02 August 2021

Stocks and Precious Metals Charts- After Party


“Against such foolishness we are defenseless.  Reasons fall on deaf ears; facts that contradict one’s prejudgment simply need not be believed – in such moments the foolish person even becomes critical – and when facts are irrefutable they are just pushed aside as inconsequential, as incidental. In all this the foolish person, in contrast to the malicious one, is utterly self satisfied and, being easily irritated, becomes dangerous by going on the attack.  Never again will we try to persuade the foolish person with reasons, for it is senseless and dangerous.” 

Dietrich Bonhoeffer,  describing the mindset of the German people in the 1940s, Letters and Papers from Prison 


“Religion used to be the opium of the people. To those suffering humiliation, pain, illness, and serfdom, religion promised the reward of an after life. But now we are witnessing a transformation: a true opium of the people is the belief in nothingness after death, the huge solace, the huge comfort of thinking that for our betrayals, our greed, our cowardice, our murders, that we are not going to be judged.” 

Czeslaw Milosz, The Discreet Charm of Nihilism


“Everybody knows that pestilences have a way of recurring in the world; yet somehow we find it hard to believe in ones that crash down on our heads from a blue sky.  There have been as many plagues as wars in history; yet always plagues and wars take people equally by surprise. 

Stupidity has a knack of getting its way; as we should see if we were not always so much wrapped up in ourselves. In this respect our townsfolk were like everybody else, wrapped up in themselves; in other words they were human: they did not believe in plagues."

Albert Camus, The Plague 


Stocks just could not get it going today, with the major indices drifting weakly lower despite a valiant early attempt at a rally.

The dollar managed to take back the 92 handle, but with a small loss. 

Gold and silver were mostly unchanged, with silver a little off. 

There will be another Non-Farm Payrolls report on Friday. 

It's always something. 

The recent storm fronts that rolled through here seem to have broken the back of this awful heat wave that has been lingering most of this summer.

Today we actually left the windows open, and it was even a bit chilly last night. 

If only some storm could roll through Wall Street, and break the fevered greed and corruption that is distorting the markets.

There are fresh lockdowns occurring in China now.   Apparently their strong if not draconian measures to halt the virus are not sticking well because of the thinness of their vaccination programs which left them open to fresh outbreaks and mutations.

We are seeing a similar phenomenon here in the US, especially in some States that just don't believe in science. or accept reality in their misbegotten ignorance and pride.

Those who have cultivated others with their untruths and appeals to hate and pride will see a reckoning of sorrows, no matter how carelessly they may approach their actions and their consequences now.

Is simple humanity and regard for your fellows too much?   Go your own way, we do not know you anymore.

Have a pleasant evening.