Stocks were weak and commodities largely unchanged until a big macher walked into oil and dumped 25,000 contracts on 'a rumour that the US would open the SPR.'
It looked like teen spirit to me, and the kind of hijinks the Fed and government encourage in the pits to manage perceptions.
The Sprott precious metals funds are continuing to underperform as the large expansions press on the premiums.
The old Street saying is to sell Rosh Hashanah and buy Yom Kippur.
It looks like things are heating up in Iran, with the British Navy massing.
There will be blood, of that I have little doubt. The question is when and where.
I remain long bullion, weighted to gold, and with a little short stocks hedge left over from what I put on Friday. I added a little gold on weakness. Silver not so much.
The more things change, the more they remain the same.
Have a pleasant evening.
