"You have to hear all the truth,
Even if they do not like it."
Sebastian Brant, Ship of Fools
"Now in vessels which are in a state of mutiny and by sailors who are mutineers, how will the true pilot be regarded? Will he not be called by them a star-gazer, someone who speaks foolishness, and a good-for-nothing?"
Plato, Republic
"Well I don't know why I came here tonight,
I got the feeling that something ain't right...
Clowns to the left of me, jokers to the right,
Here I am, stuck in the middle with you."
Stealers Wheel, Stuck in the Middle with You
"You'll never find the solution if you don't see the problem."
Gilbert K. Chesterton
And if you don't see any of the problems, well, then all must be well.
The problems are ignored by the many, who lose themselves in distractions and animated outrage and madness. And reform is ridiculed, cheated, and spurned by the comfortable few, who do not care if the ship is sinking as long as they have first class seats.
The registered, or deliverable gold at these current prices in the Comex warehouses has fallen back to historic lows. I have included a chart below that is current as of Thursday of last week. We had a further decline reported today. I have included that clearing report below as well.
US stocks plunged today as Jay Powell spoke glowingly about the strong economy.
This sort of skittishness is typically seen in markets that are topping, because of thinly justified, and rather high, valuations that make it difficult for people to be 'investors' rather than speculators for the moment.
This is what the Fed and our regulatory system have created and nutured: not an efficient capital allocation system, but a casino, and a dodgy one at that.
Non-Farm Payrolls tomorrow.
From our oasis to yours, have a pleasant evening.
