"The rate hike cycle has left the building."
"Character is, in the long run, the decisive factor in the life of individuals and of nations alike."
The Fed has failed. Death by serial policy errors and a credibility trap. They are in good company with their peers.
The longer term implications of this are quite interesting, especially given the upcoming elections in the US, the bonfire of the vulgarities. And globally, something as old as Babylon and evil as sin slouches towards the darkness and the death of reason to be born, again.
And so now we know why gold was smacked down so hard at the end of May, in addition to a convenient opportunity for the well-informed to skin the call options holders for the June Comex gold contract.
Those hawkish comments and bullish tweets about the economy from the Fed in April were just so much spin and hot air. But it did serve to facilitate the ongoing wealth transfer from the 99% to the pampered professional class.
There is little enough that is beneath them. And the bar keeps getting lower.
The MSCI has decided that Chinese stocks are not good enough for their index. Better luck next year.
There was intraday commentary related to the precious metals here.
On a breakout, the intermediate target for silver is $28 and change, and for gold about $1490.
As the fellow from the Comex told Kyle Bass, 'price will fix everything.' If you let it. And I doubt that they will, except under duress of men and markets.
The Fed is not the heart of it; they are merely the hired help.
Have a pleasant evening.