Best hope was bad news on the unemployment scene, but today 31 May all you got is US consumer sentiment, EU is in the toilet again, dollar is improving, which means the US market is headed for the toilet and taking PM with it. Thanks to Bernanke, who like a doctor with a needle. yelled "it's gonna hurt, it's gonna hurt" and pulled the rug out of the bond market by preannouncing bond buying "tapering".
Sometimes it's better not to have so much transparency. Sometimes Daddy and Mommy need to keep quiet. Or am I being too unclear?
Also, reported with GDP is corporate profits. While GDP is little changed, the reported corporate profits are down $43.8 billion first quarter. That is a very important fact easily found in the report and not reported by MSM. While not good for the economy, I think it is favorable for PM's and may be the reason for the bump today.
Futures retreat slightly while silver forges a 1.3% pop wee hours--Europe reports uptick in confidence still in doldrums--but enough to be positive in the market, but US claims and homes--will "good" news be bad news if the market views that one step closer to emptying the Fed punchbowl?
US is down gen market a smidge pre market, so time will tell.
Fed's buying hand over fist, and saying they don't like it is masking reality. The gen market is taking it in the curlies, there's bargains galore if you want to double down in some really silly price reductions. As meat said, the first inkling of a quarter point and the market deflates the rest of the 3 3/4% points it expects. Today Wed the 29th absolutely nothing but good news, but that means to most the Fed will take feet.
Around fourth quarter 2015, but you couldn't tell that by today's action.
Quail, dead69 .... I hear you. There's no sorting out the wheat from the chaff either. It's pure emotion: fear and greed. I can't see silver or any PM's catching much of a bid here. It just seems like one of those out-of-fashion periods we have all seen before. I just hope this one doesn't last for decades.
So much data tossed onto the ouija board next week. As the planchette glides across the board searching for some meaning to all the government twisted data....perhaps silver will catch a lift.
GLTA I'm going to dive into some call options with a November 16 settlement date. If Soros can read the tea leaves and dive into $25 million of call options in GDXJ, then I will ride on his coat tails! PM's may be about to enjoy some sort of a bounce!