It will be interesting to see how the Non Farm Payrolls report comes out tomorrow.
I am starting to feel a little more comfortable with this chart formation, but follow through is confirmation. 1375 is a key overhead resistance. Don't expect Benny and the Banks to roll over too easily.
One of the Federales put out a Buiter-like commentary Is Gold Money?. No, it is not legal tender these days, but it is an almost universally recognized store of value now as it has been for about the last 6,000 years. Sometimes enlightened, well-disciplined regimes have sanctioned it as official 'money.' But certainly not those inward looking bureacracies who could not find with both hands the bubble(s) they have recklessly created out of you know where.
This sort of rhetoric is sometimes an indicator that the Fed is getting nervous because the Asian and Latin American puppies are not eating their latest brand of ersatz puppy chow, preferring red meat to waste paper.
I do not support the gold standard for the US because the system is too weak and corrupt to bear it at this time. As long as gold and silver trade freely those who have a mind to it can use it to protect themselves against devaluation if they wish.
But if one is on some standard, it forces you to be more transparent and overtly devalue your currency, should you wish to do things like bail out your friends on Wall Street. Electronic digits on the other hand are much more amenable to a bureaucracy which prefers to conduct its business using opaque financial transactions in a self-serving manner, lacking in sufficient independent oversight.
Oh I see where Benny came out today and signalled QE to the limit, and gold and silver spiked higher. Now it all seems more clear to me.
A nice fade. Thanks. And let's hope Ron Paul gets that audit soon.
As Matt Damon said in one of the best poker movies, Rounders:
Mike McDermott to Teddy KGB: "Well you feelin' satisfied now Teddy? Because I can go on bustin' you up all night."Caution: language
Oh by the way, JPM Hid Doubts On Madoff Fraud - NYTAnd there will be more.
Let Gold and Silver Rally, Jamie - Leave Blythe Alone!