There was intraday commentary on the gold inventory situation and Bullion Heading East here.
I doubt that we are in a normal market correction or even a bear market in the precious metals. Instead what we are seeing is tied intimately with the inability to repatriate Germany's sovereign gold from its custodial holders, without a seven year wait.
The drops in COMEX registered gold suggest higher prices and a trend change is probably coming. I documented the latest big drop in inventory late last night here.
The German Federal Elections are coming next month on 22 September. Just in time for Oktoberfest! Zicke zacke, zicke zacke, hoi hoi hoi!
Peer Steinbrück, the Bundesministerium der Finanzen, or BMF, is running against Angela Merkel. I think we have a number of would be "BMF's" running around Wall Street, these past ten years.
Remember Herr Steinbrück? He has been in the café before, as we show in the old cartoon below, with some recent topical adjustments.
I wonder if the question of Germany's missing gold will be raised.
Let's see what happens. Only fifteen or so days of August delivery to go, excluding weekends.
Speaking of which, have a pleasant weekend. See you Sunday evening.
Dramatic Depiction of a Certain Bullion Bank's Highly Anticipated August Gold Delivery Victory Tour from Zurich to Munich, where they have used the proceeds of their commodity trading to achieve the rentier's dream: a corner on the Toiletten market at the famed München Oktoberfest.
Vielen Dank an alle dem deutschen Volk für das Gold!