Gold and silver finished largely unchanged in a lightly traded session.
There were no deliveries worth noting at The Bucket Shop yesterday. Nothing in gold, and a few bars of silver.
The gold warehouses were completely quiet, sitting tight with warranted (registered) bullion sitting at decades long lows, and with little historical precedent for their ratio to open interest.
The Hong Kong warehouses of the CME, of which Brinks is the only one of size, saw drawdowns below the one million ounce mark again.
As for silver, it was just the usual shoving bullion around the plate, with another drop in their registered bullion.
Next week is the FOMC rate decision and the quad witching expiry for stocks on Friday the 18th.
There was intraday commentary on the exceptionalism of the American economy here.
There will be no sustainable recovery until we have substantial political and economic reform.
And there is no use complaining about how you are suffering in rigged markets if you have so little interest in all the other injustice that pervades our financial system.
As the famous conservative politician Edmund Burke noted:
"When bad men combine, the good must associate; else they will fall one by one, an unpitied sacrifice in a contemptible struggle."If I could do any small thing, it would be to open the eyes of those who feel the sting of injustice when they themselves are subjected to it, so they might see the injustice to which their fellows are subjected.
And it pains me to say that I have never heard a more plaintive, pitiable complaining coming from those who in the face of injustice done to others not only remain silent, but too often speak out in support of it.
They imagine that they have earned good fortune and justice and richly deserve it, while these others deserve the injustice that they get at the hands the same cheats and scoundrel. They think their hypocrisy is somehow a contribution to the ordering of the moral universe.
They secretly identify with the powerful, in the hopes that somehow they themselves will profit from it, and squeal all the more loudly when instead they receive the same rough treatment from those who make little distinction amongst their victims, as long as they perceive them to be vulnerable.
Have a pleasant evening.
