Gold

Bigger-than-expected gains in existing home sales helped push gold down today.

A report from the NAR (National Association of Realtors) showed contracts for the purchase of existing homes increased 3.4% in March, topping estimates that foresaw a stagnant to slightly up market.  

A number of things are going on today that might be moving gold.

The usual suspects are: the Ukrainian crisis; the upcoming FOMC meeting; and pending payrolls reports reflecting progress or regression in April.

But let's talk about the big slide in equities today. And let's start with a quote from Bob Dylan's "Subterranean Homesick Blues."

This is the Daily report as it is displayed to subscribers of our daily service - Yesterday we said, "We're thinking that the Russians are speaking foolishly while acting wisely. So far, anyway."

Yesterday we said, "We're thinking that the Russians are speaking foolishly while acting wisely. So far, anyway."

Today we'd like to augment that, since some of the driving force behind gold's bump up is due to the Ukrainian crisis.  

One of the things sailors on the open ocean fear most - after a violent storm - is ending up becalmed. No wind, no breath, no movement.

You know those people who decide that, when they come to a railroad crossing, decide they can beat or somehow get around the lowered gates? They can't.

Gold fought an uphill battle against the equities today.

The good news is that finally Russia seems to have been brought to bay regarding Ukraine and appears willing to "go international" on solving the problems, which really, when all is said and done, don't seem all that insurmountable. It would be better for Ukraine, Russians living in Ukraine, and Russians in Russia if a genuine effort to deal with the West were made.  

Inverted Hammer & Hammer

Some days you hop on those bikes in the gym, and you pedal and pedal and you end up asking yourself: "Why am I doing this? Shouldn't I be going somewhere?

Today was just that sort of day in gold. One would have thought that bargain hunters and short covering players would have made a stronger stand, but they didn't. Perhaps everyone is waiting for the proper entry point.