Stocks and Precious Metals Charts - Much Ado About Very Little

Never in the history of financial endeavor have so many, done so much, for so few.

But today the Fed did nothing about its benchmark rate today and provided only minor tweaks to its statement. This was as expected.

There is a high probability that they will raise rates in September. They will do so unless the economy visibly falls off the rails. They wish to get the rate high enough to give themselves room for policy actions, eg. 'cuts', when this current bubble which they have created implodes, for the third time since the recent turn of the century.

Stocks were weak all day, with the SP 500 showing the greater weakness as compared to big cap tech in the NDX.

Gold and silver were off a bit. What a surprise.

Those who would still maintain, after all, we have seen in the last twenty years, that the bullion banks are merely making markets, and that there is no price manipulation in the precious metals markets, are beyond all help and serious consideration, for whatever reason.

It reminds me of all the electronic digits that were expended in the great debates of the 00's decade, trying to argue that deflation or inflation was somehow inevitable. Most of it was and still is a cynical play for clicks.

It is rather more fruitful now to watch how this plays out, and how this major change brought on by the currency wars will resolve.

The US Dollar was marginally higher.

(Click on image to enlarge)