"As flies to wanton boys are we to the gods.
They kill us for their sport."
William Shakespeare, King Lear
Gold and silver took a break from the last few days, as the yellow dawg and silver rocket slumped a little on the porch after chasing the volatility of the markets around the barn.
That disruption was caused by the China currency devaluations which reminded those who have not been paying attention that a) there is a currency war underway, b) there is no sustainable economic recovery despite rosy reassurances and the facade of statistical growth, and c) there are a number of bubbles in financial assets that have been functioning primarily as wealth transfer mechanisms, and are wobbling in a manner that could bring the economy back to the brink once again.
The Bucket Shop was its usual quiet self yesterday as there were no deliveries to speak of, and no observable action in the warehouses.
Let's see how the metals can go out for the week in tomorrow's trade. Recall that these macro changes tend to happen slowly, and as far as reform of the markets is concerned, there has been very little if any.
Have a pleasant evening.