TF Metals Report Blogs

Mother Yellen will soon be starting a speech to a banking group and it's expected that she will announce a full backstop of all US bank deposits. This equates to something like a $18TRILLION guarantee. On the news, gold is down sharply, as you'd expect.

So, anyway, here we are on...

Just a very brief thread to get started on a very crazy day, in what will be a very crazy week.

It has been a very volatile overnight and you should expect that to continue. As with almost all other late Friday Globex rallies, the gains were almost immediately clawed back last evening...

Are you ready for some green beers and a few days off? I am! But first, we must sit back and see where this day takes us...and it's another day where there's so much going on that I don't know where to start.

The easy way out would be just to put up some charts with price targets into...

The hits just keep coming, day after day. Makes you wonder what's next? A band-aid for Credit Suisse. A buyout for First Republic. Which are both nice but how many band-aids are in the box and how many buyouts are possible?

So welcome to Thursday of Crazy Week. Once again, your host is...

As mentioned in last night's podcast, my plan today was for just a midday podcast. The best laid plans...The news of the day brings a change of plans as events require this brief morning post.

Let's start with all of the data that was dumped at 8:30 ET. First, the PPI came in lighter...

After a crazy weekend and Monday, it's almost sort of refreshing to have a day that's just the same old riggamaroll. Today brought the latest update on US inflation at the consumer level...the CPI. Though the report still shows an elevated level of inflation, it actually revealed the smallest...

With all that's going on, I'm not sure where to start this post today. Do you really need a full recap of the events since Friday and the cascade of headlines? Probably not. So, instead, let's start at the finish and remind you again of where this all leads.

Perhaps that means we start...

Wow, there's A LOT going on today. So much so that it's going to be nearly impossible to neatly summarize it all into this morning update...but we might as well give it a try.

Let's start with the BLSBS. Yes, the total payroll number exceeded expectations for the tenth consecutive...

The POSX is down today and rates are down a little, too. This has allowed a small, algo-driven bid to take hold in the Comex PMs and, all of a sudden, we have ourselves a little pre-BLSBS bounce. While not too significant, it's certainly preferable to the alternative of a pre-BLSBS slam....

Yesterday seemed like the regular old Spec dump that we've seen so many times over the years. The POSX rallies and everyone dumps their futures contracts. And certainly there was some of that. But something far more interesting actually occurred...something that very likely sets the stage for...