The metals held their levels even while stocks took a fresh leg down on the usual kicks, bangs and thrills of the Federal Reserve and its endless taper talk.
August delivery is entering its last seven days, and so the action may pick up into its culmination next week. So far we have been very quiet, as most seasoned traders have taken off for their summer vacations in the European manner.
I will let you know if there are any big changes in COMEX inventory. But as I said, if a problem occurs it will not show up here first, since the COMEX has become largely a paper market.