Pop higher but no breakout from the potential bull flag.
Silver lagged a bit.
Congratulations to JP Morgan and Bank of America, who both turned in 'perfect' trading records for the 1Q of this year. It pays to have friends in high places. And faithful retainers are even better.
The US markets are almost surreal. The Fed and its Bankers believe that they can set the price of everything, at will, no matter what, and without consequences. Just a push here and a pull there.
And that is a dangerous self-delusion. But it is consistent with a school of Modern Monetary Theory that says that value is what we say it is, and we can 'adjust' the markets at will to make it so.
Well, let's see how it turns out this time. But as I have said on several occasions, as with most Ponzi schemes, bubbles in financial paper are a matter of degree, belief, and tipping points.
This in from Harvey Organ tonight:
"Today, physical gold continues to leave London with 6.32 tonnes of gold departing the GLD for the shores of China/and or Russia. The game ends when the last physical ounce held at the GLD departs.
Over at the comex gold is departing as investors are frightened to death of a confiscation similar to what happened at MFGlobal or Refco. Tonight, the Comex registered or dealer gold rests at 1.858 million oz or 57.16 tonnes. The total of all gold at the comex rose just above 8 million oz at 8.001 million oz.
Also at the comex, we saw another customer withdrawal of gold from JPMorgan to the tune of 57,863.091 oz. They now have only 137,377.04 oz left in its customer account.
