Gold Daily and Silver Weekly Charts - Living in Solidarity With the Truth

"You have to live in Truth to remain spiritually free. Life in Truth consists of giving testimony, acknowledging the Truth and defending it in each situation. Truth never changes. It cannot be destroyed by any decision or legal act.  Our slavery stems from our surrender to the rule of the lie, our failure to unmask a lie, and to protest against it in everyday life. Instead of correcting the lie we keep silent, or pretend to believe it is true.

This means living in falsehood. Telling the Truth with courage is a way leading directly to freedom.   A person who tells the Truth is a free man despite external slavery, imprisonment, or official custody.  If in the present political situation the majority of  the Polish people followed the one and only Truth, our nation would become spiritually free today! The external or political freedom would follow sooner or later as a consequence of the spiritual freedom and faithfulness to the Truth.

Overcoming fear is a key element in the process of setting Man free.  Fear springs from threats. We fear suffering; we fear the loss of some goods, the loss of freedom, health or a job. This fear makes us act against our conscience, and it is by means of our conscience that we take the measure of Truth.  We overcome fear the moment we agree to lose something for the sake of a higher value.  If Truth becomes a value worth suffering for, worth taking a risk, then we will overcome the fear that keeps us in slavery...

Any nation is bound to perish if deprived of bravery, if it pretends that everything is good when it is not, and if it is satisfied with half-truths. Every day we must be aware that when we are demanding truth from others we must live in truth ourselves, demanding justice we must be just, demanding bravery we must be brave."

Jerzy Popiełuszko

Silver was the stonewall again, refusing to lose its aspiration to the 20 handle. Gold wavered a bit but finished well.

 

We *might* get a gut check for those punters who flipped metals positions trying to second guess the market today.

But all in all, the clock is counting down on this act of the drama.

The SGE received approval for a gold free trade zone in Shanghai. The BRICs will be meeting in Brazil on July 15.  They are chafing at the latest excesses of empire.

The financiers will never see this next one coming, they are so used to looking down on everything and everyone.  If you are looking for clues, the kabuki at the Comex will be one of the last places to see things as they really are.

 

When one considers the way things are among the puffed up princes, along the lines of Pascal's wager, it really is hard not to laugh.  The last will be first, and the smart money are dopes, getting it all completely wrong, like an opera buffo.

It really is.  Irony doesn't even begin to cover it.

Have a pleasant evening.

SP 500 and NDX Futures Daily Charts - Technical Foul

Stocks were in a highly technical trade off the FOMC announcement.

There was some spin put out, probably by trading desks earlier in the week, that the Fed might increase the taper. This was a howler.

So the shorts were squeezed and risk perception has fallen to a cyclical low.

Summer is a tough time to trade, because the volumes are so dull. But I now have my eye on the short side of the equity markets, in addition to the intermediate positions in gold and silver.   As any first year Latin student will tell you without really understanding it, festina lente. 

Event risk is very high. But the hubris now carrying the financial sector is powerful. It will cause them to ignore the signs of impending danger, but that change will come on its own schedule. 

I came across a phrase the other day, that while unrelated, seems to describe the US financial television channels fairly well.   Containing little of substance; all teeth and teats.

Have a pleasant evening.

NAV Premiums of Certain Precious Metal Trusts and Funds - And Ah! Bright Wings

"When the people of any particular country have such confidence in the fortune, probity, and prudence of a particular banker, as to believe that he is always ready to pay upon demand such of his promissory notes as are likely to be at any time presented to him; those notes come to have the same currency as gold and silver money, from the confidence that such money can at any time be had for them...

The commerce and industry of the country, however, it must be acknowledged, though they may be somewhat augmented, cannot be altogether so secure, when they are thus, as it were, suspended upon the Daedalian wings of paper money, as when they travel about upon the solid ground of gold and silver."

Adam Smith, Wealth of Nations

By the way, from what I have been able to determine, Adam Smith never said, "The problem with fiat money is that it rewards the minority that can handle money, but fools the generation that has worked and saved money."

 

It is certainly popular on the internet, and quoted widely.  But I have never found even the use of the word 'fiat money' in any of his writings that I have examined closely, much less this particular quote. And his use of the word 'minority' seems to be confined to the context of someone who has not yet 'come of age' or their majority.

If you find an actual citation from his original works I would be glad to have it.  I spend quite a bit of time trying to search out the basis for various quotes.  I am not always successful, but am continually shocked at how many quotes there are that seem to be just constructed out of thin air. 

And this does not include the even more common practice of taking quotes selectively and out of context to support notions that the author could have hardly been expected to support given the body of their work and thought in context.

 

Related:  Paul Krugman Does Some Injustice to the Thoughts of Adam Smith on Gold, Silver, and Money

By the way, some of Krugman's acolytes later admitted the error.  If only his more vehement opponents would so willingly show such grace in a misstep, of which we are all capable.  But such is the undervalued status of truth at the extremes of the political continuum.  God is truly to be found in the ordinary things, and the exceptional, but as He defines such exceptional rarities in His economy.