skip to main |
skip to sidebar
“A psychopath can tell what you’re thinking but what they don’t do is feel what you feel. These are people without a conscience.”
Bob Hare
It was 'fear on' as concerns about a Greece default had stocks selling off led lower by the financials. The VIX remained elevated. We will have to see if anything comes out of the G7 or the ECB before Monday.
The Ten Year Treasury hit a record low of 1.91 yield today.
Gold and silver were repeatedly pummeled but remained resilient in the light trading sessions overnight and in the access market this evening. The perception management was painfully obvious.
Although there were many smacking Obama today, it was not clear what he might have offered as a solution to please the Congressional sociopaths on the right, except human sacrifices of the poor, the elderly, the immigrants, and the different. The hyper-polarization of the monied interests has been inflamed by the moral hazard of the bailouts and excuses of the financial sector fraud. These fellows despise conciliation and compromise as weakness.
This is one of those remarkable episodes in history that Americans, Europeans, and Brits might have trouble explaining to their grandchildren. But ignorance is a familiar excuse.
I will be covering the obvious bear raids in my gold and silver chart commentary.
One of the pampered princes on financial television, who often carries the daily talking points for the pigmen, has said about fifty times today that:
perception management
'look at the price of gold, why isn't it going up if there is a European banking crisis? Is it really a safe haven like Treasuries and defensive stocks?'
/perception management
Gold will likely be hit again in the thin trade of the access market.
Crazy days in the metal trade as the recent bear raid, using the infamous Dr. Evil strategy, did not stick.
The people and traders of India and China may have liked the buying opportunity, but I suspect it just gave Blythe and her merry pranksters a headache.
Most commentary on the economy carried on the television financial networks is astonishing. How many moons do these people have on their planets?
It is almost a curse to know anything these days. But it is as I forecast it, so it should come as no surprise. The monied interests will keep pushing their agenda until they and the country hit the wall, in the manner of the obsessive-compulsive addicts that they are, like an alcoholic who finally wraps his car around a tree. And then the job of rebuilding and recovery can begin.
The next big events for the metals are likely to be the FOMC September 20-21 meeting, and the Comex October Option expiration on September 27.
I doubt that Obama will say anything useful, other than staging another raid on Social Security with a payroll tax cut, an infrastructure bank, and perhaps a refi program, all vetted by his Wall Street cronies.
The only thing he could do to satisfy this Jacksonian is to fire a number of his appointees in the CFTC, SEC, and Justice, bring in Eliot Spitzer as his Attorney General, William K. Black to head the SEC, Liz Warren at Consumer Protection, Bart Chilton as Head at the CFTC, Robert Reich at Labor, Ron Paul at Defense, Michael Hudson at Treasury, and to let justice be done, though the heavens may fall.
Fat chance of any of that, so gold and silver look like enduring safe havens.
Timmy addresses Jamie Dimon and his troops, Kelly on the Asian trading desk gets her buying opporunity, and Blythe has her shorts in a twist, and a headache.
The market paused to listen to an address from Bernanke, and for the Jobs Talk by Obamination this evening.
I do not hope for anything innovative. Perhaps a refi program and some payroll tax break.
A payroll tax suspension is tantamount to taking the money from Social Security, which is why the Republicans might favor it.
America is being held hostage by the monied interests.
