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Metals are trying to stick a bottom here after being pushed down artificially last week for Comex options expiration.
There is some inclination of the perception managers and sorcerer's apprentices to hit the metals around a Non-Farm Payrolls number, especially if it is below expectations, in order to provide reassurance that all is well in the paper chase.
Market is ignoring bad news and is focused on the Non-Farm Payrolls Report on Friday, and the beginning of earnings season next week.
Could the manipulation of gold and silver prices last week for option expiration at the Comex have been any more obvious?
The divergence between the paper markets and the physical economy is becoming increasingly stark on a number of fronts. This is a phenomenon that often marks the late stages of a control fraud, or a Ponzi scheme, as it begins to lose traction and confidence.
Gold and silver had rather healthy rallies today after the artificial pounding which they had taken in pre-holiday markets in honor of Comex futures options expiration.
Mining shares tended to outperform the metals as the relationship between the miners and the metals began to converge again to a more normal correlation.
This afternoon all the safe havens including the dollar took a leg up as it became clear that the banking cartel will not allow Europe up for air.
The looting will continue until reforms are enacted and criminal penalities for rigging markets and defrauding the public are enforced.
I remain long the metals and miners and short the broad indices, although I did make some adjustments today and took some mining profits off the table, with their associated hedges.
