"The terrible, cold, cruel part is Wall Street. Rivers of gold flow there from all over the earth, and death comes with it. There, as nowhere else, you feel a total absence of the spirit: herds of men who cannot count past three, herds more who cannot get past six, scorn for pure science and demoniacal respect for the present.
And the terrible thing is that the crowd that fills the Street believes that the world will always be the same, and that it is their duty to keep that huge machine running, day and night, forever."
Federico Garcia Lorca
Gold and silver were rallying slightly most of the day, while stocks were trending lower.
When the dovish Fed minutes came out stocks managed to rally and the precious metals reversed for losses.
The pricing of the metals at The Bucket Shop is strikingly diverged from the physical markets.
No where is this more apparent in the delivery reports, in which only copper seems to be getting some action, and little else.
The domestic warehouses continue to bleed out bullion. In particular gold is held in size now only at the Scotia Mocatta and HSBC warehouses.
Have a pleasant evening.