It was capping time again, as gold and silver continued to chop sideways within a narrow trading range. Ordinarily I would think they were coiling for a move higher, but these days gold and silver seem correlated to nothing but some fairly heavy handed price manipulation in New York and London.
Stocks drifted higher on bad economic news, moving without thought like a stumbling herd of zombies in The Walking Dead.
Bear in mind that tomorrow is a stock market option expiration, and the games were being played in selected stocks, including the miners, this week.
The big show is in September with the Alibaba IPO. Road show starts 3 September and the IPO date is tentatively 16 September. Biggest IPO ever. Maybe a bell ringer.
The Central Banks have made a right mess of things in the US and Europe, haven't they? They can play the plausible deniability card all day long, like the politicians and CEOs who are fabulously overpaid and over privileged. When things go bad they haven't been involved, it wasn't in their job description, and can barely remember their business address.
But as a powerful regulator and monetary authority, and a major influencer of the prevailing economic opinions, they really have no excuses for the serial disasters that they have spawned, in the service of the crony kleptocracy centered around the Banks. They have been taking the people's money, directly and indirectly, and handing it right over to the wealthiest few who caused most of the problems in the first place. And remember, it was the Greenspan Fed that led the charge with the Banks to relax regulations and repeal Glass-Steagall.
The Anglo-American financial system reminds me of the original Planet of the Apes. The central banks are like the gorillas. They have all the horses and the weapons, and ride around and shoot and enslave the human beings.
Have a pleasant evening.
