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The old Wall Street adage says:
"Sell on Rosh Hashanah and buy on Yom Kippur."
Rosh Hoshanah began at sundown on Sunday, 16 September this year and continues until tomorrow. Yom Kippur will begin at sundown on Tuesday, 25 September.
And the selling did come in today as stocks turned lower after a strong week off the Fed's open ended debt monetization program.
The cheerleaders on financial TV had the equity pom poms out in a big way. I am still running the short hedge to my bullion longs which I had on Friday.
The Sprott funds, while respectable, continue to underperform the the Spicer funds, and their own historical norms, because of their recent expansions no doubt.
The Sprott Gold Trust shows the newly acquired bullion on its balance sheet.
Force and fraud are the major export industries in the US.
Reuters
JPMorgan faces money laundering probe
By Carrick Mollenkamp
(Reuters) - JPMorgan Chase & Co's compliance with U.S. anti-money laundering laws is being reviewed by a banking regulator, a source said, making the largest U.S. bank the latest target of a wide investigation of how banks prevent transactions involving drug money and sanctioned countries.
The Office of the Comptroller of the Currency, an independent branch within the Treasury Department, is examining JPMorgan's systems that are designed to monitor and filter such transactions, said the source, who is familiar with the situation.
The exact scope of the inquiry and the size of potential liabilities for the bank could not be learned.
JPMorgan spokesman Joseph Evangelisti declined to comment on Saturday.
In its quarterly filing with the U.S. Securities and Exchange Commission last month, JPMorgan said it expected heightened scrutiny by regulators of its compliance with new and existing regulations, including anti-money laundering laws.
The latest investigation comes in the midst of stepped-up efforts by regulators to crack down on money laundering, including transfers of drug money through bank networks and funds from countries facing international sanctions such as Iran.
The problem also has become a focus area for the Department of Justice, which wants to ramp up the number of criminal cases it brings under the Bank Secrecy Act, a law that requires financial institutions and their employees to take steps to prevent money laundering.
U.S. regulators also are potentially examining illicit transactions tied to Venezuela, the source said....
