September 25…
“Gold and economic freedom are inseparable. In the absence of the gold standard, there is no way to protect savings from confiscation through inflation.” Alan Greenspan, 1966
DOEs will report the level of petroleum inventories and demand at 10:30 AM EDT. All eyes will be on PAAD2 and runs. The Fed’s Adriana Kluger speaks at Harvard in a Q & A at 4 PM.
In the news
P Diddy and SBF are roomies in a Manhattan prison for elites according to the WSJ. SBF’s paramour and partner in deceit Caroline Ellison, was sentenced to 2 years in Federal prison yesterday. Lenient, due to her early readiness to aid the prosecution no doubt.
Judge Eileen Cannon, who threw out the Mar a Lago case will preside over the trial of Ryan Routh. Mike Benz provided an 8-minute summation of public knowledge related to Mr. Routh’s prior associations and activities on X yesterday (*heads up* the source is Bannon’s War Room on Telegram jic you don’t like anti-blob perspectives). FWIW Mike Benz hit the scene a year ago and he’s got 445k followers. CIA? Lol… you never know.
ING is starting to use AI to trade currencies, replacing a job traditionally performed by humans. In May 2024 Elon Musk said AI will surpass human intelligence, and that biological intelligence will become less than 1% of all intelligence. Watching the stock market in recent weeks, especially yesterday, this has already arrived in equities.
In the markets this morning
WTI is clinging to the 70 handle on light volume and random aggregate OI that probably reflects front spread hedging and cracks more than flat prices. The JMMC meets next week to ratify a decision to extend its cuts. The point of interest is for how long not how much.
The insignificant increase of 180k barrels that was slated for October 2 and will be deferred, simply underscores the withering level of demand. Probably because Canada will soon be exporting 900k bpd from Burnaby, British Columbia to Asia, Lat AM and the US West Coast. In the minister’s esteem, the markets can’t absorb an extra 180k bpd (!) even as storage in PAAD 2 storage is sub 100mm bbls. I find that just wow.
FX, fixed income, crypto ,metals and stonks are caught in the middle of nowhere (the Larsen cartoon at the top). Only gold seems to have a map. … or so the following charts imply.
Keep reading with a 7-day free trial
Subscribe to market vibes to keep reading this post and get 7 days of free access to the full post archives.