'There are more things in heaven and earth, Horatio,
Than are dreamt of in your philosophy.'
William Shakespeare, Hamlet, Act 1 Scene 5
'The only function of economic forecasting is to make astrology look respectable.'
John Kenneth Galbraith
"Doing nothing while going through the motions of doing something perfectly defines the Securities and Exchange Commission."
Pam and Russ Martens, Rigged Markets Show Signs of a Desperate Slumlord
Gold and silver managed to add a little to their recent gains, as risk began to creep back into the internal judgements of traders, who were taking a little of their recent extended gains in riskier assets off the table.
The dollar gave up a bit as well today. The correlations between asset classes are rarely pure and constant in the short term.
And in the longer term, they often elude the academic mind as well. Hence today's intraday commentary about a very serious paper about gold from the Royal Economic Society.
We should be getting some economic news tomorrow that will open the door towards forward thinking about the Non-Farm Payrolls report on Friday. Two or three days ahead is about as far as these markets are able to go these days.
After all, besides the fact that most of it is just spoofing the average holding times of positions seem to be lasting less than a day, with a half life that sometimes seems to be measured in seconds.
There continued to be outsides 'deliveries' for gold on the Comex, as noted in the box scores below. Although it should be noted from the warehouse reports that very little of it seems to be going anywhere, except to be shoved around the dice table by the shills and the house.
Have a pleasant evening.
