"When swept out of its normal channel, life scatters into innumerable streams. It is difficult to foresee which it will take in its treacherous and winding course.
Where to-day it flows in shallows, like a rivulet over sandbanks, so shallow that the shoals are visible, to-morrow it will flow richly and fully."
Mikhail Aleksandrovich Sholokhov, And Quiet Flows the Don
The predator class got their 'goldilocks' jobs report today, with many part time and marginal jobs for average people with little to no wage growth.
There were a couple of interesting developments in gold and silver at the Bucket shop.
Thanks to a very large withdrawal of 137,041 ounces of gold from the Brink's warehouse, the amount of registered (deliverable) gold in the Comex warehouses dropped to about 407,402 ounces of gold bullion.
That is a low for registered gold we have not seen in some time. Where that gold might end up is not something we can yet know. It may just be an inter-warehouse transfer. Or it might be headed East. Perhaps we will know next week when the next report comes out.
It does not matter much for May since it is an inactive month for gold, but it was notable nonetheless.
The other interesting thing is the silver chart below showing the technicals with the moving averages. Silver is coiled like a tight spring in what looks like an ascending triangle.
The US macroeconomic news calendar next week is a bit light, with emphasis probably coming from Retail Sales and ex-im prices on Wednesday and the PPI on Thursday.
Otherwise it will be corporate earnings and geopoliticals again, with the situation with Greece slowly ripening on the vine.
I found the Tory victory in Britain to be quite interesting. I wonder if Cameron will be emboldened to go even further with his party's destructive economic prescriptions.
I now have a whole unit of silver which I quietly acquired over the course of the week.
I now have a whole unit of silver which I quietly acquired over the course of the week.
Have a pleasant weekend.
