"I don’t think there’s any doubt that quantitative easing enabled the rich and the quick. It was a massive gift… I hope that we do indeed succeed in being able to say in the end the wealth effect was more evenly distributed. I doubt it.”
Dallas Fed President Richard Fisher
"I have brought you to the Revels. Now dance if you can."
There was a fairly good sized move in the Scotia Mocatta warehouse of almost 100,000 ounces from eligible to deliverable. The registered category is now fairly well set for the June delivery to be sure, barring an unlikely run on bullion.
The Financial Times notes that rigging the gold fix around digital derivatives 'was routine.' The pigmen have been shamelessly portraying the Barclays rig as a one-off.
As you know, Scotia is one of the three banks remaining in the London gold fix.
A few more June contracts stood for delivery.
We used to be the good guys, or at least better than this. Good enough for a few honorable men and women to remind us to feel shame when we were not doing the right things, and for those in charge to at least pretend to bend a knee to truth.
Good enough for at least a few to remember that power and money are not the end all and be all, and not to treat their God and their freedom like a mockery, a vending machine and a sock puppet for their own selfish desires.
Perhaps we never really were that good at all, not just a few bad people, but the most. And it was just the happy illusions of youth.
Or perhaps this is just the big question that faces every generation, the question of good and evil, and of freedom. And this is our moment.
Have a pleasant evening.