NAV Premiums of Certain Precious Metal Trusts and Funds - Bottoming, Perhaps

The currency war continues. 

My sense is that we *might* see a double bottom echo of the last double bottom. The impedance of seasonality factors and supply issues will continue to degrade the paper market price swing in this rinse cycle of the latest wash and rinse.

Am I calling bottom?  I do suspect we are at or near that point.  But the trend is the trend until it is not.  I have learned to be keenly aware of the brazen stupidity of our pampered princes when frightened.  And this is no 'natural' market.  Few are these days.

 

CFTC warns DOJ of 'criminal rate-rigging' in the ISDAfix.

The Corporate Media In America: Orwell Rolls Over In His Grave

"The American fascist would prefer not to use violence. His method is to poison the channels of public information. With a fascist the problem is never how best to present the truth to the public but how best to use the news to deceive the public into giving the fascist and his group more money or more power.”

Henry A. Wallace

"Do remember that dishonesty and cowardice always have to be paid for. Don't imagine that for years on end you can make yourself the boot-licking propagandist of the Soviet régime, or any other régime, and then suddenly return to mental decency. Once a whore, always a whore."

George Orwell

Gold Daily and Silver Weekly Charts - No My Jobs, Man

"I don't know if the people on Wall Street are not really getting out and seeing what's really going on.

When you go to small towns, like I do, and talk to people - people don't have much confidence in the numbers you hear."

Ronnie Squires, Winner of CNBC's Guess the Jobs Number Contest

The Non-Farm Payrolls number sucked out loud with a fairly stupendous miss.  If you back out the imaginary jobs from the Birth Death report, the economy added about 40,000 real jobs, of a generally low quality.  Chief Strategists and economists took delight in the tenth of a percent decrease in unemployment, a generally misleading statistic.  And of course, stocks rallied.

Given the need for the central banks to keep printing money, and the ECB's endorsement of that approach, the hit on the metals this week makes quite a bit of sense from a perception management standpoint of the porcine persuasion.

Here is my most probable forecast for the future. Be sure to make a note of it.

The next time there is a financial crisis, which is likely to be in the not too distant future, almost to a person the economists and talking heads of the status quo will express shock and bewilderment saying, 'who could have seen this coming?'  Unless of course there is some foreign scapegoat who can be conveniently blamed for the collapse of a house of cards.

And then, from their Olympian heights of privilege, the overpaid pundits will quickly fall back into their most comfortable, ideologically blind slogans. There is too much government, or there is not enough stimulus or the unfortunate many are just lazy and stupid.

And meanwhile, given the lack of reform of the financial and political system, the average American family, which they will all claim to uphold and revere, is being led down a blind alley of officially tolerated corruption, and strangled.

Alibaba was announced after the bell.  See the stock posting for commentary about that and its likely influence on the markets.

Have a pleasant weekend.