Friday Wrap: The $1300 That Wasn’t (Amid Complete Global Chaos)

And the Fed ups their rosy forecasts as the MSM doubles down on hate in America…



After the release of the FOMC Minutes on Wednesday, gold and silver prices caught a bid. 

Today, Friday, we woke up to this:




And This:




Hope came into the community, and maybe, just maybe, we could put in a daily and weekly close above $1300. However, early in the afternoon on Friday, gold and silver traded lower than even Thursday’s close, and it became apparent that there is more paper and stronger forces than there are buyers of metal:






There was reason to be hopeful, however, because the base metals are performing:




And so is palladium:




Not to be outdone from a potential policy error, the NY Fed is proudly upping its Q3 GDPnowcast to 2.1% today:



Possibly to catch up to an even rosier Atlanta:



On Thursday the VIX started spiking again, the move was over 20%, yet by the end of the trading day today, apparantly aided by the Spanish save of another terrorist attack and the ousting of Bannon from the White House, “fear” seems to have become manageable:



The dollar faded after popping on news that “America First” was no more:




After big moves down yesterday, the Dow and S&P 500 finished the day slightly lower:




Circling back to the metals, gold broke $1300, put in an intra-day high for 2017 at $1306.90, only to close lower on Friday than yesterday:



Silver was monkey-hammered all day until finally submitting around 2:00 p.m:




Today was just not meant to be. Not that everything is awesome again, and as summer really starts winding down, today sure looks like the start of some serious turbulence ahead.


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