SP 500 and NDX Futures Daily Charts - VIX

Market is ignoring bad news and is focused on the Non-Farm Payrolls Report on Friday, and the beginning of earnings season next week.

Net Asset Value of Certain Precious Metal Trusts and Funds

Could the manipulation of gold and silver prices last week for option expiration at the Comex have been any more obvious?

The divergence between the paper markets and the physical economy is becoming increasingly stark on a number of fronts. This is a phenomenon that often marks the late stages of a control fraud, or a Ponzi scheme, as it begins to lose traction and confidence.

Gold Daily and Silver Weekly Charts - La Douleur du Monde

Gold and silver had rather healthy rallies today after the artificial pounding which they had taken in pre-holiday markets in honor of Comex futures options expiration.

Mining shares tended to outperform the metals as the relationship between the miners and the metals began to converge again to a more normal correlation.

This afternoon all the safe havens including the dollar took a leg up as it became clear that the banking cartel will not allow Europe up for air.

The looting will continue until reforms are enacted and criminal penalities for rigging markets and defrauding the public are enforced.

I remain long the metals and miners and short the broad indices, although I did make some adjustments today and took some mining profits off the table, with their associated hedges.

SP 500 And NDX Futures Daily Charts

Stocks levitated on light volumes ahead of the ADP report on Thursday and the June jobs report on Friday.

Moody's downgraded Portugal's credit rating around 2 PM NY time, and this took some of the wind out of the market's sails. Nice of them to wait until after the European close to do so. The agencies remain the creatures of Wall Street, and possibly, of US government policy.

This rally is full of air. But try not to get in front of it.

Obama speaks this evening on the efforts of the US to reach a budget agreement that raises revenue in addition to cutting spending before the Treasury exhausts the ability to meet its obligations.

There are those who foolishly desire such a default, as yet another opportunity to loot the real wealth of the nation, and to foment unrest as an occasion to increase their power.

Such is the way to tyranny.