21 May 2013

Gold Daily and Silver Weekly Charts - Capping the Gains - Racketeering

Bernanke gives his Congressional testimony tomorrow morning.

FOMC minutes will be released in the afternoon.

The stock market is at bubble levels.  And the real economy is languishing.  I find it almost incredible how the economists can blithely ignore another bubble once again. 

Speaking of Blythe, have we heard any more about the FERC charging JPM with manipulating the energy markets in the manner of Enron?   Perhaps the CFTC is still in a snit that other agencies are making them look bad by doing their jobs.

It is interesting to see that prosecutors are considering charging SAC under the RICO statutes.

I can think of a few more candidates who could be investigated for racketeering in the markets.

The buck used to stop at the top.  And so might the subpoenas.  Although CEOs and Presidents seem to be remarkably uninformed about the things that their organizations do when push comes to shove.

And so it is unlikely that they will get any closer to the heart of the money frauds. That is the credibility trap.

Here is an update on the $1.1 Billion gold shipment from the US to South Africa.