We were sailing along nicely overnight, but then reality seemed to set in on the SM futures, and that forced the dollar up and rates just above 4.8%. Oil jumped a bit and is now up better than $2 and over $95. Sure seems that it’s on its way back toward $120 and the Hampton’s crowd may be thinking that $120 oil might not be so good for the inflation and proceeded to sell the SM and treasuries.
Course, it’s a complete impossibility for the SM to be sold without pm’s being sold too, so they’ve cut silver’s gains by better than half. Gold is faring a little better only losing about a third at this point. I’m surprised it’s not worse, but we’ve yet to see what the Crimex has in store for us. PM shares are posting modest gains at this point, so there’s that.
September is just getting started.