Stocks and Precious Metals Report - Carnival of Deceit - I See It Coming

"They [moneyed interests] are ruthlessly going forward to eliminate land, labour, entrepreneurial-managerial skills, and everything else the economists once told us were the chief elements of production. The only element of production they are concerned with is the one they can control: capital."

Carroll Quigley, The State of the Individual


"The money-masters of America become more aware of their danger, they draw together, they grow more class-conscious, more aggressive. The [first world] war has taught them the possibilities of propaganda; it has accustomed them to the idea of enormous campaigns which sway the minds of millions and make them pliable to any purpose."

Upton Sinclair, The Brass Check


"Always fight for progress and reform, never tolerate injustice or corruption, always fight demagogues of all parties, never belong to any party, always oppose privileged classes and public plunderers, never lack sympathy with the poor, always remain devoted to the public welfare, never be satisfied with merely printing news, always be drastically independent, never be afraid to attack wrong, whether by predatory plutocracy or predatory poverty.”

Joseph Pulitzer, Retirement address


“Abashed, the devil stood, and felt how awful goodness is, and saw Virtue in her shape how lovely: and pined his loss.”

John Milton, Paradise Lost


"Jim, lad, there be consequences an' then there be consequences. Devil take 'em all, says I, and pass aft the rum."

Robert Louis Stevenson, Treasure Island

The Jobs Report came in a little light this morning, despite a determined effort to adjust it upwards.

The solution was to pretend that it didn't, and focus on other, more pliable numbers like the short term unemployment rate.

Despite this stocks sold off rather hard, hitting deep into the Fibonacci retracements.  I am still struggling a bit in placing them, given the distortions of the markets.  More data may clarify them.

But again, the solution was to wait until the rest of the world went home for the evening, and the markets became quiet, and try to paint the tape positive.

M2 is running at 23% growth, year-over-year.

Distorting and distracting has become the method to their madness.

This is like a bad remake of the Dot.com bubble and crash, with lower morals and pervasive effects.

I see it coming. I do not know yet when it will arrive in force. But we are on our way, with a will to it.

The US markets will be closed on Monday for the Labor Day Holiday.

Have a pleasant weekend.

Stocks and Precious Metals Charts - Children of the Night, What Music They Make - Jobs Report Tomorrow

"It would be rash indeed to discount the terrifying roster of distinguished men whom totalitarianism can count among its sympathizers, fellow-travelers, and inscribed party members."

Hannah Arendt, Origins of Totalitarianism


"This elite-generated social control maintains the status quo because the status quo benefits and validates those who created and sit atop it.  People rise to prominence when they parrot the orthodoxy rather than critically analyze it. Intellectual regurgitation is prized over independent thought.

Real change in politics or society cannot occur under the orthodoxy because if it did, it would threaten the legitimacy of the professional class and all of the systems that helped them achieve their status."

Kristine Mattis, The Cult of the Professional Class


“It is difficult to get a man to understand something, when his salary depends on his not understanding it.”

Upton Sinclair


"The most important problem in the world today is your soul, for that is what the struggle is all about."

Fulton J. Sheen

As I noted last night, 'There appears to be some divergence in the relative perceptions of market risk.'

The tide was already receding a bit noticeably as the pros and insiders continued to take measure to lock down their gains.

And so today there was a small break in the market, led downwards by the 'story stocks' and megacaps.

The VIX got some legs higher.

But the Dollar, gold and silver all sold off a bit.

This might have been due to some liquidation of assets to meet other demands, like margin calls and gaps in the old account.

Or just as likely it was shenanigans on the eve of the Jobs Report out tomorrow.  

The inventory of physical gold in the Comex Hong Kong warehouses remains remarkably thin.

There will be no sustainable recovery, until meaningful reform occurs.

Have a pleasant evening.

Stocks and Precious metals Charts - In the Garden of Beasts - Non-Farm Payrolls on Friday

"Those who are at present so eager to be reconciled with the world at any price must take care not to be reconciled with it under this particular aspect: as the nest of The Unspeakable. This is what too few are willing to see."

Thomas Merton


"The fact that the foolish person is often stubborn must not blind us to the fact that he is not independent. In conversation with him, one virtually feels that one is dealing not at all with him as a person, but with slogans, catchwords, and the like that have taken possession of him.

He is under a spell, blinded, misused, and abused in his very being. Having thus become a mindless tool, the foolish person will also be capable of any evil and at the same time incapable of seeing that it is evil.  This is where the danger of diabolical misuse lurks, for it is this that can once and for all destroy human beings.”

Dietrich Bonhoeffer, Letters and Papers From Prison


"He who makes a beast of himself gets rid of the pain of being a man."

Samuel Johnson

Stocks were reaching for another high note, sparked by the futures trading in the quiet overnight.

Gold and silver were hit, ahead of the Non-Farm Payrolls Report.

The VIX and the Dollar both climbed today.

There appears to be some divergence in the relative perceptions of market risk.

The physical gold inventories in the Comex Hong Kong warehouses are running rather lean.

The NY-London gold reports from the Comex warehouses are a charade, a joke.

Again, be mindful of whom it is that you serve, and the excuses which you give to yourself in doing so.

Have a pleasant evening.