“Judge them by their works. What have they done for mankind beyond the spinning of airy fancies and the mistaking of their own shadows for gods?”
Jack London, The Iron Heel
Gold was pressed down to support at 1250 this morning.
This is a support level that goes back to the day before the Brexit announcement.
Gold and silver both bounced back a bit from the lows of the day. But the slamming of the metals has been particularly relentless ahead of this NFP.
The dollar rallied strongly today on European weakness and the notion that the Fed will be increasing rates aggressively in response to a stronger economy.
You know what I think about this, and I still do. I think they will do a ‘one and done’ probably in December, and that there is no sustainable recovery except that which is created by smoke and mirrors.
There was intraday commentary from Thomas Frank about the Presidential election and the hypocrisy of our political class here.
This post was published at Jesses Crossroads Cafe on 06 OCTOBER 2016.
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