It was an interesting Comex options expiration for precious metals today, thanks to Trump who cancelled the upcoming summit with North Korea. The markets initially slumped on this, and there was a run for the safe havens in the precious metals.
The Dollar sold off a bit from its recent highs. According to Bloomberg there was a flight to safety in the yen. The US is heading into a three day weekend, with Monday being Memorial Day. There will be a Non-Farm Payrolls Report for May next Friday.
I would not be surprised to see the precious metals longs get at least one 'gut check' for those new positions they may be hold post-expiration.
The markets are pricing in a 100% chance of a Fed rate increase in June, so look for it. If they do not then something is going wrong with The Recovery™.
Equities are priced for complacency and the masters of the universe are feeling fully in control.
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