Epic comedy from the Fed and Congress..............................from Rico

In what will be his LAST semi-annual performance before Congress, Ben 'outgoing-Chairman' of the FED spoke today.

Again, as usual, it is prudent to ignore both 'whatever it was he seemed to say' along with all the interpretations of 'whatever it was he seeed to say' and observe that both sides of the table did their best to emulate Sgt Schulz ("I know nothing, I see nothing, I hear nothing") of "Hogan's Heroes" fame.

Americans should be so lucky as to have some kabuki theater, but instead they get a rehash of an old sitcom. Fitting.

Capping and then sharply reversing the rise in precious metals ('coincidentally' at the moment Ben began to speak) with another classic "paper raid" by the wiseguys, it IS worth noting that with COMEX inventories at historic low levels, and a delivery month fast approaching (August) with CRIMEX expiry for both Gold and Silver on Thursday 7/25...IT IS TIME TO SHAKE SOME PHYSICAL 'LOOSE' FROM THE ETF-TREES TO AVOID A DEFAULT.