We start the week with a prediction. Not our prediction, but an assessment from Deutsche Bank.

Deutsche's paper, “Estimating Fair Value For Gold” contends that the price of the yellow precious metal must drop substantially to bring valuation levels back towards historical averages.

Earlier this week a data survey showed that sales of existing U.S. homes rose in June to their highest level in nearly 8-1/2 years and new jobless claims fell to their lowest in more than 41 years. Good news. Or should we add a question mark… good news?

Weekly unemployment filings in the U.S. sank to their lowest levels in more than 41 years last week. This should be cause for jubilation throughout the land, indeed throughout the whole world. Everyone everywhere needs the American economic behemoth to work its mighty magic in the global economy.

The sell off in commodities is affecting all the complexes. If it continues, we will see its effect in the form of lower inflation, which in turn may cast a shadow on a potential interest rate hike by the Federal Reserve.

Granted, the euro is up over 1% today. And Asian equities ran to positive territory, although only the NIKKEI showed any real vitality as it bumped up almost 1% on the day.

Some investment money was flowing into Shanghai and Hong Kong, but no market-shaking money migration was seen.

Gold took a beating overnight in Asia and in trading in New York later. It is off its U.S. lows, but it is still trading in the mid-1090s.

The June Consumer Price Index was reported out today and fell in line with expectations at 0.3%. This caused the true believers in a September Federal Reserve interest-rate hike to break out the dance records and party hats.

But just hold on a minute and let’s look at the overall data for the first half of 2015.

Gold is stumbling around right now, having fallen victim to a rising U.S. dollar today, which is more than counteracting a slight rise in regular trading. Silver is faring a little worse and palladium is taking a shellacking, down about 1.7% on the session.

Those four topics sum up today’s trading currents. Let’s start with the most intractable and the one that is most immediately able to endanger the world economy: Greece.

As the dust begins to settle on the Euro-Greek tragicomedy and on the first phase of an Iran nuclear-bomb-prevention deal, we are back to some extent to business as usual.