We’ve always known that inflation is bad for pm’s.
This almost feels like they are giving the shorts a chance to get out while they can.
I don’t think any of this is going to matter by the end of September. I don’t know why I even bother to watch anymore, it’s a waste of energy.
But only 1.25% of my lopsided portfolio , an open good ’til cancelled order at 21% over todays’s bid . LOL , but true .
Part of Warsh’s speech:
In his remarks at the central bank’s annual symposium in Jackson Hole, Wyoming, Warsh said, “While this summer’s PCE and CPI readings were better than expected, they do not tell me that underlying trends have meaningfully improved.”
He also said, “We must be confident that underlying inflation is moving to our objective, clearly and at sufficient speed. Otherwise, we have work to do. That’s our job . . . our mandate . . . and our charge to keep.”
Play time for the puppet masters! Cue up the financial BS jargon that rates will have to go up now!!! Rinse, wash, repeat.
I don’t know if Warsh is speaking or what’s going on, but I’ve never seen the bid/ask on these shares and ETF’s jump around like this in microseconds. Now they are headed straight down. Whatever he’s saying is moving the dollar higher but not rates so much. Regardless, they are attempting to waterfall the metals.
Same as it always was. They tear it down in a day and we take weeks to rebuild it.
Smoke and mirrors. Palladium still up over 6% though. Imagine that.
Peter Schiff
@PeterSchiff
Instead of changing the name of Lake Ontario to Lake America, the president should focus on actually doing something constructive to deliver on his campaign promise to make America great again. The problem isn’t branding, but too much government spending. Do something about that!
Steve Hanke
@steve_hanke
Commodity market guru Jeff Currie on the commodity price supercycle:
“At this point you just want to be long the whole entire complex. Own the energy. Own gold. Own silver. Own grains. Own copper. Own every single one of these markets right now.”
I guess it’s how they’ve kept people out of the market for all these years. Same with the shares.
Unbelievable to me that gold could be flat with palladium up 6% and platinum 2%.
The corrupt world we live in I guess. Now for the 9 am bleed out.
I completely agree and feel your frustration!
The scum have to support Kevin Warsh’s statement coming out later today, where the smoke and mirrors will be dissected by the financial media, and the ponzi scheme will go on!
Gold back below $4600, now down $10 and silver still up $.97 but barely above $70.
All this while Plat and Pall move even higher.
These are the days when I saw them all those years ago, I should have run toward the exits and never looked back. Such B.S.
not touching plat and pall of course, but bleeding gold toward red and drip selling silver back down toward $70. It’ll be back below $70 in the next 10 minutes – if that long. I believe Shanghai closed at 0400 EST, so the ball is in the west now.
Every. Single. Time. It was exciting for a couple of hours though.
Update: So, here we are 1.5 hrs later and gold is still pinched and flat, silver has managed to barely hold $70, but up $1.20. Not bad, until you notice that Plat and Pall are rocketing higher, up $43 and $52 respectively. Tough to look at when gold can’t get out of its own way.
and the metals took off to the upside. Things are settling in now with silver up $1.30 at $70.45. Got above $71 briefly. Plat and Pall also broke to the upside.
Gold went mildly positive and is up a whopping $8, but $40 off its lows. Someone desperately needs gold at $4600 IMHO.
I don’t see anything that would cause this, there is no news I can find. Dollar and rates are flat, SM futures are down a little.
I guess this occurred in Shanghai? Regardless, it’s a big turn for an otherwise sleepy evening, especially for silver which is $2.50 off the lows.
It’s too early for heavy trading in the shares premarket, but looks like silver shares are modestly higher, 1-2%. Maybe they know this isn’t going to stick?
I think Warsh speaks in Jackson Hole mid-morning, but the text of his speech is usually released before the SM opens. Make no mistake, the scum will try to correct this as the Crimex opens and we’ll see what kind of damage the LBMA inflicts.
Soixante-dix ! maintenant , et plus !
Soixante-dix et demi accomplit !
yep.
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For silver?
Coincidental, not purposely named after Dolly Parton. My daughter called me from Florida. Least the relatives flying in most got there from different states by today.
I know, should be asking for a free 3rd class ticket, actually not even free for that to get deported and do not return. Should be surrending their free ticket to America and then turn around and rudely and carelessly risking injury to drivers because there should be automatic jail and deportation laws on the book for that. It’s a call for demand of a law other countries already have in place if we don’t have one we need one asap.
