Silver Slammed As Stocks And Bonds Slumber
Submitted by Tyler Durden on 07/17/2013 16:15 -0400
We suspect few would have expected a relatively quiet kind of day for stocks and bonds today but that is what we got – with all the action taking place at the release of Bernanke’s prepared remarks. Thanks to DuPont (Peltz not talking) which added 21 points to the Dow, the Dow ended mildly green. The Nasdaq and S&P had small gains as the Trannies outperformed. Treasuries saw a notable ‘hump’ compression with the belly dropping 6bps but the long-end and the short-end only -2bps. VIX unwound all of yesterday’s relative ‘hedge’ premium and closed unch to Monday. The USD ended modestly higher as did WTI (back over $106.50) but gold and copper end down 0.75% for the week. It was silver that suffered from apparent sanguineness (sic.) as it slumped 4% from the earlier highs of the day. Of course, tomorrow’s another day of Bernanke as the “wait-and-see” market rolls on – closing once again perfectly at VWAP…
