Stocks And Precious Metals Charts - Comex Option Expiration On The 26th

Stocks managed to get a lift today. I do believe we are setting up another blow-off top.

We will be seeing an advance print of 2Q GDP this week, and it may move markets. I have included the calendar for this week below.

Gold and silver fell off a bit.

Although it may irritate some to say so, silver but especially gold are trading as currency crosses now, and with not so much attention being given to their natures as commodities with the dynamics of supply and demand.

This is not always the case, it must be said. When I did regression analyses in the past, the inverse correlation to the dollar would be seen and could last for many months. But there were also times when that correlation was not observable, and other factors were at work.

As a reminder, there will be a Comex option expiration for gold this week.

Let us keep our priorities clear and in their proper order, despite the swirl of hysteria, claims, and counterclaims, that may surround us in the coming days.

(Click on image to enlarge)