evening wrap, july 21

market vibes

“The ancients said swans live a silent existence until the time of their death, when, with their last breath, they would sing a beautiful song.” Contemporary, anonymous

Another weekend, another Monday. The stock market shrugged off a collection of negative narratives today and managed another, albeit brief, new all-time high in the S&P and NDX. Pressure on Powell to cut rates has become a constant presence in the world of tweets and news. Rand Paul wants to audit the Fed. Bessent was on TV this morning, asking, “What are the PhDs doing over there?” And House Rep Luna sent a criminal referral to the DOJ to prosecute Powell for perjury.

Karoline Leavitt said the Fed Chair needs to lower rates while affirming: “Trump has no plans to fire Powell” at the WH daily presser… again, which keeps the item at the top of news.

In the markets

Gold prices pushed through $3,400.00 this morning with ease and spent the session at the highs. Volume was moderate, but open interest remains unchanged. My view is, and has been, that the glut of hedged gold in the warehouse never covers. So, whatever the longs do, open interest has to settle flat.

The CFTC reported spec length on Comex gold crept up again on Friday. The recent low was in mid-April; not exactly frothy.

Next up on tap this evening: A few quick notes on a stealthy silver approaching $40/ toz., Platinum 5 bux from $1500, stumbling stocks and iffy dollars, plus …you can’t go back… and Toby Keith live in the vibe.