"If you shut up truth and bury it under the ground, it will but grow, and gather to itself such explosive power that the day it bursts through it will knock down everything that stands in its way."
Émile Zola
Tomorrow is Comex Option Expiration for gold and silver.
On Friday the US will release its advance number for Q1 GDP growth. Estimates are around 3 percent with a range of from 2.8 to 3.2.
I would not wish to hazard a guess on the number as they are quite fluffy and it appeals that they will become increasingly so when the addition of 'intangibles' is done a little later this year.
Watch employment and the median wage for a better indication, with and eye to corporate revenues, but not earnings which are often accounting fictions.
The shareholders of Barrick have rejected the Executive Compensation plan in what has been described as a 'tumultuous meeting.' Good for them.
The rejection, which occurred at Barrick’s annual general meeting on Wednesday, was a direct challenge to a board that last year agreed to pay US$17-million to co-chairman John Thornton, which included a staggering US$11.9-million signing bonus — an unprecedented payout in Corporate Canada.Speaking of hubris, the Republicans in the House of Representatives are attempting to establish priorities in the event of a US sovereign debt default this summer.
Barrick founder Peter Munk was defiant during the meeting, defending his company’s decision to bring on Mr. Thornton, who was a former president at Goldman Sachs.
Democrats are calling this the 'Pay China First Act' because of the manner in which it prioritizes interest payments to foreign holders of US bonds over veterans, soldiers, students and the military.
I would hope that Congressional salaries and expense reimbursements, perks and allowances are at the very bottom of the list. And I think clawbacks are not a bad idea as well.
This absurd talk about an artificially contrived sovereign US debt default may be one of the areas in which I could certainly find common ground with the Modern Monetary theorists. This is all posturing, reckless economic baby talk.
