsche Bank), are now facing accusations of having rigged the Silver trade this way and that, the purported bandits being HSBC, Barclays, UBS, and Nova Scotia. Plaintiffs are white hot over the apparent manipulation of the white metal … and messin’ with Sister Silver is a really bad idea;

? And given both the Federal Reserve Bank’s imminent renewal of rate rises and the economic expectations over the President-Elect’s policies further pumping “dollar strength”, the world has pigged itself silly out on US equities this way and that, so much so that the S&P 500 is unconscionably technically overbought and fundamentally overvalued.

‘Tis all happening there indeed!

Let us briefly start with stocks, for if you follow Gold, you almost certainly keep a look-see on the S&P. Here’s what we mean by its being technically overbought.

The following graphic depicts the S&P (“SPOO”) from a year ago-to-date vis-à-vis its smooth, pearly valuation line, (an ever-refining measure which suggests where the S&P “ought be” based on its movements relative to those of the other components that make up BEGOS: Bond / Euro / Gold / Oil / S&P).

The oscillator at the foot of the graphic is price less valuation: and presently at +143 points “high”, ’tis the second loftiest deviation millennium-to-date; the only other occurrence came in late November 2014, from which the S&P then plunked down 100 points over the ensuing three weeks.