03 October 2014

Unrestrained Capitalism and The Will To Power and Possession


Serve whom you will, but know whom you serve.

"Our human family is presently experiencing something of a turning point in its own history, if we consider the advances made in various areas. We can only praise the positive achievements which contribute to the authentic welfare of mankind, in fields such as those of health, education and communications.

At the same time, we must also acknowledge that the majority of the men and women of our time continue to live daily in situations of insecurity, with dire consequences.

Certain pathologies are increasing, with their psychological consequences; fear and desperation grip the hearts of many people, even in the so-called rich countries; the joy of life is diminishing; indecency and violence are on the rise; poverty is becoming more and more evident. People have to struggle to live and, frequently, to live in an undignified way.

One cause of this situation, in my opinion, is in the our relationship with money, and our acceptance of its power over ourselves and our society. Consequently the financial crisis which we are experiencing makes us forget that its ultimate origin is to be found in a profound human crisis. In the denial of the primacy of human beings! We have created new idols. The worship of the golden calf of old has found a new and heartless image in the cult of money and the dictatorship of an economy which is faceless and lacking any truly humane goal.

The worldwide financial and economic crisis seems to highlight their distortions and above all the gravely deficient human perspective, which reduces man to one of his needs alone, namely, consumption. Worse yet, human beings themselves are nowadays considered as consumer goods which can be used and thrown away.

We have started a throw-away culture. This tendency is seen on the level of individuals and whole societies; and it is being promoted! In circumstances like these, solidarity, which is the treasure of the poor, is often considered counterproductive, opposed to the logic of finance and the economy.

While the income of a minority is increasing exponentially, that of the majority is crumbling. This imbalance results from ideologies which uphold the absolute autonomy of markets and financial speculation, and thus deny the right of control to States, which are themselves charged with providing for the common good.

A new, invisible and at times virtual, tyranny is established, one which unilaterally and irremediably imposes its own laws and rules. Moreover, indebtedness and credit distance countries from their real economy and citizens from their real buying power. Added to this, as if it were needed, is widespread corruption and selfish fiscal evasion which have taken on worldwide dimensions.

The will to power and of possession has become limitless."

Francis I, 16 May 2013

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.'



02 October 2014

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.