There is quite a bit going on next week.
Most of the economic reports before Wednesday afternoon will be interpreted in light of the pending FOMC decision on whether to end ZIRP.
Frankly, I don't see how the Fed can
not raise rates now, and maintain their credibility, unless some major exogenous event occurs. The markets will wonder what the Fed is seeing that they are not, or even worse, what the Fed is hiding.
And I certainly do not think they are more concerned about the real economy now than they are with their own needs to get some policy room below their key rate so they can cut it again when their latest bubble implodes.
The economic reports coming out these days remind me of the painfully obvious special effects from the old 'Batman' television show.
And speaking of painful reports, we saw some inconsequential precious metal deliveries at
The Bucket Shop yesterday. There was some cursory movement in the gold warehouse, with more active 'pushing around the plate' in silver. That means there was quite a bit of movement, but nothing much to show for it in the end.
The CME is changing their rules for declaring
force majeure as noted in
this document.
And today was the day for
the unscheduled exit of Harriet Hunnable from her post as the Executive Director of precious metals at the CME.
Gold caught a little bid today that felt like a minor flight to safety, and silver barely hung on to the 14 handle.
So let's see what antics the Street might deliver next week, with such a nice one-two events punch opportunity, with the Fed's 'big decision' followed two days later with a quad witch. Mining stocks might be a roller coaster. All the better to skin you with, my dear.
Have a pleasant weekend.
