I've spent the past hour scrolling through the news and Twitter, trying to get caught up on the overnight and early morning events. As we discussed in yesterday's podcast, things are so messed up that, if I were to attempt to summarize things, I simply wouldn't know where to start.
I mean, seriously. Here are just three, seemingly unrelated items. Yet they ARE related in terms of F'dupedness, corruption and shame.
Of course.— TF Metals Report (@TFMetals) July 15, 2022
Throw out what you don't like and cherry pick what you do like.
Saudia Arabia now buys cheap Russian oil, so it can sell its own oil to the West.— Fabian Wintersberger (@f_wintersberger) July 15, 2022
Russia wins, Saudia Arabia wins, and the west loses.https://t.co/cjfuLW8hlN
Do you see what I mean? Again, where do I even start after being barraged with headlines like those? I suppose I could simply focus upon the Comex PMs but that's nothing but a den of corruption and lies, too.
A JPMorgan gold trader turned whistleblower lied to authorities about gold and silver price manipulation https://t.co/CIolk3ef8e— Bloomberg (@business) July 15, 2022
Today's economic data was a mixed bag. The claim is that retail sales came in better than expected but only before you adjust for inflation. Cute. And industrial production is collapsing to levels not seen in decades. https://www.zerohedge.com/economics/us-industrial-production-unexpectedl...
Next up in a few minutes are those UMich inflation expectations numbers. Here's an idea of what expectations are:
And here are the actual numbers. So much for our remaining hope of reclaiming $19 and $26 GDX before today's close. A reminder, though, this is a survey of just 441 people and it was taken before this week's CPI so maybe we should wait for the final numbers...and next month's numbers...before assuming that long-term inflation expectations are falling.
So, anyway, whaddayagonnado? All we can do is ride it out until the inevitable conclusion but, unfortunately, we don't seem any closer to that date today.
And The Goons are out in force today, ahead of the pending, pre-FOMC "quiet period" that begins next week. These people are the dregs of society yet they are treated as royalty.
This megalomaniac is so drunk on his popularity with the mainstream financial press that he actually believes this.— TF Metals Report (@TFMetals) July 15, 2022
What a buffoon. https://t.co/E8BLD6EGGx
Seriously, when is enough enough already? pic.twitter.com/wkR6ElWB58— Sven Henrich (@NorthmanTrader) July 15, 2022
As a reminder there hasn't been a 100bps rate hike in the modern (1994+) Fed era. Last time Fed hiked 100 was March 1984 https://t.co/FwIEzhDE8P— zerohedge (@zerohedge) July 15, 2022
I'm ready for a vacation.
But first we have to make it through the day. I'll check in from time to time with more comments and charts, if necessary. In the meantime, try to have a great day and then be sure to check back later for your full weekly summary podcast, chart and CoT review.