12 July 2013

Gold Daily and Silver Weekly Charts

Intraday commentary on the German gold situation here.

There was some cross current discussion between Fed heads today, with regard to the future of quantitative easing and the state of the real economy.

It is good to note that the Banks have just slashed their estimates for US GDP for this quarter. The recovery is illusory, unless you restrict yourself to the gated communities and lofty towers of the pampered elite and ignore the state of the great bulk of your people.

Something must be done, of course, but the credibility trap is an obstacle to genuine progress. So until then, it is extend and pretend.

I see that Larry Summers is making a strong push to be the new Chairman of the Federal Reserve. It is hard to tell what is true and what has been planted by the financiers in the news, but Obama is said to view this favorably.

Proverbs 26:11 comes to mind.    'As a dog returns to its vomit, so a fool repeats his folly.'

Have a pleasant weekend.