The equity market took off like a scalded cat this afternoon in the US as word went out that Mario Draghi was going to visit Germany and spread the gospel of saving Europe by printing money and rigging the markets.
Gold and silver rallied as one might expect, but they were stepped on repeatedly, keeping it to a modest eight dollar gain for gold and 25 cents for silver.
Let’s see how real this latest twist may be. I don’t think it is Bundesbank that Mr. Draghi must persuade so much as it is Frau Merkel, because it will be her very difficult task to persuade the German government to go along with whatever the banks may concoct.
A brief video of their planned victory tour across Europe is excerpted below.
Have a pleasant weekend. See you Sunday evening.
Non-Farm US payrolls number next week.