Stocks and Precious Metals Charts - The Market As God - Comex Gold Option Expiration Tomorrow

 

"To the politician and administrator laissez-faire was simply a principle of the insurance of law and order, with the minimum cost and effort.  Let the market be given charge of the poor, and things will look after themselves.

The acceptance of near-indigency of the mass of the citizens as the price to be paid for the highest stage of prosperity was accompanied by very different human attitudes. The improvidence of the poor was a law of nature, for servile, sordid, and ignoble work would otherwise not be done.

Also what would become of the fatherland unless we could rely on the poor?  'For what is it but distress and poverty which can prevail upon the lower classes of the people to encounter all the horrors which await them on the tempestuous ocean or on the field of battle?'"

Karl Polanyi, The Great Transformation


"Do you not know that to whom you yield yourselves as servants to obey, his servants you become, whether of a corruption unto death, or of a righteousness unto life?"

Romans 6:16

“People with advantages are loathe to believe that they just happen to be people with advantages.  They come readily to define themselves as inherently worthy of what they possess; they come to believe themselves 'naturally' elite; and, in fact, to imagine their possessions and their privileges as natural extensions of their own elite selves.”

C. Wright Mills, The Power Elite


"Since the earliest stages of human history, of course, there have been bazaars, rialtos, and trading posts—all markets.  But The Market was never God, because there were other centers of value and meaning, other 'gods.'  The Market operated within a plethora of other institutions that restrained it.  As Karl Polanyi has demonstrated in his classic work The Great Transformation, only in the past two centuries has The Market risen above these demigods and chthonic spirits to become today's First Cause."

Harvey Cox, The Market As God: Living In the New Dispensation


"Behind the concrete, the visible events, behind all objective, logical considerations, we find the irrational element: The struggle against the demon, against the servants of the Antichrist.  Everywhere and always demonic powers lurk in the dark, waiting for the moment when man is weak; when of his own volition he leaves his place in Creation, as founded for him by God in freedom; when he yields to the force of evil, he separates himself from the powers of a higher order; and after voluntarily taking the first step, he is driven on to the next and the next at a furiously accelerating rate."

The White Rose, Fourth Leaflet, Munich 1942


It was risk on today as weak economic news spurred more hopes of an early end to the Fed's rate increases. 

Weak economic data is of course a two-edged sword, because of its primary effects on commerce and profitability.

But no matter, today was one of a renewed euphoria.

Stocks rallied, although they pulled back noticeably in the last thirty minutes from their highs.

Smells like a technical trade, or at least teen spirit. 

After the bell the big cap tech names disappointed and the NDX pulled back even further.

The Dollar declined.

Gold and silver were hit hard early but took a fairly significant part of that back.

There will be an expiration for the November gold contracts tomorrow on the Comex.  November is a very thin month for gold futures.

Have a pleasant evening.