PMs — the lull before the storm

Expectations for Trump’s meeting with Putin in Alaska have been downplayed but diverted attention from a stalling US and global economy.

Any independent observer will note that the outlook for the dollar is deteriorating, credit risk rising, and a debt trap is being sprung on the US Treasury. Tonight’s Alaska circus is a diversion from this reality.

Gold and silver continued to consolidate earlier gains this week, but the market underneath continues to tighten. In European morning trade today gold was $3340, down $60 from last Friday’s close, and silver was $37.90, down 40 cents. Comex volumes in both contracts declined over the week, in silver’s case from the noticeably high levels seen the previous week.

Market makers face a flight out of paper into gold