Gold and silver were drifting higher most of the day.
Dennis Lockhart of the Atlanta Fed felt the urge to declare that barring the wheels falling off the economy, he was inclined to raise rates at the September meeting.
That sounds familiar. Oh, this is what I have been saying for most of the year.
Wow, what a revelation.
Traders in stocks and short term rates, and their associated algos, bounced their pricing to generate some activity, and more 'vig' for the HFT programs and the brokers.
Other than that this was a nothing day.
The most important development I am watching, besides the stagnant economy and the kabuki theater of the Fed-centered propeller heads, is the decline in AAPL.
This is a danger, very narrow market that has been driven to an extreme based on a handful of 'new era stocks.'
Where have we seen this scenario before?
Nothing much happened in The Bucket Shop.
Someone at Scotia decided to move 10,000 ounces from eligible to deliverable which will give the guys who track these things breathlessly the change to recalculate that 124:1 ratio of paper to bullion a bit lower.
I'll keep an eye on it, but it does not matter much if it is 116:1, or 120:1, or even 130:1. If you don't have it, you don't have it. And so they go to plan B, the artful dodge, which they have been hitting like a crack pipe in the VIP room at a 10th avenue 'nightclub' on a Friday night.
Have a pleasant evening.
