The metals were hit with a fairly determined bear raid today for two reasons:
a) it was a Non-Farm Payrolls day with a weak number (as I suggested last night)In the late stages of a system in decay, there is a great deal of formula and ritualization in what were once considered meaningful actions.
b) it was a Friday.
That is it. Nothing more, nothing less. It was as expected. Nothing has changed.
People underestimate the depths of greed and uncaring selfishness that predominate in the cultures on Wall Street and, unfortunately, in the government and even universities. And the love of many will grow cold...
They know what they are doing. They do not care. To the extent that they bother to look ahead, they think that when the time comes, they will stick you with their losses.
This evening's Commitments of Traders shows that the four largest commercial traders (banks) are now net LONG gold. With the Comex registered inventory at record lows which generally precede a strong rally the setup is interesting.
Have a pleasant weekend.
