Rather modest still by historical measures.
This has been updated at 3:00 PM in the second chart below.
As a reminder, today is the Comex option expiration. As you may recall, I think the real test of the metals will come tomorrow and the next two days afterward, as the US dallies on the edge once again.
One has to wonder if the manipulation of the precious metal markets by the funds in this particular leg of the market could be much more obvious.
Well it is a 'risk off' day as there is a renewed recognition of the ongoing troubles in Europe, as exemplified by the Italian elections. As if.
And as you may have heard, there is some concern about a collapsing real estate market in China.
Not to be left out of the nuttiness factor, the erstwhile Speaker of the House, Mr. Boehner, has called for a Press Conference just after the NY markets close. One might suspect he will be discussing the Sequestration. Wouldn't you like to know what he is going to say? Don't you think that some market insiders do? It is a full service kleptocracy for those who are willing to pay.
Bernanke testifies tomorrow. It might be more effectively revealing if given under oath in front of a grand jury, rather than to his as yet unnamed co-conspirators in Congress. Yeah, snarky. I know. But true, don't you think?
How can such a brainy macher hope to fig leaf himself in the future with 'the CEO defense?' Yes, it worked for Greenspan, but he was a disciple of Ayn Rand and so his plea of insanity had more substance.
