Stocks And Precious Metals Charts - VIX Continued To Fall

By Jesse of Jesse's Cafe Americain

Monday, June 2, 2025 6:55 PM EDT

Gold and silver were the big story today, as they both had a 'snapback rally' from the market manipulation of last week with their option expiration on the Comex.

There will be a Non-Farm Payrolls report on this Friday the 6th.Shenanigans are to be expected.

Some think that markets are 'efficient', that is the assumption that prices are set by supply and demand, on a fairly even and steady course.

And this has proven to be discredited nonsense. Prices in lightly regulated markets in the short term are set at the margins, as larger players with more knowledge and leverage and a bigger stack of chips can push the price of things around with relative ease.

Longer term manipulation is possible with a great application of force and fraud.

The efficient market hypothesis is a such an implausible canard that I doubt anyone who was not talking their book or plagued by commercial or ideologically induced naïveté could have said it.

“Some economists, when thinking about long memory, are concerned that it undercuts the Efficient Market Hypothesis that prices fully reflect all relevant information; that the random walk is the best metaphor to describe such markets; and that you cannot beat such an unpredictable market.Well, the Efficient Market Hypothesis is no more than that, a hypothesis.Many a grand theory has died under the onslaught of real data.”

Benoît B. Mandelbrot, The (Mis)Behavior of Markets, 1997

Stocks managed to creep up today.

VIX continued to fall.

Uncle Buck took it on the chin a bit, back down to the 98 handle.

Have a pleasant evening.

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