Comex gold is trading sideways today and, as strange as this may seem, that's actually pretty good news. It now becomes pretty important to see where we end the week before the 3-day market holiday weekend.
Back on Monday, we had the opportunity to discuss de-dollarization and all of the other risks to the US$. Given that this was also a prominent theme around here yesterday, I though that this interview deserved its own thread.
It will be a low-volume, volatile week as the few carbon-based traders that remain celebrate the end of summer with a few days off. And it's an important week, too, after last Friday's upward break of the trendline that has contained Comex gold since April.
You can't be faulted for feeling that the world is entirely upside down, especially when a Fed Head Jackson Holedown speech actually helps to add fuel to a rally in the Comex metals. There's a first time for everything, I guess!
The POSX continues to fall today as the political environment in the US turns even hotter. Can this eventually lead to new lows for the dollar, an ease in the CNY devaluations and a rebound in Comex gold?
It's not just Comex gold where we have record Speculator short extremes. The Spec crowd is also at extremes in shorting bonds, long the POSX and long the S&P. Does this seem like a Bank set-up to you, too?
4:30 AM came early for this would be prospector. But I arose, made some strong coffee, and tried to wake up while catching up on the overnight posts at TFMR. I crawled in my truck, which had been loaded with shovels and buckets and rubber boots the night before, and headed south to the Goldfields near Prescott AZ. After a 2 Hour drive, I met one of my buddies, we’ll call him “Stumpy.” We planned this prospecting trip to get rich.