Gold and silver saw the usual capping action today, get shoved back to their magnet prices of 1200 and 16 respectively.
As you can see on the calendar below we have a precious metals option expiration on Thursday, June 25th for the July contract.
That option expiry might not be all that meaningful for gold, but it certainly might provoke some action in silver, which has an active July contract.
The stock markets were driven by concerns over Greece today, and to a lesser extent the volatile financial markets in China.
There was also a stock options expiration today, which often drives some 'technical trading.'
There was also a stock options expiration today, which often drives some 'technical trading.'
One would have imagined some follow through on the flight to safety bump higher we saw yesterday, but not in The Bucket Shop, these days.
The economic calendar for next week is below. The Q1 GDP third revision is such old news now that I doubt it will have much impact. Durable goods is very volatile, and sometimes used as a cover for stock market shenanigans.
Otherwise we will be watching for any new ways that the Scheiße Köpfe aus Scheißekopfstraße and their Wall Street and City colleagues may employ to baffle the world, and to prepare new feasts for their hoards of corporate ghouls and private equity vultures.
One can hardly underestimate the absurdities of this insanely ideological brand of medieval economics and arcane austerity cures. It is approaching a type of mania, the beating of horses and the burning of cities. Not for any particular good, but because one can, and does not know what else to do.
And speaking of lunacies, let us hope that the TPP FastTrack may fail ignobly in the Senate.
I have spoken to many people who are finding some of the things that are happening to be difficult to understand, if not incomprehensible.
There is so much that hidden that it is not easy to completely understand, especially with respect to motivations. But it is possible to at least make some sense of it.
To that end there is intraday commentary that offers at least one framework from history for it here.
Our concerns in such times of uncertainty are understandable. But be of good cheer. There is truly nothing new under the sun.
So He rebuked the wind, and said to the sea, “Quiet! Be still!”The wind ceased and there was great calm.Then he turned and asked them, “Why are you terrified? Do you not yet have faith?”
Have a pleasant weekend. See you Sunday evening.
