|Not at the Comex. Look up the area code for Shanghai.|
The flaw in their reasoning is that they consider the Comex to be 'the gold market.'
I had a little fun with that with an intraday commentary which you may read here.
I know. Be kind and understanding. No one can expect a global news organization that generally reports all of the world's markets to bother to look at a simple chart of the Shanghai gold trading volume which continues to climb every month.
Or any of the other reports about the volume of bullion going into India, and the swelling river of bullion flowing through the refineries of Switzerland from West to East.
We are all aboard the gold negativity express here, doing our part for the cause. Of whom and for whom, let's allow time to answer that one conclusively as I am sure that it will. Maybe.
As they like to say, 'who could have seen it coming?!'
JP Morgan's stick save 276,000 ounce supply of bullion yesterday took the paper to gold ratio down to 62 to 1 or thereabouts. I told you that expecting anything market-like from The Bucket Shop was probably a vain desire. LOL.
But it can be diverting, even a little fun, to watch. But I would not trade it, not on a bet. Anyone who looks at the intraday activity with volumes closely would not touch it unless they were fans of grifting.
Silver is a little different, because CNT is obviously using it to manage their wholesale deliveries to the US government. But it is also waning in relevancy on the Comex.
This is nothing new. I have said this for the past couple of years. But since it has not blown up yet, why worry about tomorrow, right? Keep on keeping on. Winning....
And on the political front, you can almost hear, if you listen for it, the people sharpening their pitchforks and cleaning their torches. The next scripted presidential election may be subject to a rewrite and some plot twists.
They never see it coming. Because they don't care and aren't looking.
Speaking of not looking the Atlanta Fed is now projecting 3Q GDP at 1%. And their president Lockhart just came out and said he will push for a September rate increase unless he sees 'significant deterioration.'
Non-Farm Payrolls tomorrow. That could be another knee-slapper.
Have a pleasant evening.