9,000 gold contracts dumped from 8:30 to 8:35 on PPI data release. Massive hypocrisy in the data. But like yesterday, these dips are bought. Here’s why…
Recall that the BLS wants it known that they are having serious trouble collecting data, and though they have collected data for years, they had a convenient little caveat for the first negative job print in seven years. Apparently there is not contingency plan at the BLS.
How can there be problems collecting data on the one hand, while only three days later (Monday federal employees enjoyed paid time-off to extend their weekends) there is none?
It’s called Bureau of Lies and Statistics for a reason.
Energy prices are rising fast:
Which means that prices are indeed rising (which anybody who actually has to spend money already knows)
But when in doubt, Smash:
Futures prices were very, very close to breaking-out overnight:
And they couldn’t have that now, could they?
But that will only hold these metals back temporarily. As we showed yesterday, these dips are being bought…