Stocks and Precious Metals Charts - Monetary Magicians - Gold Flowing Quietly From West to East

 

"Never before has so much debt been imposed on so many people by so few financial operatives--operatives who work from Wall Street, the largest casino in history, and a handful of its junior counterparts around the world, especially Europe.

External sovereign debt, as well as occasional default on such debt, is not unprecedented.  What is rather unique in the case of the current global sovereign debt is that it is largely private debt billed as public debt; that is, debt that was accumulated by financial speculators and, then, offloaded onto governments to be paid by taxpayers as national debt.  Having thus bailed out the insolvent banksters, many governments have now become insolvent or nearly insolvent themselves, and are asking the public to skimp on their bread and butter in order to service the debt that is not their responsibility.

After transferring trillions of dollars of bad debt or toxic assets from the books of financial speculators to those of governments, global financial moguls, their representatives in the State apparatus and corporate media are now blaming social spending (in effect, the people) as responsible for debt and deficit.

Spending on national infrastructure, both physical (such as roads and schools) and social infrastructure (such as health and education) is key to the long-term socioeconomic developments.  Cutting public spending to pay for the sins of Wall Street gamblers is bound to undermine the long-term health of a society in terms of productivity enhancement and sustained growth.

But the powerful financial interests and their debt collectors seem to be more interested in collecting debt claims than investing in economic recovery, job creation or long-term socioeconomic development.  Like most debt-collecting agencies, the IMF and the states serving as banksters' bailiffs through their austerity programs may shed a few crocodile tears in sympathy with the victims' of their belt-tightening policies; but, again like any other debt-collecting agents, they seem to be saying: "sorry for the loss of your job or your house, but debt must be collected--regardless."

A most outrageous aspect of the debt burden that is placed on the taxpayers' shoulders since 2008 is that most of the underlying debt claims are fictitious and illegitimate: they are largely due to manipulated asset price bubbles, dubious or illegal financial speculations, and scandalous conversion of financial gamblers' losses into public liability."

Dr. Ismael Hossein-zadeh, Class War: The Vicious Circle of Debt and Depression, June 7, 2010


"For I desire compassionate mercy, not sacrifice; a faithful knowledge of my ways, more than burnt offerings."

Hosea 6:6

Stocks are slumping pretty hard into the end of the third quarter.

Another failure to rally, going out near the bottom end of the trade.

Gold and silver had a little bounce higher after the Fed Decision Day smackdown.

Next Tuesday the 26th will be a Comex Metals Option Expiration, more significant for gold futures than silver.  But never let it be said that the Wall Street wiseguys are too lazy to steal.

VIX did a daily yo-yo going out near the recent highs.

The Dollar added a little more to its heft.

There may be a tsunami of paper rolling around the world, but gold continues flowing quietly, from West to East.

And as always there comes a day when, as it must, the music stops.

Remember the most important reckoning you will ever face, for your soul.  For that is what this is really all about.

There is only one currency accepted for value at the cambio of heaven.

Saint Michael the Archangel, defend us in battle.  Be our protection against the wickedness and deceptions of the devil.  May God rebuke him, we humbly pray; And may you, Prince of the Heavenly Host, by the power of God, thrust into hell Satan and all evil spirits who wander through the world seeking the ruin of our souls.

Need little, want less, love more.  For those who abide in love abide in God, and God in them.

Have a pleasant weekend.

Stocks and Precious Metals Charts - The Calling - Comex Option Expiration Tuesday 26th

 

“We are slow to master the great truth that even now Christ is, as it were, walking among us, and by His hand, or eye, or voice, bidding us to follow Him.  We do not understand that His call is a thing that takes place now.  We think it took place in the Apostles' days, but we do not believe in it; we do not look for it in our own case."

John Henry Newman

"For your love for me disappears as quickly as a morning mist; it is like the dew, that melts away early in the day.  That is why I have sent my prophets with messages of judgment and destruction, to strike them with the words of My mouth. My judgment illuminates them like lightning. For I desire mercy, and not sacrifice; and their faithful knowledge of my ways, more than their burnt offerings."

Hosea 6:4-6

"As Jesus went on from there, he saw a man named Matthew sitting at the tax collector’s booth. “Follow me,” he told him, and Matthew got up and followed him.  While Jesus was having dinner at Matthew’s house, many tax collectors and sinners came and ate with him and his disciples.  When the Pharisees saw this, they asked his disciples, 'Why does your teacher eat with tax collectors and sinners?'

On hearing this, Jesus said, 'It is not the healthy who need a doctor, but the sick.  But go and learn what this means: I desire mercy, and not burnt offerings.  For I have not come to call the righteous, but sinners.'”

Matthew 9:9-13

"This is how we know who are the children of God and who are the children of the Satan: anyone who does not do what is good is not God’s child, nor is anyone who does not love their neighbor."

1 John 3:10

Today is the commemoration of the calling of Matthew, the tax collector.

The stock panic of the mavens of Wall Street continued today, as their startled reaction to the nothing new from Jay Powell and the Fed on Wednesday continues.

Shameless fakes and dissemblers.    They set up strawmen and then knock them down.

The gap in the SP 500 is still open and just below today's close, which went out at the lows.

Gold and silver took a hit but managed to recover a bit.  Silver showed some strength especially given the sharp selloff in stocks. 

I think the wiseguys are looking to mine some of the physical gold out of the ETFs, so we *might* see the price a little lower, ahead of the Comex metals option expiration of next Tuesday the 26th.  Silver is not involved in the expiration.

VIX shot higher.

The fomenting of hysteria for clicks and tricks continues, unabated.   I have stopped reading the usual conflict entrepreneur websites and most network news.   And I feel better for it.

 Wash-rinse-repeat.

The Dollar chopped sideways and finished higher.

Our visiting relatives were chauffeured by the young man to their cruise ship this morning, as I am still indisposed in my inability to drive.   I included a picture they took from the ship before their departure of the Manhattan skyline from its dock in Bayonne.

More doctor appointments tomorrow. At least they are on top of things. 

Have a pleasant evening.

Stocks and Precious Metals Charts - The God of the Market

 

"Since the earliest stages of human history, of course, there have been bazaars, rialtos, and trading posts—all markets. But The Market was never God, because there were other centers of value and meaning, other 'gods.' The Market operated within a plethora of other institutions that restrained it.

As everything in what used to be called creation becomes a commodity, human beings begin to look at one another, and at themselves, in a funny way, and they see price tags.  There was a time when people spoke, at least occasionally, of 'inherent worth'— if not of things, then at least of persons."

Harvey Cox, The Market as God

"Neoliberalism has wrested itself free of any regulatory controls while at the same time removing economics from any consideration of social costs, ethics, or social responsibility.  Such a disposition is evident in the fact that neoliberalism's only imperatives are profits and growing investments in global power structures unmoored from any form of accountable, democratic governance.

As corporate power is consolidated into fewer and fewer hands, ideological and structural reforms are implemented to transfer wealth and income into the hands of a ruling financial and corporate elite."

Henry Giroux, Days of Rage, 28 August 2012

"Woe to you, scribes and Pharisees, you hypocrites. For you are like whitewashed tombs, which on the outside look beautiful, but inside are full of the bones of the dead and of all kinds of corruption. So you also on the outside look righteous to others, but inside you are full of deceptions and lawlessness."

Matthew 23:27-28

"When it ventures into the realm of public policy discussions, economics often resembles a belief system very much like a [faith-based] religion, rather than a science.  It is easily twisted to serve the desires and actions of its acolytes while conferring an aura of logic.   But there is almost always some 'leap of faith' made that spans the enormous gulf between the model, its assumptions, and reality.

Economics is a tool, in some [largely micro] implementations better than others, but overall not a particularly reliable one.  It is better in 'explaining' than predicting; its explanations are more often rationalizations founded in its malleability and lack of rigor, especially in its treatment of relationships and assumptions.

But to take an economic model out of its place, and put it above the discussion as policy maker in the manner of a computing machine which spits out the ultimate solutions, to capitalize 'Market' as a type of god on earth, to put that false idol as an unfettered decision-making machine above the individuals of a society and the rule of law, is inhuman, and ultimately a tyranny of the anti-human."

Jesse, Neoliberalism: Rise of the Machine, 28 August 2012


The question is not so much whether the Fed should raise or lower interest rates.  Although many like to exhaust themselves discussing the merits of this or that action, based on these or those data points.   It's all a part of the show, the endlessly meaningless debate, the misdirection.  It sells clicks and makes some feel important, better than others.

The much more fundamental question is why the Fed and those in power are able to follow a policy pattern of allowing enormous financial asset bubbles to enrich the one percent and the professional class, and then correcting their distortions by inflicting austerity and job losses on the broader public?

And they have been doing this for thirty years now, shamelessly.

One can only wonder.

Stocks attempted to rally, reacted sluggishly to the actual 'hawkish pause' that almost everyone expected, and then were utterly hammered by Jay Powell's post decision press conference.

Gold and silver rallied, and then were smacked back down to unchanged, pretty much, into the close.

A rather large 322,000+ ounces of gold left the Comex registered warehouses in Hong Kong.

The Dollar rallied back sharply after an initial decline.

Wash-rinse-repeat.

If you do not get these things by now, I am not sure how much more anyone can tell you.

And this market action is the relatively unimportant of all the most important things we can hear.

Maybe if someone comes back from the dead?  

Men go mad in herds, but come back to their senses slowly, one at a time.

No More Malarkey and a MAGA-doodle-doo.

Have a pleasant evening.