"History is made up of the bad actions of extraordinary men and woman. All the most noted destroyers and deceivers of our species, all the founders of arbitrary governments and false religions have been extraordinary people; and nine tenths of the calamities that have befallen the human race had no other origin than the union of high intelligence with low desires." Thomas Babington Macaulay
Gold and silver mostly marked time today, giving back a little of the bigger gains from yesterday's post FOMC rally. The Bank of Japan is said to be announcing something vis a vis 'helicopter money' overnight. The metals need to breakout on the charts. The Comex seems to be stocking up on gold, as if to try and isolate themselves from supply shocks overseas perhaps? There were few deliveries worth noting yesterday, and the data for the day before never really came out. I have included the warehouse inventories although there is not all that much change there. August may be an interesting contract month for the precious metals. Day Three of the Democratic Convention was just peachy. I hope few of you have any illusions about the integrity of the political party system given all that we have seen. Well, let's see how it all goes. Have a pleasant evening.
