A Frustrating Morning

After the CPI printed below expectations, bonds rallied and the POSX sharply sold off. This initially led to a surge in the Comex PMs but The Machines have prevailed since and prices have slid all the way back to unchanged on the day.

And that’s pretty frustrating. As you know, I was hoping to see some short-squeezing today but, instead, we’ve gotten more of the same old tired excuses about how gold didn’t go up with inflation and now it’s going down as inflation cools.

But gold should be up today as rates are down and the POSX has fallen over a point….

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