in the summertime...

Good morning and welcome to another Terrific Tuesday and the beginning of the “Dog Days of Summer!” Okay, they actually started on Sunday and run through August 23rd, but in my book, we’re close enough to call it. I’ve always thought that the meaning of the phrase had to do with the stifling heat, thunderstorms, and humidity. Although it may, the true meaning has to do with the dog star, Sirius, and it’s position in the sky; rising just before the sun in the Northern Hemisphere. And this morning we also had the metals do the same. So let’s refill our cups and pull up a chair. Tee Set greets me this morning with their hit, Ma Belle Amie.

If you were with me on Friday, I shared my frustration with the huge number of contracts traded last week while spot prices continued to drop, proving to me that gold and its sisters are being artificially suppressed. Okay, so what’s happening now?

At the moment, Gold is up +$4.30 to $1,228.30, Silver is up +$0.22 to $15.56, Platinum is up +$12.00 to $843.00, and Palladium is up +$9.00 to $916.00. Are we seeing a serious reversal attempt?

Keep in mind that the moment a gold guru, prognosticator or precious metals blogger says yes, the market will prove us wrong so instead, let’s just look at the facts. Yes, gold gained $9 on Friday and then gave it almost all back yesterday closing down $7.50. Over the past three months gold has experienced its worst performance since 2016, and we are finally seeing some relief, or are we? Yes, gold is trending up but even if it advances beyond its immediate-term (15 day) trend line, the dollar’s strength is still going to hold precious metals values in a very tight range. At least for the immediate future.

And here’s a thought. If I was a conspiracy nut, why not consider this. We are looking at the mid-term elections coming up in three short months. If the Federal Reserve wanted to insure a specific outcome could they let the USD weaken (making a particular party or administration appear significantly weaker); and if they did that, the spot prices of precious metals would climb. I have no doubt they are arrogant enough to think they could successfully pull it off while making it look like it is/was economic factors.

Personally, I think that would be crazy because the US economy has been on the edge of a recession for the past twelve years and what’s kept us out is the credit card spending of the entire government and it’s populous. Anyway, enough of that.

Hey, let’s close this on a happy Note!

This morning I’m finding articles all over the internet talking about the new Cook Islands Five Dollar 1/100 ounce gold note. It actually contains 0.2g of gold. Pretty cool! Read about it here.

Well, I’ll let that be it for today. Go out there and make a difference! See ya later!

*Disclaimer: Precious Metal Musings™ is written for entertainment and news purposes only and should not be used in making purchases and/or sales of precious metals.