September 26…)
“The embarrassing thing is that my salad dressing is out-grossing my films.” Paul Newman
Initial claims due unch, GDP due unch to a tick lower, and durable goods are due a tick lower this morning. I have heard GDP is important. If Knew what the markets want, I’d be rooting for it.
In the markets
Dec copper is + 7% in 3 sessions on modest technical development. It is not crowded, and the only narrative is the rate cut which has now been fortified by Chinese stimulus. Aggregate OI on the LME mirrors the Comex.
XAG just made a 12 year high at 32.50. However technical development has been rather sluggish. My sense is that easily synthesized SLV ETF shares and options are countering silver’s fundamental scarcity. At some point the attendant bad gamma will be an accelerant. In past episodes of strength in sliver the Fed and treasury had to get involved. **Note to Bitcoin bulls. This ETF dynamic is ever present in your dreams of 1 million per coin.
Gold is gold. Need I say more? No froth, barely a whisper in the news or on X or Telegram or anywhere. Gold is the best performing global store of value and (or) tradable liquid asset that doesn’t exist… except in China.
In oil and other markets
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