Wages As a Percent of US Corporate Profits Lowest Since WWII

"Many thousands are in want of common necessaries; hundreds of thousands are in want of common comforts, sir."
"Are there no prisons?"
"Plenty of prisons."
"And the workhouses." demanded Scrooge. "Are they still in operation?"
"Both very busy, sir."
"Those who are badly off must go there."
"Many can't go there; and many would rather die."
"If they would rather die," said Scrooge, "they had better do it, and decrease the surplus population."

h/t Zerohedge

Gold Daily and Silver Weekly Charts - More and More Interesting

I am closely watching the December Comex gold contracts still standing. As of yesterday there were enough to pose a bit of a concern with the current amount of deliverable gold at the Comex, even with the recent additions.  

The price volatility, both up and down, on the Comex is symptomatic of the technical nature of the trading there now, with technical implying artificiality.

As I have said, I do not expect the Comex to be the locus of a break in the gold market, since it is not the focus of the action, which has now shifted firmly to Asia and the Mideast.  If the Comex should falter, it will most likely be because of a more fundamental break, or scandal, in the system.  but I can't rule it out, as a de facto if not actual default. 

Comex is becoming like a shell game, or liar's poker between ill-mannered children in suits, and it's really a shame.   But that is what happens when a society starts mistaking wealth for wisdom, and a trader's cunning for sound social or even economic judgement.  

Have a pleasant evening.

SP 500 and NDX Futurs Daily Charts - No Recovery

It is hard to believe, but Alan Greenspan actually said something of value today.

Greenspan noted the stock market valuations, and said that corporate profits may be reaching some diminishing returns as a percentage of GDP.

I have not done the math or looked up the figures, but he made the point I think that the artificiality of the recovery is notable, and cannot be sustained without some sort of organic growth from the real economy.

The one percent won't understand any of this, what is really going on, because they have lost all perspective, and so have their hangers-on who only say for pay.   Sometimes it almost gets funny if it were not so sad.  I thought JPM Jim Glassman's comments on Pope Francis were hysterical. 

They speak with one another, and get all sorts of confirmation bias from their 'winning,' but really the divergence between the real economy and the financial system as it is currently constructed is one of the more dangerous conditions we can see in a nation's history.

The chart of population employed as a percentage of total population below is rather telling.

Let's see how this all goes.  Generally it does not go well.

Shanghai Gold Exchange Cumulative Deliveries Of 8,655 Tonnes Since 2009

“In a room where
people unanimously maintain
a conspiracy of silence,
one word of truth
sounds like a pistol shot.”

Czesław Miłosz

Since the beginning of 2009, the Shanghai Gold Exchange has delivered about 8,655 Tonnes of gold bullion. That is about 278,264,715 troy ounces.

Comex is the tail wagging the dog of Asia and the Mideast.

The Shanghai Gold Exchange competitive differentiation is in their motto: Integrity Leads to Prosperity.