Although there will be plenty of commentary seeking some 'fundamental' reason for this pullback in gold and silver, I was looking for it, and noted last week that this week is the option expiration for the July contracts on the COMEX.
This is the kind of weakness I like to buy in adding to the 'long gold / short stocks' hedge I am running. It takes some guts but that is why we use charts to help take the emotion out of your decision and maintain a perspective. It also helps to ignore non-sensical forecasts and book-talking from chatboards and analysts who live in perpetual fantasies that come alive periodically when the market gives them a random nod. If you really want to see the worst in human nature, become a trader.
It really is that obvious anymore. Words like 'malfeasance' or at least 'nonfeasance' in office come to mind when considering the regulators at the CFTC and the SEC, their bosses, and the appropriate oversight in the Congress.
When there is a default on delivery, as I suspect there will be, I would hope that the usual 'non-involvement' and personal incompetency defenses will not be so easily accepted by a long-suffering public.
As a reminder, the GTU shelf offering closes on June 23.
Every empire in its official discourse has said it is not like the others, that its circumstances are special, that it has a mission to enlighten, civilize, bring order and democracy, and that it uses force only as a last resort. And, sadder still, there always is a chorus of willing intellectuals to say calming words about benign or altruistic empires, as if one shouldn't one's eyes watching the destruction and the misery and death brought by the latest 'mission civilisatrice.' Edward W. Said