life at the top
market vibes
July 17…)
“Silver silver everywhere but not an ounce for sale.” The Modern Mariner
In the news
The Q2 2025 earnings season is officially underway with JPMorgan, GS, Wells Fargo, and MS reporting on July 15. Apart from Wells, the numbers have been stellar. The peak weeks are expected between July 28 and August 15, with 1,200 names reporting on or about August 7. Sentiment, based on the CNN Fear/Greed index is well into frothy.
These two indicators caught my eye as extreme and historically reliable.
The House is set to vote on a slate of industry-backed crypto bills including the stablecoin bill. According to Yahoo, The legislation sets regulatory rules for dollar-backed stablecoins, including a requirement for firms to hold dollar-for-dollar reserves (gold?) in short-term government debt or similar products overseen by state or federal regulators.
I think… the reason Trump gave Russia 50 days is obvious in this statement by Oil Minister Hardeep Singh Puri in India’s Economic Times this morning: “The price of oil will come down as more sources of supplies are coming. [Russia is] 10 per cent of global production. If Russia were not included, the prices would have gone to 130 dollars a barrel. Everyone buys oil from Russia.”
In the markets
Platinum is a few pips from another multi-year high this morning. The trend has been quietly resilient, and I like the way volume and open interest are relaxing because I see prices are not relaxing. In fact, the market is trending nicely, clinging to its highs, and we know what that implies. Repo rates on XPT went from 7.5 to 30% (Ht MVG).
When stochastics lock up above 90, it is not an overbought condition, in my opinion. It is an indication of a steady intensity of buying. We see it every day in S&Ps. Same idea here..
next up…another tight expiry in SLV, another masive point of control in WTI, stocks of course…an artful copper chart and a look at the future in the vibe. Here we go.
