It’s stone-cold quiet this morning, so let’s focus on my obsession for a moment: precious metals. Over the past week, gold (by way of /GC below) has more or less meandered aimlessly.
Whereas my champ palladium (/PA below) has been a total stud. Just look at that swagger! Day after day, pushing upward. As I’ve said endlessly, I think palladium has a fantastic future ahead of it.
Equities, meanwhile, continue to notch lifetime highs day after day, although this morning the futures charts on equity futures are so dull as to not even be worth sharing. I will point out, however, that volatility has once again been crushed to a 14-handle, although it seems for the past two months this is about as low as it gets. The so-called bearish month of September has been a total disappointment, so this sucker needs to get its act together real soon. A post-FOMC tumble on Thursday would do the trick.
One final thing to point out is the USD/JPY chart. It looks bearish as all get-out, which would mean even greater fortunes for precious metals. Keep an eye on this!
