Gold Daily and Silver Weekly Charts - Ship of Fools

The metals were pounded in the quiet overnight session on the COMEX ahead of the Friday Jobs Report, with gold smacked down to $1282 and silver down to $19.20.

The jobs number came in light, and the metals rocketed back to where they started.

Gold is now in the August delivery cycle with registered inventories of actual bullion on the COMEX down to shocking lows. 

The US is closing some of its overseas embassies this weekend and has issued a travel alert because of terrorist threats.   Let's see if anyone throws a flag on the field over the weekend.

A new scandal has emerged as the CFTC investigates fifteen of the biggest banks which apparently have been rigging a key interest rate number in order to swindle their customers in the swaps markets.

"US regulators have reportedly been handed evidence that traders at some of the world's biggest banks manipulated a key rate for derivatives, pocketing millions at the expense of pension funds in the process."

Apparently New York and London are where the elite meet to cheat. 

As Jeff Sachs said to a meeting of economists at the Philly Fed, our modern financiers seem to be almost pathologically criminal, and some of the world's politicians are rightfully aghast at the scope and audacity of their abuses.   Blowback for this gross failure of integrity in financial governance is coming, and it could be terrific.

They have no shame, they are unworthy of all trust, and their word means nothing. So what is there to discuss?

Weighed, and found wanting.

Stand and deliver.

SP 500 and NDX Futures Daily Charts - Complacency Reigns

Another day, another weak jobs report, another scandal in which Banks are discovered to be fixing a key rate to cheat the people, this time through interest rate swaps.

When will it end?

NAV Premiums of Certain Precious Metals Trusts and Funds - Banks Rigging Derivatives

It appears that the overnight hit on the metals for Payrolls Friday got stuffed pretty handily when the jobs number came in light.

Silver is still up although gold has been pressed back a bit.

The CFTC is investigating fifteen of the biggest banks on evidence handed to them that they were rigging a key derivative for interest rates.

"ISDAfix is published each morning after banks submit bids for swaps via Icap, the inter-dealer broker, in a number of currencies. The CFTC has been investigating suggestions that the banks deliberately moved the rate in order to profit on these deals.

Given the hundreds of trillions of dollars worth of interest rate derivatives trades that occur annually, even the slightest manipulation can have a substantial effect.

The CFTC, which started to investigate ISDAfix after last summer’s Libor scandal has now been handed emails and phone call recordings that show the rate was deliberately moved..."

When crime pays, why wonder that it flourishes? And they have little fear, and no shame.

Gold Daily and Silver Weekly Charts - The Day Before the Non-Farm Payrolls Report

The metals were capped lower today as stocks went running higher. Gold was hit a bit harder than silver.

The August delivery period now begins.

Stand and deliver.