NAV Premiums of Certain Precious Metal Trust and Funds

The Gold Silver ratio is over 70.

Today was a Non-Farm Payrolls Report, which came in 'better than expected' in providing low paying jobs.

Wage growth missed and was "0".  The Labor Participation Rate is at a 36 year low.

Premiums on Sprott are close to historic levels, and the Spicer Central funds remain more discounted.

The Anglo-Americans Bankers are really 'dishing it out' as China is on holiday for 'National Week.'

Gold Daily and Silver Weekly Charts - The Ritual of Our Existence

"The ritual of our existence is based on the strong getting stronger by devouring the weak. We must face up to this.

No more than right that it should be this way. We must learn to accept it as a law of the natural world."

Ken Kesey, One Flew Over the Cuckoo's Nest

There was intraday commentary about the Gold/Silver ratio which is at an extreme.  You may read about it and what it may mean here.

Gold and silver hit weakness in the late London and early New York trading periods, which is pretty much de rigueur these days.  And tomorrow is a Non-Farm Payrolls Day.

I am taking a closer look at the silver market.   As you know I saw some interesting divergences between gold and silver with regard to ETF inventory level changes earlier this year.   There are others and I am looking at them more closely.

It is getting so bad, one cannot even continue to make allowances for gross incompetence and hubris on the part of The Fed.   Today Bill Dudley had his James Clapper moment, and roundly denied any lack of regulatory zeal at the New York Fed.  It was insensitive, arrogant, and pretty disgusting.

“I don’t think anyone should question our motives and what we are trying to accomplish.”

The Fed is to regulation what David Cameron's Tories are to the English people.

That is, they may sometimes sound eloquent and publicly appear to be broad minded, informed, and responsible.   But deep down you know that they are worse than useless, being self-absorbed, atavistic, conspicuously indifferent to the public, myth driveling toffs and gits.   At least the Tories have the stuff to put up a proper nob like Osborne as their man.   The Fed's overlords have to hide behind bubbe.

Andrew Jackson was right.

Have a pleasant evening.

SP 500 and NDX Futures Daily Charts - Internet Stinkers, Non-Farm Payrolls Tomorrow

The US economic data this morning was pretty much lackluster.

Tomorrow is the big Non-Farm Payrolls report. I'll save any speculation about it until we see the numbers.

Stocks were off in part in sympathy with markets in Europe.

A couple of internet IPOs on the Frankfurt exchange, Rocket Internet and Zalando, came out this week and then flopped in the after trade over ten percent. No one does lipstick better than the NYSE, I'll give them that.  People are wondering if the internet miracle story is getting a bit thin.

Speaking of getting a bit thin,  President Obama was giving a pep talk at an outpost among the indigenous peoples of the US at Northwestern University today. He presented a laundry list of his accomplishments, and went on to say:

"I am not on the ballot this fall. Michelle’s pretty happy about that. But make no mistake: these policies are on the ballot. Every single one of them."

I am sure the Republican Party was doing cartwheels over that one. The economy is widely perceived as failing the great bulk of the American people, serving corporations and the wealthiest few, and rightly so. 

By underscoring the role that his policies have had by commission and omission, and making the midterm elections a referendum on his policies, Obama did more good for the political opposition than even his tone deaf, aloof self probably realizes.

Yes the President has done some good, but his legacy is murky on the economic side of things, if not hopelessly compromised.  Someone needs to get him away from his adoring fans and yes-men, and open his eyes to what he is actually doing.

A leader leads. And a good leader addresses the current anxieties and concerns of the people. Obama has failed miserably at this. But at least he might scrape out a great post-election influx of wealth, Clinton style, which seems to be the major issue for most politicians of both parties these days.

Have a pleasant evening.