Bill Moyers: Weapons Of Mass Distraction and Bending Towards Justice

Gold Daily and Silver Weekly Charts

Intraday commentary on the German gold situation here.

There was some cross current discussion between Fed heads today, with regard to the future of quantitative easing and the state of the real economy.

It is good to note that the Banks have just slashed their estimates for US GDP for this quarter. The recovery is illusory, unless you restrict yourself to the gated communities and lofty towers of the pampered elite and ignore the state of the great bulk of your people.

Something must be done, of course, but the credibility trap is an obstacle to genuine progress. So until then, it is extend and pretend.

I see that Larry Summers is making a strong push to be the new Chairman of the Federal Reserve. It is hard to tell what is true and what has been planted by the financiers in the news, but Obama is said to view this favorably.

Proverbs 26:11 comes to mind.    'As a dog returns to its vomit, so a fool repeats his folly.'

Have a pleasant weekend.

SP 500 and NDX Futures Daily Charts - Another Record Close on the SP 500

Despite the faux exuberance from Wells Fargo and JPM earnings reports, the market action seemed 'heavy' even with the light volumes.

I thought it was notable that JPM made most of its profit from investment banking and 'trading.'

The market looks tired after a remarkably parabolic run.

NAV Premiums of Certain Precious Metal Trusts and Funds - A Rose By Any Other Name

"People always overdo the matter when they attempt deception."

Charles Dudley Warner

Just watching, and waiting.

Speaking of overdoing the matter, a reader informs me that the Fed has changed some names in their Monetary Base Report H3.

Excess Reserves are now called Balances maintained that exceed the top of the penalty-free band

Now, is that just a new bureaucratic euphemism, or is the Fed tipping its intention to start penalizing certain reserve categories held by the Banks with negative interest rates? And if penalties on reserves are enacted, what if anything does that imply for interest paid on savings deposit accounts and other savings vehicles?

Is that a calculator in Ben's pocket, or is he just glad to see us?