22 May 2023

Stocks and Precious Metals Charts - A Slow Descent into Madness


“Dogma gave every man importance only in so far as the tribe was important and he was a member of the tribe.   If the good had been twice as good and the bad only half as bad, I still ought to have seen it.  But I didn't want to see it, because I would have then had to think about the consequences of seeing it, what followed from seeing it, what I must do to be decent.”

Milton Mayer, They Thought They Were Free: The Germans 1933-45

"This slow and awful self-hypnotism of error is a process that can occur not only with individuals, but also with whole societies.  It is hard to pick out and prove; that is why it is hard to cure.   But this mental degeneration may be brought to one test, which I truly believe to be a real test. A nation is not going mad when it does extravagant things, so long as it does them in an extravagant spirit.   But whenever we see things done wildly, but taken tamely, then the State is growing insane."

G. K. Chesterton, National Madness

"It [Citizens United vs FEC] violates the essence of what made America a great country in its political system.  Now it’s just an oligarchy, with unlimited political bribery being the essence of getting the nominations for president or to elect the president.  And the same thing applies to governors and U.S. senators and congress members.  So now we’ve just seen a complete subversion of our political system as a payoff to major contributors, who want and expect and sometimes get favors for themselves after the election’s over."

Jimmy Carter, July 2015

“People are often unreasonable and self-centered. Forgive them anyway.
  If you are kind, people may accuse you of ulterior motives. Be kind anyway.
  If you are honest, people may cheat you. Be honest anyway.
  If you find happiness, people may be jealous. Be happy anyway.
  The good you do today may be forgotten tomorrow. Do good anyway.
  Give the world the best you have and it may never be enough. Give your best anyway.
  For you see, in the end, it is between you and God.
  It was never between you and them anyway.”

Mother Teresa

Stocks were trading indecisively today, ahead of more information about the debt limit and the Fed's intentions with interest rates.

Gold and silver slipped lower ahead of the Comex futures option expiration on Thursday the 25th.

The Dollar chopped sideways.

VIX was slightly elevated.

Have a pleasant evening.