TF Metals Report (US)

The new trading month begins today and it's anyone's guess as to where the month will take us. As for today, after a nice bump at the Sunday reopen, it has been downdowndown ever since. Let's hope that's not a harbinger of what's to come as August unfolds. So here we go with a new week and a new month. It's going to be a very busy first week, too, as you can see below. We'll get some data even while I'm typing this post with the manufacturing sector PMIs due in a few minutes.

MrsF and I are traveling back to Turdfork today so I don't have the ability to record an actual podcast today. As such, here's a written summary with updated charts in the hope that it helps you to prepare for another doozy of a week to begin the new month. By the way...yes, that's MrsF watching the sunrise this morning before we began the journey home. There's a lot happening as the new month begins but this was a very tranquil way to kick it off.

Our weeklong series of guest posts concludes today with the second installment from our old friend, AGXIIK. I'll be out all day so this will serve as your Friday thread with a weekend written summary pending for Saturday. "WHAT IF YOU WON A FIRST CLASS TICKET ON THE TITANIC'S MAIDEN VOYAGE?" by, AGXIIK Would you take the cruise if the ticket arrived the day before the ship sailed? What if you asked a psychic should you go? How would you feel if you missed the sailing time by 3 hours?

Our week-long series of guest posts continues today with this latest installment from Silver66. His columns have always been well-received and I'm confident you'll enjoy today's post, too. The Discipline of Distance by, Silver66 Every morning brings a fresh reason to be concerned. Before breakfast we can learn that a war has escalated, an indebted government has announced another spending package, a central bank has hinted at a policy change, and commentators are already debating what it all means.

I've worked diligently to not look at the "markets" the past two days and it sure has been nice...and I sure haven't missed much, either. But today will be a volatile day so I figured I'd better update the charts and give you a new thread to work with while we await Ole Kev, his fedlines and his presser. Let's start with where we are after two days. It seems that we got a bit of a "peace hope" bounce back on Sunday evening but that, by late Monday, all of that hope was lost....

It's Tuesday and your host continues his annual sabbatical today. As such, here's a terrific guest post from your friend, Metallionaire, and this will serve as your thread for today. Do You Have a Backup for Your Backup Plan? by, Metallionaire We are inundated with evidence on a daily basis that things are spinning out of control. Stock markets have been levitating at historically high price/earnings ratios for years. Debts have expanded far faster than economic growth.

Turd's Summer Sabbatical begins today...well, actually, it began late Friday. As such, your Monday post is this beauty crafted by AGXIIK and his sidekick, Renozep. Would you like a side order of Hedonics with your Hyperinflation? by, AGXIIK and Renozep Hedonics have been used monthly since 1982 in order to conceal the real inflation noted on John Williams Shadow stats site and the Chapwood index.

It's another Wartime Friday and, after a small rally overnight, it appears that PM prices are headed back down on Comex. If anything, it's not as bad as yesterday...at least not yet. Additionally, we're still UP on the week. Considering the geopolitics of last weekend and now the potential conflagration of this weekend, that prices are actually GREEN on the week at this point is almost sort of remarkable.... Sign up today to read this full blog post and gain unlimited access to premium content.

Crude has surged back above $90 today and that, along with everything that comes with it, has proven too much to bear for the Comex PMs. Bonds continue to sell off and the POSX is rallying. All of which was OK yesterday but it's definitely not OK today. Today's rally in crude is not directly attributable to any one event. Instead, it seems to reflect a situation that continues to worsen. This latest ZH summary: https://www.zerohedge.com/geopolitical/...

As we begin the Tuesday trading day, here are some items to get you going. It's going to be an interesting week and we'll wait to see where this day takes us. Tomorrow, too. As discussed in the Monday podcast, the daily charts have been worked into corners and those patterns are going to resolve, one way or the other. I'll be closely watching price all day today and adding charts and thoughts to the comments section of this thread. For now, here are some items to start your day.