As sparse as this week may have been with regard to macroeconomic events, next week is packed with potentially market moving reports.
The heavy hitters with be the 2Q GDP number, an FOMC rate decision, and the July Non-Farm Payrolls Report.
I do not need to tell regulars at the Café that with this lineup it appears that the precious metals may be running the gauntlet into the August delivery period.
Today it looks like the new futures contract holders with in the money calls from yesterday's COMEX option expiration are getting the 'gut check' that I suggested. Smells like teen spirit. The eligible inventories are scraping the bottom of the barrel. Maybe its time to hit up the ETFs again. But that triggers heavy Asian physical buying. So it becomes a vicious circle. What is a confidence man to do?
If the economic news next week is bad enough, bad may be the new good. I wondered why the erstwhile US President decided to kick off his economic road tour this week.