Gold Daily and Silver Weekly Charts - Not Bad For a Non-Farm Payrolls

"For thousands of years gold has been, in times of war and crisis, the ultimate store of value and medium of exchange. Gold is virtually indestructible, anonymous, mobile and almost universally acceptable.

In times of crisis and uncertainty the presence of a sizeable gold holding boosts confidence of creditors, not least because gold is the highest quality asset: unlike foreign currencies, it is not a claim on a debtor (bank or government) and therefore does not have the same risk of default in times of crisis."

Staff Report, Bank of England, 1988

The Jobs Report came in weakly, but not enough to deter the Fed which is staunchly in favor of breaking the ribbon on the first rate increase since they instituted an alphabet soup of programs culminating in QE and ZIRP to rescue the financial system and the very wealthy.  That must have been their motive, because that is about the only thing that they have accomplished.

The precious metals are being manipulated by a pool.  I am not entirely sure who all of the participants may be, but a few of them are hard to miss.

But no matter.   These things have happened before.  And we know what they look like, and what happens to them over time.

And this instance will be no different.   It will enrich some and cause significant damage to many, with the few giving their actions little thought, much less any shame.  Such are the works of the selfish and the self-important.  It is a phenomenon as old as Babylon and as evil as sin.

Have a pleasant weekend.

SP 500 and NDX Futures Daily Charts - The Great Debate - Panem et Circenses

“Our pundits and experts, at least those with prominent public platforms, are courtiers. We are captivated by the hollow stagecraft of political theater as we are ruthlessly stripped of power. It is smoke and mirrors, tricks and con games, and the purpose behind it is deception.”

Chris Hedges, Empire of Illusion


“A true opium of the people is a belief in nothingness after death - the huge solace of thinking that for our betrayals, greed, cowardice, and murders that we are not going to be judged.”

Czesław Miłosz

Like so many of our public moments and instruments, such as the financial markets and public figures, the First Republican Primary Debate last night can best be described as 'a spectacle.'  But that was clearly its design and intent, from start to finish.

There was never any mention of the risks in the financial markets and reform, except to repeat the hollow slogans of deregulation and the gods of the markets. There was posturing and personal gossip galore. There is less phony pandering to the crowd in a singles bar on a Friday night.

The closing chorus of the Pharisees was almost too much to bear.

I know this is 'politics.'  And there has always been exceptional bad behaviour among the rich and powerful.

But at least in my lifetime we are setting the bar lower and lower, in so many ways.  I remember Nixon and McCarthy.  While we may have feared them for a time, we always knew what they were, and so did they.

Last night was awkwardly boorish, self-consciously shallow, garishly hypocritical, and embarrassing.

Have a pleasant weekend.

David Cay Johnston: Is There a Pension Crisis?