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Steve Jobs is everything that Bill Gates pretends to be. I am sorry to see him pulling back from his duties at Apple for obvious health reasons.
He is a one of the great ones.
Steve Jobs resigns from Apple, Cook becomes CEO
By Poornima Gupta and Edwin Chan
SAN FRANCISCO (Reuters) - Silicon Valley legend Steve Jobs on Wednesday resigned as chief executive of Apple Inc in a stunning move that ended his 14-year reign at the technology giant he co-founded in a garage.
Apple shares were suspended from trade before the announcement. They had gained 0.7 percent to close at $376.18.
The pancreatic cancer survivor and industry icon, who has been on medical leave for an undisclosed condition since January 17, will be replaced by COO and longtime heir apparent Tim Cook.
"I have always said if there ever came a day when I could no longer meet my duties and expectations as Apple's CEO, I would be the first to let you know. Unfortunately, that day has come," he said in a brief letter announcing his resignation.
The 55-year-old CEO had briefly emerged from his medical leave in March to unveil the latest version of the iPad and later to attend a dinner hosted by President Barack Obama for technology leaders in Silicon Valley.
Jobs' often-gaunt appearance has sparked questions about his health and his ability to continue at Apple.
"I will say to investors: don't panic and remain calm, it's the right thing to do. Steve will be chairman and Cook is CEO," said BGC Financial analyst Colin Gillis.
On Friday Uncle Ben will be speaking from Jackson Hole, and the markets are eagerly awaiting some words regarding any version of QE3.
This is of course one of the best signs of how utterly dislocated and distorted the real economy can be.
It is also a clear sign of how many 'free market capitalists' are really on the government feedbag, from bailouts to subsidies to tax breaks, of one kind or another.
PHYS continues to be interesting in the out of character thinness of its premium to NAV.
CEF is running at a negative.
The reason for dropping of the sell orders and associated derivative bets, lifting of gold into the oxygen depletion zone, with a subsequent series of bear raids, is obviously in honor of the September options expiration this week on the Comex, and the Jackson Hole speech of Mr. Bernanke regarding the Fed's next steps on currency debasement.
But for those who were looking for a margin increase, do not despair. We forget that there is a new kid on the block. Eric McWhinnie at the Wall Street Cheat Sheet reminds us that:
"The prior sharp selloff was seen on August 11. This is significant because the CME increased gold margins by 22%, effective after the close of business on August 11. The same beat down method seen in silver months earlier, was seen in gold. However, gold recovered quite well until yesterday’s sharp selloff. So what caused this familiar selloff in gold and silver? Another margin hike!
Late Tuesday, it was announced that The Shanghai Gold Exchange increased gold margins for forward contracts, the second time this month. Li Ning, an analyst at Shanghai CIFO Futures said, 'Gold prices on the global market have been rallying strongly and at an increasingly faster pace. The margin hike is a pre-emptive move in case prices crashed and caused great volatility in the market. The Shanghai Futures Exchange could raise margins on its gold futures contract soon too.'”
I doubt very much that the Shanghai forwards increase caused this pullback. More likely Shanghai saw the setup for this week as I did last week, and sought to protect itself.
But nonetheless it is a good reminder that this is not your father's gold market anymore, with new players and exchanges entering the game, but perhaps it will be more like your great-grandfather's gold market over time.
This too shall pass. The tune may change, but the fundamentals remain the same. Banking cartels do not create wealth; they can merely attempt to confiscate and redistribute it, as stealthily as possible. And therefore bullion is their enemy since it forces them into the open.
