18 July 2013

Gold Daily and Silver Weekly Charts - The Gold Yuan Peg - Detroit Files For Bankruptcy

Intraday commentary on the reported desire of China to back the yuan with gold here.

I have not heard anything about this in the US media yet.  How remarkable.  Not.

After the bell the city of Detroit, Michigan filed for bankruptcy.  There are a few more cards like this ready to fall.  Main street is suffering while Wall Street and Pennsylvania Avenue are coming up roses.   And what's trickling down is not prosperity.

Europe and Asia should have no fear. Jack Lew, US Treasury Secretary, informs us on his way to the G20 finance ministers meeting in Moscow that he has the answers for them on how to fix their economies, as the US has already fixed theirs.   He is coming over on the Hubris Express.

Next week is an option expiration on the COMEX for gold and silver on the 25th.

The week after the August gold contracts start coming home to roost.

I see where 'the good bank,' that paragon of natural market rationality and efficiency, JPM Chase, is about to pay another massive settlement, this time for rigging the energy markets, in the manner of Enron according to Matt Taibbi.   I hear it implicates Blythe Masters who is recently risen to their office of regulatory compliance.

Where is that silver market manipulation study that has been five years in the making anyway? 

Have a pleasant evening.