Intraday commentary on the Chinese gold rush and the ongoing currency war here. It might be well to read this if you have not so already. What the People's Daily Online has to say about the Chinese market for physical gold is stunning.
It correlates heavily with the gold and silver market action and represents a kind of summary of what I think might be going on.
Stocks are in a bubble. A lot of the stock market action is reminiscent of the tech bubble with overtones of the housing bubble.
Europe is in trouble. Draghi is considering negative interest rates to force the Banks to lend.
Bernanke and company are papering over problems with their exorbitant privilege.
Non-Farm Payrolls tomorrow.
"I think that the public is utterly disgusted, of course, and that is a major start. There’s going to be a massive backlash. But some thought, and I thought at the beginning, that Obama was going to bring in control, that’s essentially what he promised, but he actually essentially brought in Wall Street to do the clean up.
Perhaps the next government, or perhaps the next crash, it’s hard to say. But what one does feel is that the extent of abuse, the stench of it, is reaching such a high level that we’re not in an equilibrium, political or social, right now."
Jeffrey Sachs: Banking Abuses 'Can't Get More In Your Face' - Wall Street Journal