Gold Daily and Silver Weekly Charts

Continuing intervention ahead of the FOMC and ECB actions.

SP 500 and NDX Futures Daily Charts

Markets are in a range, waiting to see what happens in Europe, and with the FOMC next week.

Gold Daily and Silver Weekly Charts - Perception Is Everything When You Rule the World

"There are no markets, just interventions."

Chris Powell, GATA

The pampered princes on Bloomberg today suggested there was selling of gold to 'raise capital' today, and that selling was being done by 'central banks.' Perhaps they need to meet some margin calls. lol.

You just can't make this stuff up.

Another QE is coming. The banks are dying on the vine and need another stealth bailout to maintain the bloated standards to which they have become accustomed.

I think the Wall Street crowd have gone barking mad, and imagine themselves to be veritable Bonapartes of the world economy.

And the reintroduction of their hubris to reality is coming and might be rather messy, as it will probably involve hitting some wall, and the limitations to their will to power.

But at the time of reckoning, 'no one will have seen it coming' and those responsible will feign ignorance and non-involvement. And that is the way of a national madness, and a failure of governance.

This is a world ruled by insane people doing insane things. I think they know something is wrong, but just do not care as long as they are getting their way.

SP 500 and NDX Futures Daily Charts - Wall Street Issues Its Latest Ultimatum to Europe

“I’m very close to thinking the United States shouldn’t be in Basel any more. I would not have agreed to rules that are blatantly anti-American. Our regulators should go there and say: ‘If it’s not in the interests of the United States, we’re not doing it'...

I think any American president, secretary of Treasury, regulator or other leader would want strong, healthy global financial firms and not think that somehow we should give up that position in the world and that would be good for your country. If they think that’s good for the country then we have a different view on how the economy operates, how the world operates.”

Jamie Dimon, in an interview with Financial Times

Europe may consider taking Mr. Dimon up on his offer, and ban the participation of the unreformed banks and their associates from all activity in European markets until they reform themselves, and park their arrogance at the border.

But I believe that the Iceland and Sweden models are the appropriate response for dealing with reckless banking losses, that is, nationalize the bank and force the principals to eat the losses, so this might be skewing my opinion on this.

To do this, one might best consider the appropriate role of banks vis a vis the sovereignty of nations, and this is one area where I have some sympathy for those who have some sense of historical proportion, and even the Modern Monetary Theorists, who generally do not.

I think the failure to reform the banking sector when he had the best opportunity will be viewed as Obama's fundamental policy error from which all his other errors flowed. What else can one expect with advisors like Summers and Geithner.

I am rereading Berlin Diary 1934-1941 by William Shirer, and this also is probably prompting me to view some of the developments of the last three years in a slightly different historical perspective. How else can one interpret the incessant demands, the threats, the overturning of the rule of law, the endless appeasement in order to maintain order, the corruption of public officials, and the bully boy attitude of those most recently caught in frauds and massive encroachments on the public sector?

I don't think it is possible to view the US market action too cynically or skeptically today, if not in general.

The chip stocks led the way higher, with a faux fear masking the real action.