Retail Sales Plus 0.6% in June; John Hussman, Robert Shiller Point Out Valuation Extremes

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Bank Stock Earnings Not Producing Broad Market Gains; Gold, Silver Higher, Bitcoin Lower; NIKKEI Pattern Troubling

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Who's Afraid of a Little Inflation?

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Dow, NASDAQ, S&P Record Highs; Inflation Rises to 5.4%

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WEEKEND WRAP: Treasuries Pointing; Bullion Banks Get a Pass

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Stocks Eye Second Straight Down Week; Wells Fargo Cuts Lines of Credit

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Congress Has to Deal with the Debt Ceiling Before July 31

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Is the Market Becoming Rational? Bank Stocks Continue Decline

"The markets can remain irrational longer than you can remain solvent." -- John Maynard Keynes

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WEEKEND WRAP: Independence Day Edition Part II

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WEEKEND WRAP Independence Day 2021 Edition, Part I

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Independence Day Beckons

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Second Quarter Ends; Small Business Crisis

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As Recovery Proceeds, Stocks Should Roar

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2Q Window Dressing?

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WEEKEND WRAP: Stocks...

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Stocks End Week on High Note

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Stocks Steady

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Financial Cross-Currents

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Fed Dead Cat Tightening Talk Tremors; Bitcoin Lower

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WEEKEND WRAP: Stocks Slammed; Gold, Silver, Bitcoin

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Options Expiry, Big Dump; Gold, Silver

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Fed Tosses Interest Rate Grenade; IMF Snubs El Salvador

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Biden-Putin and FOMC: Big Duds

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Epic Failing; Maricopa County Audit; Musk Pumps Bitcoin (again)

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WEEKEND WRAP: World of Confusion

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G7 Summit Kicks

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Best Asset Classes; Annual CPI Reading at 5.0%

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El Salvador Approves Bitcoin As Legal Tender

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Going Back Some Day, Come What May, to Blue Bayou

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Short Week, Short Post; Sliver SOSMPB $41.50

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Recent Bitcoin Trading Reeks of Wall Street Day-Trading Stench

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Momentum; Bitcoin, Gold, Silver Strength; Claims Lower

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Stocks Shed Gains Post Holiday Hangover

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WEEKEND WRAP: New Normal; Gold, Silver Soar

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Not Saying Sell In May

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Bitcoin Bounce / Crypto Crash

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Silver $28, Gold $1900; COMEX/LBMA/Central Bank Fraud

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Taking A Day Off

Taking a much-needed day off.

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Completely free and unbiased.

WEEKEND WRAP: The US Government and Federal Reserve Are A Complete Mess and Bitcoin Gets Beaten for It

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Stocks Reverse; Cryptos Recovering

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3rd Straight Day, 3rd Straight Week; Fed FUD

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Everything Bubble Becomes Everything Crash

The madness could last only so long before the magic carpet of endless stimulus, government checks and supplemental unemployment benefits was yanked out from under the markets.

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At the Close, Tuesday, May 19, 2021:
Dow: 34,060.66, -267.13 (-0.78%)
NASDAQ: 13,303.64, -75.41 (-0.56%)
S&P 500: 4,127.83, -35.46 (-0.85%)
NYSE: 16,337.73, -85.23 (-0.52%)

Patterns, Shortages, Stagflation, and the Fed

Read today's complete note for free at Downtown Magazine's Money Daily At the Close, Monday, May 17, 2021: Dow: 34,327.79, -54.34 (-0.16%) NASDAQ: 13,379.05, -50.93 (-0.38%) S&P 500: 4,163.29, -10.56 (-0.25%) NYSE: 16,422.96, +7.61 (+0.05%)

WEEKEND WRAP: Nikkei Bounce; Gas; Gold, Silver

Read today's complete note for free at Downtown Magazine's Money Daily At the Close, Friday, May 14, 2021: Dow: 34,382.13, +360.68 (+1.06%) NASDAQ: 13,429.98, +304.99 (+2.32%) S&P 500: 4,173.85, +61.35 (+1.49%) NYSE: 16,415.36, +233.73 (+1.44%) For the Week: Dow: -395.63 (-1.14%) NASDAQ: -322.26 (-2.34%) S&P 500: -58.75 (-1.39%) NYSE: -175.08 (-1.06%)

Stocks Rebound, Japan's Nikkei Gains

Read today's complete note for free at Downtown Magazine's Money Daily At the Close, Thursday, May 13, 2021: Dow: 34,021.45, +433.79 (+1.29%) NASDAQ: 13,124.99, +93.31 (+0.72%) S&P 500: 4,112.50, +49.46 (+1.22%) NYSE: 16,181.63, +138.66 (+0.86%)

Dollar Rush, US Stocks, Nikkei Correction, Musk

Read today's complete note for free at Downtown Magazine's Money Daily At the Close, Wednesday, May 12, 2021: Dow: 33,587.66, -681.50 (-1.99%) NASDAQ: 13,031.68, -357.75 (-2.67%) S&P 500: 4,063.04, -89.06 (-2.14%) NYSE: 16,042.97, -312.65 (-1.91%)

Nikkei Drops; LBMA Silver; CPI

Read the complete note at Downtown Magazine's Money Daily LBMA only off by 2960 tons. #silversqueeze At the Close, Tuesday, May 11, 2021: Dow: 34,269.16, -473.66 (-1.36%) NASDAQ: 13,389.43, -12.43 (-0.09%) S&P 500: 4,152.10, -36.33 (-0.87%) NYSE: 16,355.62, -161.21 (-0.98%)

Money Daily 5/11/2021 Japan Crashing; Europe, US Carnage

Money Daily's LAEST POST CAN BE READ IN ITS ENTIRETY at Downtown Magazine's Money Daily site. Still FREE, as always, just without Google peering over everybody's shoulders, finally ;-) Follow Money Daily and dtmagazine.com on Gab. At the Close, Monday, May 10, 2011: Dow: 34,742.82, -34.98 (-0.10%) NASDAQ: 13,401.86, -350.34 (-2.55%) S&P 500: 4,188.43, -44.17 (-1.04%) NYSE: 16,516.83, -73.57 (-0.44%)

WEEKEND WRAP: Elon Musk, SNL, BIS, Gold, Retail Silver, Gas

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April Jobs Come in at 266,000, Missing Expectation of 1 Million; Futures Down, Gold, Silver Surge

The Dow Jones Industrial Average closed at a record high on Thrusday with the S&P 500 falling just 10 points shy of its own record (4,211.47, April 29) and the NASDAQ finally back with a positive close after losing 500 points over the past four sessions.

The NYSE Composite also closed at a record level, surpassing its previous high of 16,376.00 from April 29.

New all-time highs have become rather routine over the past three, five, ten years. Stocks just seem to have a magical levitational ability that sets them apart from other asset classes, except maybe some cryptocurrencies, like Bitcoin, Ethereum, and the newest darling, Dogecoin. Bitcoin has been the best-performing asset over the past 10 years, easily beating everything else.

Meanwhile, precious metals have languished. While gold made a fresh all-time high back in August, it has since fallen from over $2000 an ounce to under $1700, but recently has bounced off those levels and on Thursday headed back above $1800. Silver never even got to $30 an ounce, not even close to its record price of $48.70 from 2011, the anniversary of the all-time high having just passed last week (April 30, 2011).

On Thursday, silver managed to close in New York above $27 an ounce for the first time since January. Speculators, dealers, miners, stackers and just about anybody who keeps tabs on silver appreciated the move. Silver is undeniably the most undervalued asset on the planet. Everything else is going up, up, up, like lumber, food, used cars, except for silver, which, truth be told, is actual money even though it also has industrial uses.

It's well known that central bankers and bullion banks have to keep a lid on gold and they've done well with that. They've exceeded all expectations in their efforts to keep silver prices depressed. It's been said in previous notes of Money Daily that central bankers hate (and fear) silver more than gold. That's not going to change. But their grip on the price seems to be slipping, little by little, as more and more individuals appreciate its fineness, durability, and, eventually, its use as a measurement of exchange, i.e., money.

Whether the price of gold's kissing cousin ever does rise to levels compatible with the runaway inflation in everything else remains to be seen. It's not like the bullion banks, central banks, LBMA, and futures riggers are going to abandon their pricing scheme any time soon. Market forces, however, are putting pressure on the retail end of things. Supply shortages at retail have occurred twice in the past year. First, in the initial stage of the virus scare back in March of 2010, dealers ran dry of supply, forcing higher premiums and shipping delays. The reddit-inspired silver squeeze in January of this year caused supplies to dry up again and they have persisted. Premiums are still high, though supply seems to be in a sweet spot for dealers. Most, if not all, online dealers are capable of delivering in timely manners.

Though the price of silver hasn't really moved much of late, it may not be a bad idea to pick some up at the current relatively bargain prices. If anything, the price is stable, which is more than can be said about any other asset, all of which seem to be going up these days. There are biases among goldbugs and crypto adherents, but, having a diverse mix of alternative assets is usually a good idea and silver should be included, keeping in mind that the alternatives are not supposed to be investment vehicles, per se, but rather, stores of value.

Moving on, futures for Friday were higher in anticipation of the April non-farm payroll report, which was supposed to deliver blockbuster results of more than a million new jobs created over the course of the month.

The number came out moments ago at 266,000, missing expectations by a country mile and a half. March's non-farm payroll gain was also revised sharply lower, showing a gain of 770,000 versus the 916,000 previously reported.

Maybe all the stimulus and enhanced unemployment benefits are keeping people from returning to work? Dow futures fell from +95 to -50 on the jobs announcement. Gold and silver moved sharply higher. Keep an eye out today on 10 and 30-year treasury yields. Yields below 1.50% and 2.20%, respectively, could be in the cards.

Stocks look to close out the week with a bang of some kind, though possibly not the kind expected.

Happy trading. Look for Money Daily's regular WEEKEND WRAP around 10:00 am ET, Sunday morning. Weather permitting (j/k).

At the Close, Thursday, May 6, 2021:
Dow: 34,548.53, +318.19 (+0.93%)
NASDAQ: 13,632.84, +50.42 (+0.37%)
S&P 500: 4,201.62, +34.03 (+0.82%)
NYSE: 16,459.60, +111.19 (+0.68%)