It seems clear that we are officially in the doldrums of summer...the Dog Days. And how do we know? Because pre-programmed algo correlations are now driving prices, regardless of fundamentals or human intellect.
All you have to do is look at the action this morning to see it. As interest and excitement in the precious metals has built over the past few months, actual human beings seemed to be thinking through the situation and making rational investment decisions. Oh sure, the computers were still in there banging away and we profited from this as real interest rates fell. But...