Turd 2012 never got off the ground. Turd 2016 went nowhere. Turd 2020 was a non-starter. But there's still time for Turd 2024. I promise hope and change and all the other boilerplate stuff but I also promise to do things a little differently.
As an example, September 21 will be a national holiday during the Ferguson administration. And why is that? Because we definitely all need to have more fun.
When I'm president, September 21 will be a national holiday.— TF Metals Report (@TFMetals) September 21, 2022
And today is full of un-fun stuff.
Let's start with Putin's speech. It was supposed to be delivered yesterday but was instead released earlier today. This is some very dark, dangerous and concerning stuff and it's exactly why I spent seven years posting the Batchelor-Cohen podcasts and trying to warn you of where the Ukraine Crisis was likely headed.
Of course, Russia eventually invaded and, of course, NATO then armed Ukraine to the teeth in order to fight back. And now it's a stalemate and the Russian side is losing ground. If history teaches us anything, it's that the Russians DO NOT like to lose and they will fight to their last person in order to avoid a loss. To that end, there should be no doubt that Putin is deadly serious when he threatens the use of "all the means they have in their possession".
In response to all of this, the euro tanked and this, naturally, led to a spike in the POSX. And it's not as if the EU wasn't already teetering on the brink of economic collapse...
To put this in perspective, it would be the third lowest euro area GDP growth since WW2, behind 2009 and 2020. via DB's Jim Reid pic.twitter.com/wIJywpXXa9— Lisa Abramowicz (@lisaabramowicz1) September 21, 2022
And, as you know, today brings the end of the September FOMC, the Fedlines and Powell's presser. What will he say and how will he say it? On top of that, after the lies and spin of July, how can anyone trust what he says? But we'll all pay rapt attention when it happens and I'll be sure to add an embedded video feed so that you can suffer right along with me is you so choose.
So, with today's news and impending news, how are the Comex PMs faring? Well, they're stable to higher, at least, even though the POSX is now up 60¢ and well above 110.
With that, I think I'll just stop here and get this posted. Remember, you can still post Hat Contest guesses through 1:00 pm ET today so there's still time to play. Hang in there and let's see what the rest of the day brings.