Gilded Cage

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All the exciting markets have finally been strangled to death. Bitcoin? Nope, it got a couple thousand bucks blown off the top in no time. Tesla? Ha! You know better than to ask that. The NQ? Only if you like playing with fire.

The same, sadly, can be said of precious metals. In fact, with the exception of just a few days, gold has been in a boring, god-awful range ever since late July!


Defying all past experience, I actually managed to make a profit buying (in Spring) and selling (during the summer) a bunch of gold bullion. I’m talking the old-fashioned way: driving to a dealer, buying a bunch of the stuff, driving home, etc. Old school! But I’m out of it now, happy to have scored some sweet, sweet pieces of fiat in the process.

I will say, however, that if gold gets raided down to $1800 again, it’s going to look awfully appealing. Until then, forget it. It can’t seem to catch a bid to save its life.


As a side note, I’ll mention that the economic calendar has been an arid wasteland. Indeed, just about the only event in the entire month is my good buddy Powell next Wednesday. We already know what he’s going to say (“The interest rates aren’t budging, but we’ll keep an eye on the data as it comes in“). Except for pressing the Print button, I seriously have no idea what the thousands of PhDs at the Fed do except collect a paycheck.