"Stock buybacks were illegal until Reagan's SEC opened the gates. Nobody willing to stop it now because that would crash stock markets. But it is cannibalizing much of our industry and must be ended in next crisis."
Harald Malmgren
Stocks were surging higher today, but pulled off substantially into the close.
If they do this a few more times, we might see the beginning of something here.
Gold was slammed again this morning as the same manner as yesterday.
From the clearing report, it appears like Citi had a hand in this large change in gold positioning, with the 'customer' over at JPM being the receiver.
Have a pleasant evening.
