“In economics, it is often professionally better to be associated with highly respectable error than uncertainly established truth. Wealth is the relentless enemy of understanding.”
John Kenneth Galbraith
Stocks were a bit wobbly from the open. But they sold off more decisively in the afternoon when it was announced that Trumpolini would have something to say about China and tariffs after the close.
Gold and silver were gaining a bit on Dollar weakness. This weakness is within a well-defined trading range. And gold and silver are also caught in a sideways chop.
I suspect that some event will shake up the precious metals bears one way or the other, and the metals will break higher or lower, and perhaps sharply. It does seem more likely that it breaks higher because of the hugely impressive imbalance of shorts on the Comex, But let’s see what the charts show us.
There will be a stock option expiration for September at the end of this week. There will be Comex precious metals option expiration next week.
I spent quite a bit of effort getting in touch with my inner-homeowner this weekend and today, taking care of a list of things that have been too long neglected, from lawn care to chimney repair to pruning to light mechanical repairs.
And with much of it done, Dolly and I have snuggled down to wait for the remnants of Hurricane Florence to bring us their rain.
