13 November 2012

Gold Daily and Silver Weekly Charts - Eric Sprott on Gold - JPM Backstops NJ Debt Offering

Gold and silver moved sideways today, as stocks remained weak and treasuries gained.

Trading remained quiet. There is an intraday post on the sort of commentary about gold that was 'popular' in 1999.

In the monetization of official debt department, JPM Agrees to Fully Backstop NJ $2.6 Billion Debt Offering. Just in case you were wondering who the 'house bank' is and why they keep it around.

All the Fed and Treasury need are a few cooperative intermediaries in the private sector willing to take the vig, and they can run the money machine day and night through the wonderful price discovery mechanism of market 'auctions.'

I wonder if they will have an open bar and jumbo shrimp at this prix fixe bond event? Maybe a nice ice sculpture of the queen of the silver market?

Have a pleasant evening.