Gold and silver bounced back quite a bit from the bear raid earlier this week.
Things are so boring on the Comex I think they didn't bother to update the clearing reports or the warehouse data.
Deutsche Bank, Bank of Nova Scotia, and HSBC have been accused of manipulating the silver fix. Whitewash and/or wristslaps to follow. There is little justice, and no real reform. Like flies to wanton boys are we to the Banks.
Next week is going to be a huge week for news.
First off we have a Comex option expiration on Monday the 28th.
Next, we will be seeing a trifecta of metals sensitive news events including 2nd Quarter Advance GDP release on Wednesday morning. I have heard that John Williams is looking for a disappointing number. I am thinking we will see a decent number, that will deteriorate noticeably in later revisions when no one cares as much. They are also tinkering with the benchmark numbers and history in this release, so who the heck knows what will get tossed up from the Capitol maw.
And on Wednesday afternoon we will hear the results of a two day FOMC meeting. I expect it will be steady on the taper, and we'll do something if something big happens.
And last but not least, we will be getting the Non-Farm Payrolls Report for July on Friday August 1. The jobs number will likely be in line with seasonal adjustments, but keep an eye on hours worked and wages. Without wage growth the velocity of money will continue to languish, and the Fed will feel free to keep pursuing a top down monetary stimulus and feed the asset bubbles.
There will also be the Chicago PMI, Michigan Sentiment, and the ISM Index.
I have included a calendar of next week's news events and projections below.
And in background the Ukraine and Gaza continue to simmer.
So let's get ready for some action in Madame Tussaud's precious metals museum on the Comex. Maybe.
Have a wonderful weekend.
