Frank Church: The Abyss From Which There Is No Return

[America’s intelligence gathering] capability at any time could be turned around on the American people and no American would have any privacy left. Such is the capability to monitor everything: telephone conversations, telegrams, it doesn’t matter. There would be no place to hide.

If this government ever became a tyrant, if a dictator ever took charge in this country, the technological capacity that the intelligence community has given the government could enable it to impose total tyranny, and there would be no way to fight back because the most careful effort to combine together in resistance to the government, no matter how privately it was done, is within the reach of the government to know. Such is the capability of this technology.

I don’t want to see this country ever go across the bridge. I know the capacity that is there to make tyranny total in America, and we must see to it that [the NSA] and all agencies that possess this technology operate within the law and under proper supervision so that we never cross over that abyss. That is the abyss from which there is no return.

Senator Frank Church on Meet The Press, 17 August 1975

COMEX Registered Gold Drops To 702,000 Ounces On the Day Before Delivery End

About 11,600 ounces of gold were added to the eligible storage facility at HSBC, and 22,446 ounces were transferred from registered (deliverable) status to eligible storage.  This is the activity which occurred on Thursday which was reported today.

The total ounces of registered deliverable gold have fallen to 702,488 ounces of gold bullion. 

The total ounces of gold stored in COMEX authorized warehouses remains a little over 7 million ounces.

September is not a delivery month on the COMEX.  But most gold in the world changes hands in exchanges like Shanghai and London.  And they will be open for business as always.

Ironically September is often a good month for gold on a seasonal basis.

The New York crowd may push the price around the plate, but on an historical basis their hands and mouths are moving quickly, but their pockets are light.   And won't that be a day of days when the accounts are finally called to be reckoned.

Weighed, and found wanting.

Stand and deliver.

Gold Daily and Silver Weekly Charts - End of Month and Delivery Period Antics

The US is having a three day weekend because of the national holiday on Monday.

Let's see how the rest of the world muddles through in the markets without its guidance.

War drums are still beating for Syria, but with Britain standing aside there is a bit of a wobble.

Have a pleasant weekend.

SP 500 and NDX Futures Daily Charts - Worst Month For US Stocks Since May 2012

Stocks shook off the 'better than expected' revision to Michigan Consumer Confidence, and concentrated on war jitters for most of the day.

There was a last half hour jam higher as the algos kicked in and put a little paint on the tape for the end of month. Still despite the late push this was the worst monthly performance for US stocks since May of 2012.

The States will have a three day weekend celebrating a national holiday on Monday. Let's see how the Syria discussions progress.

Have a pleasant weekend.