The “financial press” demonstrates the lengths at which the cartel will go to downplay and divert attention away from gold. Irma is still a hurricane destroying lives and property, but for anybody interested in gold, well, it doesn’t matter. Even if CNN & Fox want to glamorize the destruction…
As if Irma was a whole lotta meh.
And since when is gold a “risk asset”?
We’re not so sure, but whatever floats your boat:
Gold prices fell in Asia on Monday with risk assets taking a breather as Hurricane Irma is downgraded in intensity and an possible ICBM test by North Korea at the weekend failed to materialize.
Hurricane Irma knocked out power to more than 2.4 million homes and businesses in Florida on Sunday, threatening millions more as it crept up the state’s west coast, and full restoration of service will take weeks, local electric utilities said.
But after Hurricane Irma hit Florida on Sunday morning as a dangerous Category 4 storm, the second highest level on the five-step Saffir-Simpson scale, it weakened to a Category 2 with maximum sustained winds of 110 miles per hour (177 kph).
Yet despite the gold hate, they slip in something we have been saying for a while now:
Copper had a bad day, down over 3%. Crude was also down over 3%. Crude looks like it is forming a downward sloping bullish wedge on the chart, but crude has been very choppy all year. Copper, however, we need to keep our eyes on.
This merits repeating: The entire Internet is one huge spool of copper wire.
The high tech world we live in absolutely runs on copper. The world needs tons and tons of copper for our everyday lives. After Hurricane Harvey in Texas and Louisiana, and now Hurricane Irma staring down Miami, with Hurricane Jose in hot pursuit, it is not unreasonable to say there will be absolutely huge demand for copper once this hurricane season is over and the rebuilding begins.
Not to be outdone, Yahoo Finance is saying, and please sit down to get ready for it: If “Irma is not as they’re predicting” – the gold “trade” will violently unwind [to the downside].
Odd, however, because CNN would have you think this was Mother Nature herself bringing on a fury and rage like no other:
and Fox is not sugar coating it either:
Even Reuters is getting in on the “whipping” bandwagon, and adding some slamming to the mix:
And apparently, illegal immigrants are risking their lives in the high seas to illegally enter into the United States through Florida via the Atlantic Ocean:
— Donald Trump Jr. (@DonaldJTrumpJr) September 9, 2017
Perhaps the market pundits won’t even cover the next natural diaster (Jose?) at the rate they’re going.
Just don’t anybody mention this (we’re sure they would immediately go into shock):