Gold and silver tried to rally on the overnight but the US market sat on the precious metals throughout the day.
Stocks managed a dead cat bounce.
The action in the Comex, both in the delivery report and the warehouses was inconsequential. That might be a good label for the Comex going forward: the Inconsequential Index.
Oil is continuing to take it on the chin, with various theories about why it is plunging. Some say it is OPEC 'putting the screws' to the US producers who need the higher marginal prices, especially for shale production.
Others say it is the US and its allies hurting Putin's Russia with de facto sanctions on Russia's oil wealth.
Personally I think it is more of a slack in aggregate demand overall that is becoming a concerning trend to anyone who cares about the real economy, mixed with a squeezing out of speculative money due to the Banks being prohibited from engaging in wholesale speculation.
The precious metals story is now in EurAsia, and those who fails to recognize this really do not know what is going on.
Have a pleasant evening.
