August may be a big month for the metals, and we could see a taste of things to come next week with a Comex PM option expiry and an FOMC decision.
The Fed is either going to raise rates next week, or after the November elections. They really would like to raise at least an additional 25 basis points, but may not have adequate cover from the economic results to do so. And few expect them to raise more than one more time this year, so it would be a bit of a giveaway if they did now.
As you know, the Fed’s interest rate ‘policy’ at this point has more to do with their own policy implementation mechanics, and much less than with the real economy, which quite frankly they have been neglecting for a the past couple of decades. They are mesmerized and captured by ‘the system.’