Where were you when I laid the earth’s foundation?Tell me, if you know.Who marked off its dimensions?Who stretched a measuring line across it?On what were its footings set,or who laid its cornerstone –while the morning stars sang togetherand the angels shouted with joy?
25 March 2015
Gold Daily and Silver Weekly Charts - The Tyranny of Round Numbers, Functionaries, and Factotums
But since the Comex price discovery mechanism is now a bucket shop, the punters may enjoy playing around these headline levels, especially since we are coming into an option expiration. Who the heck that isn't an insider is still bellying up to buck the tiger at that twisted faro table on the Hudson?
I think we may be nearing an extreme in bearish metal sentiment because the shills and trolls for the funds are throwing out some ridiculously scatological 'analysis' on gold again. Well, water finds its level, and not only hope floats. This is why we can't have nice things.
Speaking of the scatological, someone shared a study with me showing that an increase in interest rates is almost necessary to insure the continued good financial health of JP Morgan in the near term. This zero interest rate policy is putting a serious squeeze on their officially subsidized vigorish.
And the Fed, having fostered yet another bubble in financial assets, and yes it is a bubble, need to give themselves some room to cut rates to 'fix it' once it fails as it most likely will again. There is a purpose to their 'wash and rinse' of the real economy, as more useful assets are transferred to the top.
So I do think we will have a lot of happy talk about recovery from very serious people, the Fed drones who have gotten into some fairly nice sinecures by going along with the financial flow for most of their careers. Insiders don't talk badly about the mistakes and follies of other insiders.
They won't be talking about the inferior and unlivable part time jobs that people are actually getting, the stagnant real median wage that is strangling organic demand, or the enormous concentrations of capital that they fostered which is increasingly enabling enormously abusive monopolies that will most likely take a generation of struggle to root out and overturn.
Keep an eye on China, and Russia. They have some big cards to play this year, and it will be interesting to see what they throw down. Not that they are any better, not under the rule of oligarchs as well. But history always seems to have a turn when least expected.
The glory that was Greece, the grandeur that was Rome. Ubi sunt?
Have a pleasant evening.
Posted by Jesse at 5:02 PM