The algos have just INSTANTLY repriced a Fed rate hike into the market, today’s BLS(BS) numbers came in at a literally unbelievable +255k for July smashing expectations, sending silver prices down the proverbial mine-shaft nearly .50, and under the psychologically significant $20:
Just exactly how many times can the Fed Call Wolf and trigger this type of ridiculous knee-jerk reaction by the algos?
We suspect it cannot be too much longer (6-12 months perhaps) until The Fed loses entirely the ability to jawbone the market with Fedspeak threats…
Gold smashed below $1350:
Silver smashed through $20, with a last of $19.93:
Buyers have emerged on every previous gold and silver dip over the past several months.
The rest of today’s session will be quite telling – will big money that has been on the sidelines waiting for a pullback join the gold and silver bull market breakout today, pushing gold and silver back above $1350 and $20 by the close, or will the algos dominate sentiment for the next few trading sessions?