Stocks and Precious Metals Charts - Wax On, Wax Off - The Recovery

"The banks must be restrained, and the financial system reformed, and balance restored to the economy, before there can be any sustained recovery." - Jesse, July 2009

Today was neither a risk on nor risk off day.

Rather, it was a wax on, wax off day, also known as the old wash and rinse, ahead of the August stock options expiration on Friday.

The Dollar moved higher, reversing its trend.

And gold, silver, and stocks all moved lower.

I imagine that those holding options on miners, also known as leverage on leverage, did not have a good time of it.

Well, let's see if the shenanigans will continue for another day, or will change again, based on what the poor beleaguered small specs did today.

The purported precipitant for all this was the FOMC minutes and their apparent lack of commitment to unbridled money printing for unrestrained capitalism.

Two Fed economists have identified an increase in corporate monopoly power as a key negative trend in the US economy.

They failed to note the tragic overturning of New Deal restraints on the Banking Cartel which occurred in the 1990s and 2000s. The Fed must not speak ill of its masters.

Have a pleasant evening.

(Click on image to enlarge)