02 August 2013

Gold Daily and Silver Weekly Charts - Ship of Fools

The metals were pounded in the quiet overnight session on the COMEX ahead of the Friday Jobs Report, with gold smacked down to $1282 and silver down to $19.20.

The jobs number came in light, and the metals rocketed back to where they started.

Gold is now in the August delivery cycle with registered inventories of actual bullion on the COMEX down to shocking lows. 

The US is closing some of its overseas embassies this weekend and has issued a travel alert because of terrorist threats.   Let's see if anyone throws a flag on the field over the weekend.

A new scandal has emerged as the CFTC investigates fifteen of the biggest banks which apparently have been rigging a key interest rate number in order to swindle their customers in the swaps markets.
"US regulators have reportedly been handed evidence that traders at some of the world's biggest banks manipulated a key rate for derivatives, pocketing millions at the expense of pension funds in the process."
Apparently New York and London are where the elite meet to cheat. 

As Jeff Sachs said to a meeting of economists at the Philly Fed, our modern financiers seem to be almost pathologically criminal, and some of the world's politicians are rightfully aghast at the scope and audacity of their abuses.   Blowback for this gross failure of integrity in financial governance is coming, and it could be terrific.

They have no shame, they are unworthy of all trust, and their word means nothing. So what is there to discuss?

Weighed, and found wanting.

Stand and deliver.