25 September 2014

Gold Daily and Silver Weekly Charts - Curiouser and Curiouser

Gold was holding a weak bounce and silver drifted lower today, while US equities were showing their first ~2% correction in some time.

Today was unusual only because the metals did not react much to stocks, and also to their option expiration on the Comex, although as I have indicated October may not a particularly important contract per se.

The big news in metals is still the opening of the Shanghai metals exchange, which takes deliveries in physical not cash. The East is where the action is these days for gold and silver.

I recently read about the concept of terra nullius.  It is the principle in law by which ownerless land and other property may be taken by exogenous parties for productive use.   In its abuses, the more 'civilized' decide that the indigenous peoples do not have fully human societies, and are too incapable or insufficiently evolved to be considered proper owners who can make efficient and proper use of the assets (aka fully exploit).   It is a particularly popular concept with the ubermenschen.  
I think there are some actors out there that would like to declare terra nullius on the indigenous 99%'s retirement accounts, pensions, deposit savings, civic assets, and a whole lot more than they have already opened up for plunder.  They are on a roll, and seemingly insatiable.

During the day I noted an interesting revelation about an unpublished article said to contain some fairly important sounding information about rigging in the silver markets. You may read about that here.

If there is nothing untoward going on the silver market, it may be one of the few notable markets that hasn't been systematically rigged by our largely unreformed financial system.   My gut hunch is that this has been one of those half assed, poorly thought out government programs that gets co-opted by market wiseguys and free-booted into one of their personal piggybanks.  The credibility trap and personal embarrassment of some overly important people keeps a lid on.  Until it doesn't.  There are some big sharks circling the tank.

Have a pleasant evening.