Goodbye $1700 Gold
In lieu of the period of unbridled peace and prosperity that was supposed to be ushered once the European summit ended, we have more chaos, more uncertainty, and record blow ups in all Euro-sovereign paper. Which means only one thing: the long-awaited moment of coordinated and endless central planner printing is getting ever closer. And once again, gold has figured this out albeit with a slight delay, having left the $1700 handle behind. Once the general public notices the most recent break out in the yellow metal expect yet another manic phase higher, coupled with the now traditional margin hike buffoonery (or wait, maybe this time the CME will lower margins to, gasp, make sure there is no liquidity stress).
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