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What is it about Fridays that make us so happy? Ever since I was a kid, Fridays were always a joy to live. And we hated Mondays, in fact we still do. I’ve learn to accept the fact that we spend approximately 1/7th of our lives on any given day, so I’ll enjoy them all; but Fridays?! YAHOoooo!!
Dollar is doing a dead cat bounce so far this morning. Trading currently at 81.835, up 8.1 points. Gold is also up a little at $1,173.3 (now Dec contract), up $2.20. Silver is also higher by 4.3 cents at $17.66. Copper, which was not part of this weeks take down, is trading slightly lower, and based on the weeks activity, is hardly noticeable. Treasuries are still being bought up, by who? only thing to do is guess who the greater fool is; probably us, thru our governing proxies. Grains are higher as are the Softs. Petro is lower but not by much. Last week we had a total of 103 bank failures tallied up, far exceeding our previous year. The FDIC is warning that we will have 1,000 banks fail by the time this “recession” is over. I say, very optimistic indeed, if we are lucky, this number will be something to pray for. The way things are going, it could be far worse than that. But that’s the future, as long as we hold Gold/Silver into the future, this will not affect us too much. Enjoy your day and Stay Strong!!

JB

Dollar is continuing its slide into worthlessness. US$ now trading at 81.775 breaking thru 82.00 with ease. The low so far is at 81.660. Gold is higher trading at $1,163.10, up $2.60 and Silver is trading at $17.565 up 13.3 cents. Eurodollar (shortest term interest rates) are being bought up, which can only mean Fed intervention. This is keeping inflation under wraps for now. At this point it’s senseless to try an consider what our deciders are doing. All Grains and Softs are trading higher. The only things that are red on my screen are US$ and Petro (slightly flat to lower). Gold and Silver should be let loose to trade higher after today which is the last day for July Gold/Silver deliveries. I have my company calender that claimed yesterday was the last, but we have an open interest of 1 July Gold out there. Ironically, it was our purchase for a client done yesterday, 1 hour before the close. Makes one feel nostalgic as we plug away at there ammo. Stay Long and Strong, Inflation is here!!!

JB

Dollar is still lower and showing weakness after yesterdays push higher. As I mentioned yesterday, Gold/Silver should be pushed lower because of option expiration. Today we have the last trading day for July Deliveries. As I have been saying since the creation of this blog, the best time to buy physical metals is these 2 days of trading towards the end of every month. Don’t hesitate to book profits before this period and you should do better than most. Jim Rickards did a radio interview on King World news (online) talking about how its impossible for traders to navigate the markets using charts or fundamentals when the government is virtually going against the proper grain. This trader (I mean myself) has been saying this for years. Charts/Fundamentals mean nothing in a manipulated market. But the day they stop, WOW!!
Dollar down 4.3 points at 82.280 Treasuries are pushed higher at the present too. Gold is up $4.30 at $1,162.30 and Silver is lower, down 1.1 cents at $17.620 All grains/Softs are higher and Petro is flat at present. S&P and NASDAQ are being pushed up higher too. It looks like the time to re-enter Gold/Silver will be the end of COMEX trading today (1:30 EST). Keep an eye on the ball and don’t lose focus, there is “ALWAYS” change, so be prepared and Stay Strong!

JB

Dollar continues lower, now trading at 82.000, down 24 points. We have broken the 82.00 mark with a low of 81.970 so far. Treasuries where showing inflationary pressures yesterday, but are being subsided today. What was odd about yesterday and today is the lack of real news to grasp at. We are witnessing blogger shut downs on the internet for various reasons. I understand copyright violations, but it seems like we’re blowing up entire cities to remove a single fly. All food products and Softs are trading higher and a serious eye should be kept on grain prices after 7 inches of rain fell in Iowa within a 10 hour period over the weekend. We are at the filling stage of grains (that’s after the flowering stage, now the fruit gets fatter), so Corn and Soybeans can be effected. CCI has been trading in a broad sideways channel and looks to break thru the upside, which will reintroduce the inflationary protection hedge funds use, so we wait. Today is the last trading day for August Gold/Silver options, and tomorrow is the last day to lock in a July Silver/Gold contract for delivery. I don’t expect much movement to the upside in the noble metals till say Thursday going into the new month. Hang in there and Stay Strong!!

JB

We start our final week off in July with the dollar trading lower by 20 points, dollar at 82.430…Gold is trading slightly higher, up 60 cents. $1,188.50. Silver is lower at $18.070, down 3.1 cents
All physicals are trading mix and indecisive. So we need to wait for some news to push things around. Stay Strong and long!!

JB

Ah yes Friday!!, Bernanke is done with that thing called testifying. It really should be renamed. Mystifying hypnotizing, is my view. Greenspan was a master at saying nothing for longs hours on end, boy was he good at it. Ben’s not that far behind.

US# is lower by 8.2 points, trading at 82.700. Gold/Silver are higher, gold trading at $1,202.0, up $6.40 and Silver following being up 10.3 cents at $18.280. If you have the time go to my charts and check out what Crude has been doing for the past year (weekly chart is best). Trading in a broad range but going sideways. It’s close to breaking out on the high side. When this happens, our inflationary rally should begin in earnest. Softs/Grains are mixed as are the meats. Treasury instruments are starting to trade lower to the relief of those expecting inflation (I am one of these individuals expecting inflation). Paper markets are still pushing higher, but not their faith in reality. Have a safe and wonderful weekend, Stay Strong!!

JB

The master of the universe spoke some unkind words after COMEX gold/silver closed. Not only did it send the S&P and NASDAQ lower, gold/silver where jammed down in order to make sure know one looked at the barometer to tell if the patient was comatose or not. Bernanke speaks again today (God help us all) so watch out for more shenanigans. Dollar is sharply lower this morning. Seems Europe doesn’t believe that the USA can stabilize itself when quantitative easing. US$ is marker at 82.965, down 62.8 points with gold and silver held down too! Gold at $1,190.30, down $5.20 with Silver trading at $17.790, down 1.3 cents. Short Term Treasuries are still being bought (must be USA retirement accounts buying) because I wouldn’t see anyone willingly buying these when we have a chance of default. Grains are all positive today and the Softs are mixed to higher. Petro products are in the plus. In fact the only Red I see on my quote screen are US$ and Precious Metals (ok Cotton/orange juice is flat to lower but barely). everything else is green. Stay Strong and belong metals tomorrow….

JB

Forgive me, for I made an incorrect statement yesterday. Bernanke is to speak today, when I thought he was to start yesterday…oops Gold/Silver made a very good recovery after the opening of the paper markets (S&P, NASDAQ). Even though the dollar remained stationary. Dollar is now at 83.165, up 23.6 points and Gold is up $3.60 at $1,195.30. Silver is also supported, being up 14.2 cents at $17.835. Copper seems to be the big leader in the metals being up over 725 points in a day. That’s a lot of penny movement for the savoy trader. Paper Markets are trading higher as is the dollar. As I’ve stated in the past, if the Treasury Secretary, Fed Chairman, or the President is to talk about the markets; US$ and the Paper Markets are to trade higher till the speaking is finished. That has been the way since 2001. Grains/Softs/Petro are trading higher today too! Shortest term Treasury instruments are still being supported price-wise, maybe they didn’t get the memo, that interest rates where not going to be cut anymore and that the rumor is misplaced. No one really knows anything about the Treasury markets anymore, because of its national security secrecy. So much for the promises of openness. So we sit and wait for the inevitable words of wisdom, coming from above, to tell us how they will get us out of this mess. It is clear to me that no college has ever taught this type of monetary policy, so why should I believe a professor that professes he knows how to fix everything by Wiemarizing our currency? Hold your Gold and Silver in your pockets and Stay Strong!!

JB

Let’s see here, dollar is much higher this morning, now trading at 83.165, up 46 points. Must be all those jobs everyone found over the weekend, or maybe everyone but me found a treasure chest full of money and paid off all their debt. Nope, that won’t work either, How can anyone believe these numbers?? The S&P and NASDAQ are sharply lower starting off this day. Gold/Silver where higher at midnight PST, but now are in the red. Gold at $1,178.0, down $3.90 and Silver is down 2.8 cents at $17.515. Grains continue to trade lower and the Softs are mixed. Someone is still buying up the shortest term Treasuries and the Petro products are trading lower too. Now I can understand the Petro products trading lower. After all, no one can afford to go vacation anywhere these days. The Gulf Coast is no longer a place to enjoy the Summer time and maybe for several years too. Ahh yes…. Good ol’ Ben Bernanke is speaking today in front of CONgress! That’s it!! the only reason for our American Dollar to be up, because it shows the economy trusts helicopter Ben. Printing money is all he knows and he never worries about the backs of the citizens that have to pay. Let’s liver thru the week and see what good ol’ Barney Frank and Dodd do when it comes to asking Bernanke a question or two. My sense tells me the butt kissing won’t stop till Ron Paul comes in. Have you noticed lately that RP has been pushed out of the media? Remember, you have the right to be pissed, and you better show it when it comes time to vote. I like my Congresswoman Jan Brewer, the girl’s got balls!! Taking on border issues when our own nation is fighting 2 needless wars in other countries and ignoring the revolution going on just south of us. What a gal!!..Be like Jan Brewer (another JB) and Stay Strong!!

JB

We start this week of with a flat US$ now trading at 82.665, up only .007. Looks like our financial leaders are going to make some “Quantitative Easing Soup” laced of course like the last Jim Jones sermon. Gold is slightly higher at $1,188.50, up 30 cents with Silver lagging also at $17.795, up only 1/2 penny. S&P and NASDAQ started their late Sunday night sharply lower and have once again magically risen to our early morning sunrise higher. Forget the fact that 6 banks where marched to the wall and another 30 N. Carolina banks where put on the trouble banks list. Definitively Stepford Wive-ish in nature, but is what we have to deal with. Grains and Softs are just as confused as I am at the moment, so I’ll wait for more data. I find it rather horrifying that a Canadian Cancer patient is treated horribly by Scotiabank when she wanted her Silver bars removed from the bank. Clearly these people are heartless and do not deserve any protection, especially when they made it clear that to take delivery was stupid. They’re in for surprise, because I think that might have piss off everyone who has a certificate of metals in these guys vaults.  Stay Strong All Week Long!!

JB