Good Morning. The DX is firmer and Bonds are slightly softer. US Stocks are sideways but slightly offered. Gold is up $6 and Silver is essentially unchanged. Platinum is very strong. Copper is softer again. Oil is down 75 cents in the last hour post Biden speaking. Grains are mixed, but violently. Crypto is broadly higher.
Gold: remains very vulnerable to strong inflation in the short term. Short term players will likely sell at strong signs of non-transitory, persistent higher prices. Market psychology had to be damaged by fund behavior in light of the slam down in recent days. We believe but need to do more work on this, that the catalyst for the $100+ selloff the last few days lies with something the IMF was doing in creating an African SDR revolving credit facility. This was approved on August 2nd. When we know more, we will share it.