Business

Remember March and all those hopefull regional fed survey bounces? They are over! Philly Fed just printed -1.6, back into contraction for the 8th month of last 9, missing expectations of a +9.0 print. Every subcomponent weakened (aside from prices paid and received) but what saved the headline from further collapse was an unexpected surge in optimism for six-months ahead (right after the election?).

Spot the odd data point out...

The full breakdown shows everything weaker (except for prices paid)

Gold has topped $1270 this morning as faith in Draghi falters, pushing back to one-month highs but once again it is silver that is grabbing the headlines, soaring above $17.50 and pushing to 11-month highs (now up 9 of the last 11 days). The buying started in China once again as hording continues but other catalysts include solar demand, central bank fragility, and gold-silver technicals.

Gold tops $1270 - one month highs...

But Silver is soaring...

Pushing silver to 11-month highs...

Silver “Has So Much More to Give” – 5 Must See Charts

Silver has so much more to give according to Bloomberg in an interesting article replete with 5 must see silver charts.

From Bloomberg:

Silver’s bull run looks like it has legs.

Silver “Has So Much More to Give” – 5 Charts Show

Silver has so much more to give according to Bloomberg in an interesting article replete with 5 must see silver charts.

From Bloomberg:

Silver’s bull run looks like it has legs.

As was widely expected, moments ago the "sleepy" ECB announced that all its three key rates remain unchanged: "the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 0.00%, 0.25% and -0.40% respectively." There was one notably addition: the ECB announced it has "started to expand our monthly purchases under the asset purchase programme to €80 billion" as was also expected considering the tremendous rip in European corporate bonds.

Full statement: