There was a fairly obvious hit on the metals today, to add a bit to the declines experienced yesterday.
Unless you are daytrading this type of thing ought not to be of any great concern.
The miners were certainly taken out to the woodshed on these antics.
It was a bit disappointing to see silver give up the 21 handle.
Most would think that the slam on the metals, and that is clearly what it was, is coincident with Bubbles Yellen and her appearance before the Congress. I was thinking it was more related to the BRIC meeting in Brazil.
I am sure you have heard about their plan to bring out their own development bank as a counter to the Anglo-American controlled IMF. But I am also hearing that they may say more about substantial about reserve currency alternatives in a subsequent announcement.
Xinhua News Agency July 15, 2014 3:09pmFLASH: BRICS AGREES TO SET UP CONTINGENT RESERVE ARRANGEMENT WITH INITIAL SIZE OF 100 BLN USD
A good chunk of silver bullion arrived in the deliverable category at Brinks, but otherwise the Comex is a snore, except for concentrated selling in quiet markets. Up and down, these jokers like to move the price to scare the retail crowd.
The only real long term affect is to kill the markets they have, to be replaced by other markets which offer more equitable and efficient terms and execution. Bad actions crowd out the good. We are seeing that in spades as the great trading floors turn into ghost towns. Someone needs to save the crony capitalists from themselves, but I do not think it is possible.
Liz Warren's questioning of Bubbles today was a breath of fresh air.
Have a pleasant evening.
