Gold

If you're inclined to be a nervous investor in gold and silver, this is a perfect time for you to get your ya-ya's out. There are apparently many among precious metals traders who are still betting on a sooner-than-anticipated rise in interest rates from the Fed.

It's always amusing to watch a fundamentals overreaction corrected by an equal and opposite overreaction. It leaves you wondering where the truth is in trading impulses.

Our thought is that traders do not understand the synergy between "jobs created," "the unemployment rate," and "potential Federal reserve actions."

It's always amusing to watch a fundamentals overreaction corrected by an equal and opposite overreaction. It leaves you wondering where the truth is in trading impulses.

Our thought is that traders do not understand the synergy between "jobs created," "the unemployment rate," and "potential Federal reserve actions."

You can celebrate if you’re so inclined: today is Milton Friedman’s birthday (1912 – 2006).

Today we witnessed the equities markets in a virtual meltdown. Equities have now given back the gains of 2014. What predicated this dramatic selloff? Also a perplexing question is why we did not see any flight into the precious metals in unison with today’s dramatic decline in equities.

News of a vigorous rebound in second quarter growth in the U.S. mildly deterred gold prices today, while silver prices slightly regained upward momentum. Usually, 4% growth in a quarter would indicate that an economy is not just on the launch pad, but headed well into orbit.