“Most men of business think that ‘Anyhow this system will probably last my time. It has gone on a long time, and is likely to go on still’…Life is a school of probability.”
Walter Bagehot
Trump announced that his team has consummated a new trade deal with Mexico today, to replace NAFTA. One has to give him much credit for this, especially since NAFTA was so firmly embedded in the minds of the Beltway denizens.
It is not wayward voters that have enabled Trump. It is the truly rotten, self-serving political establishment that has ignored for so long the plight of the working class in this country. They have sacrificed it to their own gods of globalization, and the marketplace, and the supreme law of their self-styled meritocracy.
Stocks were rallying on the news and struck new highs.
Gold and silver also rallied on fresh dollar weakness.
There will be a silver options expiration tomorrow on the Comex.
I have included charts that show the distribution of trading activity for gold and silver in the Comex futures. This allows you to see that September is an important contract for silver, but not for gold.
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