I'm hearing that a high-profile hedge fund that has endorsed gold in the past has begun to trim its outsized (and highly profitable) position today.
Weak TIPS Auction
We had an $11 billion auction of 10-year TIPS notes today. The results were weak, based on indirects.
Awful Durable Goods Report
Are corporate profit margins peaking?
Color today's U.S. durable goods orders report awful.
For the second consecutive month, inventories rose by 0.9%.
Stated simply, orders are slowing, and inventories are accumulating. (The inventory/shipments ratio has increased from 1.58 in August to 1.62 currently.
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