Gold Daily and Silver Weekly Charts - Holding Pattern as The Empire Strikes Back

"Wars can be prevented just as surely as they can be provoked, and we who fail to prevent them must share the guilt for the dead."

Omar Bradley

With tomorrow's trading the emphasis will likely shift from silver to gold as we move into the August contract period where gold is 'active' and silver is not.

Tomorrow brings the advance 2Q GDP number, and the results of a two day FOMC meeting in the afternoon.

Let's see how the metals make it through this gauntlet. And Non-Farm Payrolls on Friday.

Argentina may be forced into default tomorrow because of some fairly obtuse rulings by the fund friendly NY courts.  The conversation about this on Bloomberg TV this morning was like something out of The Hunger Games.

The US has initiated even more sanctions on Russia.    This does appear to be another manifestation of the currency war, engaged on a different level.  It serves to distract and defer.

Have a pleasant evening.

SP 500 and NDX Futures Daily Charts - #paper asset bubble

Twitter is tweeting after the bell on 'better than expected' adjusted earnings and revenue.

Stocks sold off today, after have been weak most of the day on lackluster housing prices.

GDP tomorrow morning and the FOMC in the afternoon.

Have a pleasant evening.

NAV Premiums of Certain Precious Metal Trust and Funds

Premiums are subdued the day after a Comex option expiration, and ahead of the big economic news this week.

Sprott Silver shows some spark.  Its cash level continues to decline suggesting a secondary offering at some point.

Gold Daily and Silver Weekly Charts - Very Quiet Option Expiration

"Every dictatorship has ultimately strangled in the web of repression it wove for its people, making mistakes that could not be corrected because criticism was prohibited."

Robert F. Kennedy

You would almost forget it was a Comex options expiry if you did not look at the calendar.

Trade in the precious metals was very quiet. We *might* get a gut check tomorrow in order to test the resolve of any new contract holders, and in an advance welcome for the FOMC meeting and GDP numbers on Wednesday.

Nothing fundamental has changed. The Fed and the government are blowing monetary and fiscal policy decisions completely.  There was intraday commentary that touched on that subject here.

There was nothing happening of significance at Madame Tussaud's last Friday, so I am not bothering to show the Comex warehouse and clearing reports tonight.

One can speculate as to their motives, but I think that their errors will become increasingly painful and apparent with time.

Have a pleasant evening.