I doubt that we are in a normal market correction or even a bear market in the precious metals. Instead what we are seeing is tied intimately with the inability to repatriate Germany's sovereign gold from its custodial holders, without a seven year wait.

The drops in COMEX registered gold suggest higher prices and a trend change is probably coming. I documented the latest big drop in inventory late last night here.

The German Federal Elections are coming next month on 22 September. Just in time for Oktoberfest! Zicke zacke, zicke zacke, hoi hoi hoi!

Peer Steinbrück, the Bundesministerium der Finanzen, or BMF, is running against Angela Merkel. I think we have a number of would be "BMF's" running around Wall Street, these past ten years.

Remember Herr Steinbrück? He has been in the café before, as we show in the old cartoon below, with some recent topical adjustments.

I wonder if the question of Germany's missing gold will be raised.

Let's see what happens. Only fifteen or so days of August delivery to go, excluding weekends.

Speaking of which, have a pleasant weekend. See you Sunday evening.

By Jesse

http://jessescrossroadscafe.blogspot.com

Welcome to Jesse's Café Américain - These are personal observations about the economy and the markets. In plewis

roviding information, we hope this allows you to make your own decisions in an informed manner, even if it is from learning by our mistakes, which are many.

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

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