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The metals were hit hard on the open last night, but went pretty much nowhere today, finishing about even.
The selling will probably be done this week.
Watch out for the 'fiscal cliff' selling which now looks likely. I don't know if it will hit bullion so much, but it may set up a buying opportunity in some of the miners.
"Most of the time, evil doesn't manifest as some cackling cartoon villain, mad-man on a murderous rampage, or even an unjust war waged on false pretenses. It results instead, in a far more banal but far-reaching way, from the highly refined ideas of men like Robert Bork who value abstract concepts such as efficiency over the effects the programs they institute have on the lives of real human beings."
Angry Bear, An Editorial on Robert Bork and His Legacy
"These men are springs without water and mists driven by a storm. Blackest darkness is reserved for them. For they mouth empty, boastful words and, by appealing to the desires of sinful nature, they entice people who think they avoid error.
They promise them freedom, while they themselves are slaves, for a man is a slave to whatever has mastered him."
Where Are We Heading — Bedford Falls or Pottersville?
By Robert Reich
December 22, 2012
It’s easy to feel discouraged about the bullying by right-wing Republicans and their patrons over everything from gun control to taxes and social safety nets to trade unions and jobs.
Every year about now I watch “It’s a Wonderful Life” again to remind myself what Frank Capra understood about America — its essential decency and common sense.
In many ways the nation is better than it was in 1946 when the movie first appeared. Women have gained economic power and reproductive rights; we enacted Civil Rights and Voting Rights and, through Medicare and Medicaid, dramatically reduced poverty among the elderly; we began to tackle environmental devastation; we stopped treating gays as criminals and have even started to recognize equal marriage rights. We elected and then re-elected the first black president of the United States. We have enacted the bare beginnings of universal healthcare.
But we are still in danger of the “Pottersville” Capra saw as the consequence of what happens when Americans fail to join together and forget the meaning of the public good.
If Lionel Barrymore’s “Mr. Potter” were alive today he’d call himself a “job creator” and condemn George Bailey as a socialist. He’d be financing a fleet of lobbyists to get lower taxes on multi-millionaires like himself, overturn environmental laws, trample on workers’ rights, and shred social safety nets. He’d fight any form of gun control. He’d want the citizens of Pottersville to be economically insecure – living paycheck to paycheck and worried about losing their jobs – so they’d be dependent on his good graces.
The Mr. Potters are still alive and well in America, threatening our democracy with their money and our common morality with their greed.
Call me naive or sentimental but I still believe the George Baileys will continue to win this contest. They know we’re all in it together, and that if we succumb to the bullying selfishness of the Potters we lose America and relinquish the future.