"Blues is like the roux in a gumbo. People ask me if jazz always has the blues in it. I say, if it sounds good it does."
As you may have seen last night, deliverable gold took another big dip yesterday as a good sized gold stash was warehouse transferred from registered to eligible. I added some charts to that post from sharelynx.com earlier today.
There is also intraday commentary titled 'Wall Street Glitter Gulch' in which I talk about the post option expiration pullback here.
There was some talk today about the dip in gold being a sign of impending peace in the Middle East, tapering to come in September because of the slightly better than expected GDP revision this morning, yada yada.
This had all the look of the post option expiration hit on the September contract I was expecting, and which we really did not see in the first day after.
Despite some pockets of extraordinary excellence, gold commentary is, in general, not very well informed. And this is not just a statement on the talking heads from financial television. There are quite a few analysts and economists who act like they need to buy a vowel or two when it comes to the nature of money, as well informed they may appear to be on other matters.
Perhaps they can't help it; they can talk and dress the game, but they don't have the soul to really play. They are just white boys lost in the blues.
P.S. Note to disappointed reader: I did not include Willem Buiter or Jon Nadler because they have been off the radar, and deserve to enjoy their privacy. Although Mr. Nadler could almost certainly present a strong bid for a lifetime achievement award.