In a surprising development <sarc on>, The Regime and The Republocrats are on track to reach a "grand compromise" that raises the debt ceiling by about $3T (buys enough time to put this issue away until after the next election). The plan also has no immediate spending cuts or tax increases (why piss off your voters before the next election?).
W.O.P.R. is running wild tonight and selling PMs. The Cartel is anxiously anticipating a cascade in gold big enough to spur some margin hikes. Will they get it? Who knows? Who cares? The United States of America, originator/printer of the world's reserve currency, just decided to increase its national debt by another 20%! I will buy what WOPR is selling. I'll take delivery of it and stack it with the rest. If you have any doubts tonight, the chart below is the only one that matters. Rest well knowing that you are doing all you can to protect yourself from the heinous criminals in Washington. More in the a.m. TF
10:25 EDT UPDATE:
Man, oh man. This is definitely something that you do not want to be messing with today.
This is crazy and it will rip your head off if you play with it. If you must trade, do so with as much time in your pocket as possible. For example, the only options I own expire near Thanksgiving,
As stated above, all of the hoopla regarding the "compromise" needs to be ignored. All that matters is that the world's largest debtor nation (and provider of the reserve currency) has just allowed itself to go another 20% deeper into debt. Over the next two years! This is what the end of The Great Keynesian Experiment looks like. As we drop deeper into the "funnel", debts rise exponentially and the "coin" spins faster and faster until the bottom simply drops out. Again, let WOPR and the day traders sell their PMs. Take advantage of today's "sale" and add to your stack. TF
p.s. If you need some comic relief to get through the day, I give you this. From the always-brilliant Motley Fool site: