Wow, that was some display of co-ordinated intervention. I think Jean-Claude and Hank would be more valuable to the Pentagon as military planners rather than remain in their current financial positions.

When Germany says they take inflation seriously, we now know that includes the golden inflation messenger as well. Nothing like being thorough and detail-oriented!

We will see if gold can recover today from this major counterintuitive move. Since 8:30 am, a $934 cap on gold has been in place despite repeated break-out attempts.

On the jobs report front we saw another Disneyland instalment this morning as the Birth/Death Adjustment provided the following fairytale numbers: Construction Gains +29K, Professional and Business Services +22K, Leisure and Hospitality +86K. These numbers would be reasonable if the Construction Industry was not collapsing due to the deflating housing bubble, Wall Street imploding due to toxic debts, and the Travel Industry reeling due to much higher fuel costs. Behind the scenes it was also noted that downward revisions for April and May were made to the tune of 52,000 additional job losses. Anyone doubt today’s job’s report data for June, once forgotten of course, will be revised sharply downward in the future?

Party on for now - VHF