“A lie would have no sense unless the truth were felt to be dangerous.”

Alfred Adler

Gold led a stiff rebound off support at 1180 today as it just was not going to go any lower, and the wiseguys grabbed some profits off the table.

I hope you did not sell or short into their gimmickry, taking the handoff from their mouthpieces who were really pouring the metals bear story out this week.

This was a very obviously short term oversold condition. 

Now we will see if gold and silver can put in a real bottom here, or something else.

Next Tuesday will be the August metals expiration at The Bucket Shop. August is also an active month for gold.

I have included the latest ‘owners per ounce' charts from Nick Laird at sharelynx.com. They were able to knock down the open interest a bit, but could not produce more physical bullion for sale yet.

The Fed accidentally leaked its staff projections about rate hikes today. It looks like one for this year and four more next year for about 1.26%.

I hope they wait for The Recovery to get on their magic bus.

Have a pleasant weekend.