Veteran's Day 2013

"Four score and seven years ago our fathers brought forth on this continent a new nation, conceived in Liberty, and dedicated to the proposition that all men are created equal.

Now we are engaged in a great civil war, testing whether that nation, or any nation so conceived and so dedicated, can long endure. We are met on a great battle-field of that war. We have come to dedicate a portion of that field, as a final resting place for those who here gave their lives that that nation might live. It is altogether fitting and proper that we should do this.

But, in a larger sense, we can not dedicate, we can not consecrate, we can not hallow, this ground. The brave men, living and dead, who struggled here, have consecrated it, far above our poor power to add or detract.

The world will little note, nor long remember what we say here, but it can never forget what they did here. It is for us the living, rather, to be dedicated here to the unfinished work which they who fought here have thus far so nobly advanced.

It is rather for us to be here dedicated to the great task remaining before us: that from these honored dead we take increased devotion to that cause for which they gave the last full measure of devotion, that we here highly resolve that these dead shall not have died in vain, that this nation, under God, shall have a new birth of freedom, and that government of the people, by the people, for the people, shall not perish from the earth."

Plato on Oligarchy

Moyers: How Big Money and Big Media Undermine Democracy

Gold Daily and Silver Weekly Charts - 'Claims Per Deliverable Ounce' Rises to Record High 60.38

As you probably know the US posted a blowout headline number for the October Non-Farm Payrolls report of 204,000 jobs gains, and upwardly revised the prior month. What made this significant was the thinking that the government shutdown would have negatively impacted the jobs number.

That was not to be, not that it didn't impact jobs, but it did not impact the way in which the government counted jobs in what is the headline, 'establishment' report. The 'Household Report,' which is based on a direct survey of people, and the Labor Participation Rate which compares people who are working versus those who are available for work, were in the tank. Some other aspects like wages and hours worked were not looking very good either.

There was intraday commentary on the Non-Farm Payrolls Report here.

But hey, Wall Street was happy, with both stocks and the dollar rallying, and the SP and DJIA reaching new all time highs. Naturally in keeping with Non-Farm Payroll tradition gold and silver were hit hard, and not all that subtly. The reason for this was that the great jobs number would bring out the Fed taper talk again, but not for stocks, which were just frothing. Except of course for Twitter which had its frothy moment yesterday.

The 'claims per deliverable ounce' for gold on the Comex rose to an all time high of 60.38 contracts per ounce said to be in their warehouses and available for delivery.    There was very little action in or out of the Comex gold warehouses yesterday.  They are the pretty magician's assistance on the stage.  The real action is taking place behind the screens.

Most of the commentary from the US financial media was funny, but in a very sad sort of way. 

Let's see how the delivery process for gold plays out into year end.

Have a pleasant evening.