What on earth is going on here?

Good Day... And a Tub Thumpin' Thursday to one and all! How about that? I made it all week with no interruptions! Stranger things have happened in our lives, but this one ranks up there! HA! I actually left my house last night, and went a couple of blocks down the street to a club, that good friend, Rick B belongs to watch the Cardinals win a game in the 9^th inning... They got some clutch hits in the game last night, which was a rarity for my Cardinals... I said, I must be feeling stronger to leave the house! And that's a good thing! The Eagles greet me this morning with their mega hit song: Hotel California... 

Well, not knowing where the BBDXY was yesterday morning, kind of put me at the wheel with blinders on... But I made it work, and yesterday, the dollar gained some ground, gaining 3 index points in the BBDXY to end the day at 1,229... Gold lost ground yesterday, as once again the short paper traders did their dirty deeds, done dirt cheap (AC/DC)... Gold lost $19 yesterday to close at $2,505, and Silver lost 38-cents to close at $29.18... 

None of that trading in the metals makes any sense... If the metals were deemed to be hot last Friday, there's been nothing to cool them down in terms of economic data, or a Rogue Fed Head saying that it was too early to cut rates... So, that leaves the short paper traders to take their pound of flesh from Gold & Silver... When they finish, then, and only then will Gold & Silver be allowed to get back to being hot... 

The price of Oil remained trading with a $74 handle, and the 10-year's yield ended the day with a 3.84% yield... 

In the overnight markets last night... Well, someone or some entity (read PPT) was buying dollars overnight, as the BBDXY gained 3 index points last night... I don't get it, but it doesn't mean anything to the PPT, with their treasure chest of Exchange Stabilization Funds... That's gotta be it, because no sane person would be buying dollars like that when they know what's in store... I'm just saying...  Gold has rebounded from yesterday's engineered takedown, and is up $18 to start the day, while Silver is up 58-cents, so no sign of the short paper traders, yet, and these two metals are back to the underlying strong trend... 

The price of Oil has bumped higher once again, and trades this morning with a $76 handle... What gives here? Well, I read this morning that traders have just come to the realization that Libya has halted production (the story I wrote about a day or two ago) ... Wait, What? They are just now figuring out that this could cause a problem with supply? Hello, McFly, is anyone home? Give me a break!

The 10-year got sold overnight and its yield rose to 3.88% this morning... I guess the boys at Deutsche Bank and their trade of shorting the 10-year worked out for them last night... I doubt it will continue to work, unless the idea I brought forward yesterday comes into play, and that was that the bond rally has already taken place...  

Well, the members of the European Central Bank (ECB ) got a surprise yesterday, when inflation for July ticked higher to 2.60%, from 2.5% in June... I saw it was a surprise because the members have been out speaking and talking about how they feel inflation is beaten and it's time to cut interest rates... WRONG I would tell them if any of them read the Pfennig, the same thing I've been saying about inflation in the U.S. and that is... It's sticky... And until you put the kyboshes on Money Supply, it will remain sticky...  The euro received a bit of a boost after the inflation report... Not much of a boost, but a bit of a boost... Currency traders still aren't sure if this inflation report will be enough to stop the ECB from cutting rates, especially after the U.S. Fed/ Caba/ Cartel cuts rates... It's the old having to keep up with the Joneses... 

I read this morning, that Gold was held back due to the unknow of what 2^nd QTR GDP here in the U.S. is going to reveal when it prints this morning... We all know that the Gov't said that 2^nd QTR GPD was 2.8% in its first print, and now the revision is due this morning... I have a question for everyone... How much credence do you put in Gov't reports, after the BLS's reveal that they lied and cheated last week? And it's an election year on top of that! So, I would take any Gov't report with a small amount of salt... I'm just saying... 

Here's Ed Steer from his letter this morning that can be found www.edsteergoldsilver.com : " suspect that the dollar index 'rally' we had yesterday was used as cover for the collusive commercial shorts of whatever stripe to engineer precious metal prices lower going into the final roll-over day for the large traders.

And as I stated in my DXY commentary further up..."It's my opinion that this so-called dollar index 'rally' was just as manufactured as the engineered price declines in the precious metals on Wednesday -- as every time 'da boyz' took their feet off their respective prices, they proceeded to rally with some enthusiasm. This was particularly true of silver and gold during the COMEX trading session in New York."

Chuck again... Yes, the PPT was in again buying dollars... It makes abundance sense, for everyone and their brothers know that the Fed is going to debase the dollar with a rate cut soon, so they sure aren't on board with buying dollars, but the PPT doesn't care about any of that, they have one job... Protect the dollar... 

So sorry about the tardiness of today's letter, it was an awful night for me... Coughing and bleeding, I couldn't catch a break or any sleep until about 5 this morning... 

The U.S. Data Cupboard has the usual Thursday fare of the Weekly Initial Jobless Claims... And the aforementioned revision to 2^nd QTR GDP... And tomorrow's Data Cupboard has the latest reading of the PCE, the Fed Heads' favorite inflation calculator... So, that will be market moving, so be ready for that tomorrow morning... 

To recap... The letter is shorter today, sorry about that... The dollar got bought yesterday and last night, and has the finger prints all over the buying of the PPT... Chuck figures they are the only ones that don't care that the dollar is going to get debased soon...  Inflation in the Eurozone continues to be sticky, and that has to grind on the ECB members, who like the Fed here in the U.S. want to get back to cutting rates and helping the stock market... 

For What It's Worth... Well, I'm going to end the week with a treat for you dear reader... An except from Bill Bonner's letter from yesterday... It can be found here: Our Higher Purpose - by Bill Bonner (bonnerprivateresearch.com)

Or, here's your snippet: "In a small democracy — say the size of a small town — people can see for themselves what is worthwhile and what is not. They see the mayor in a fancy new car... with a fancy new girlfriend... and they begin to ask questions.

But in a government the size of the USA, the typical voter is hopelessly adrift... blown this way and that by the winds of a gassy media... and carried along by the currents of relentless propaganda. He’s never met a defense contractor... never been to the Ukraine... and only seen politicians on TV. And thanks to the electronic media, his brain is washed clean every day. 

The elites — who control the government — pretend to have a better use for our money — a ‘higher purpose’ — to save the planet... to stimulate the economy... to succor the poor... to heal the sick ... or protect the country! 

They are all mostly just ways to redistribute wealth to powerful insiders. But thanks to the credit money system, the voter never feels the hands that pick his pocket. Instead, the real costs are deferred and disguised — in higher consumer prices, a lower standard of living... occasionally, mass death... 

And the higher purpose always turns out to be an illusion, a mirage... and a swindle. "

Chuck again... Yes, and the elites have the Fed/ Cabal/ Cartel, and the Gov't (Sen's and Reps) to do their dirty work... I'm just saying... 

Market Prices 8/29/2024: American Style: A$ .6742, kiwi .6254, C$ .7420, euro 1.1067, sterling 1.3154, Swiss $1.1782, European Style: rand 17.82, krone 10.5764, SEK 10.2527, forint 355.09, zloty 3.8733, koruna 22.5670, RUB 91.90, yen 145.32, sing 1.3039, HKD 7.7976, INR 83.86, China 7.0978, peso 19.89, BRL 5.6451, Dollar Index 101.47, Oil $76.36, 10-year 3.88%, Silver $29.76, Platinum $947.00, Palladium $978.00, Copper $4.21 and Gold... $2,5023.70

That's it for today, this week, and until next Tuesday! Monday is the Labor Day Holiday, and so no Pfennig that day... I'm still bummed out that we are not having our Butler Labor Day BBQ & Pool Party this weekend... My beloved Mizzou Tigers start their season tonight, so i need to fish out my Mizzou Black & Gold for today! The rest of College Football gets going this weekend, with some real marque games on tap... I'll be a couch potato all weekend, watching College Football! My beloved Cardinals play a day game today and then head to The Bronx, to play the vaunted Yankees this weekend... YIKES!  My Cardinals have been prone to give up HR balls to anyone... And now they go to play Aaron Judge and Juan Soto... You know... Real Home Run Hitters! I hope you all have a wonderful Labor Day weekend... Chicago takes us to the finish line with my second favorite Chicago song: Beginnings... I hope you have a Tub Thumpin' Thursday today, and please Be Good To Yourself!