There was the usual London-New York hit applied to the precious metals earlier this morning. Nothing new in that.
There was a bit of a bounce into the close for gold, and some action in the mining stocks as well.
Show below are the Comex reports for both gold and silver for yesterday. I thought it was funny that more gold contracts were stopped than for silver, although as you know gold contracts are 100 oz. and silver are 1000 oz. because of the relative difference in prices per ounce.
Not that even that means anything. Watching the Comex these days is like watching the magicians beautiful assistant move the boxes around on stage, while the magician executives his sleight of hand undetected.
The real markets for precious metals have moved overseas. The West is fighting a holding action in a currency war of attrition. It must be like fighting a land war in Asia. You roll out your best shock and awe, complete with media fanfare, over and over. But they are gaining ground little by little.
I know, let's flatten our own markets and their economic integrity back to the stone age of rigged prices and perpetual fraud, executed by and for the very few.
Have a pleasant evening.
Comments
Log in or sign up to join the conversation.