Be very nibble, we have another week for this to develop before the FOMC meeting on 9/20. The commercials have sold about two-thirds of their ED longs 883k last week, 348k now), but still have large long positions in 5-10 years. We may be getting the rate hike afterall, and could go inverted (short rates up, long rates down more). There's been a big switcheroo in the currencies too, commercials now have decent shorts against the specs in UK, Cdn, Aussie, Euro (have been printing up way too much money). The Yen may pop on the election, and then be done?
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Interestingly, several Fed heads have made strong statements, so they may actually follow up. The PPI and CPI next week can't be good either, that may force their hand, and it seems like they are trying to prepare the market for bad numbers, and nobody will listen? The Wizards also seemed to have managed energy for now via manipulation and trickery.
Message 21689112
Lots of people seem to be getting offside on a "Katrina pause" now, I may step aside on that one. Or they could pause and manipulate gold anyway.
The gold COTs last week showed good traction for the move, and new highs beckon and seem likely (and in turn may signal the Wizards they need to take action?), but you may want to think twice about being long PMs on a trading basis now going into the 9/20 meeting. There are only a couple more weeks of favorable seasonality too. Kind of a nail biter, because there are some nice charts, also ready to break to new intermediate term highs:
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