Gold and silver were hit by paper contract selling this morning and the US dollar caught a bid higher.
The only delivery action in The Bucket Shop was another house to house account delivery of gold from Nova Scotia to JPM.
Someone who owned gold bullion in the Nova warehouse put it up for delivery. I wonder who that could be.
The IMF seemed to relent on the hardline Anglo-American position and indicated this morning that there might be room in the next SDR recast for the Chinese remnimbi.
As I have mentioned before the wiseguys are trading commodities like currencies or stocks, almost fearlessly so. And most likely in some indirect support or assurances of the dollar supremacy.I suspect this will end badly, as most of these cockeyed policy initiatives cooked up in the thin intellectual air of the central Banks most willful bureaucracies tend to do.
And they always seem to find some cat's paw to become the patsy for the results, if required.
"Forward, the Light Brigade!"
Was there a man dismayed?
Not though the soldier knew
Someone had blundered.
Theirs not to make reply,
Theirs not to reason why,
Theirs but to do and die:
Into the Valley of Death
Rode the six hundred.
Have a pleasant weekend.
