Bloomberg: London Gold Vaults 'Virtually Empty' - Shipped to China Not to Return

"Gold? We don't need no stinkin' gold!"

And the natural reaction at this point in what has proven to be a year of a brutal, almost relentless market correction is to say, 'if this is so, how can they keep selling gold down in price?'

How can they indeed. By being audacious. Like this: Secret Traders' Club Rigged Biggest Market's Rates

And they remain arrogantly defiant.

"But there is a sort of 'Ok guys, you're mad, but how are you going to stop me' mentality at the top."

Robert Johnson

This is going to be interesting.

Seymour Hersh: On the Push For War Against Syria

The discussion of this lead up to war certainly came and went quickly.

One thing that comes out in this interview is the determined opposition to the Administration's goals and the power of the Executive Branch that came out of the intelligence community and the Pentagon.  Perhaps there were some lessons learned in the Iraq war after all.

It is too bad that the lessons presented from the financial crisis of 2008 have not had a similar effect.

Hersh's closing remarks on the role of journalism are quite simple and to the point.





Whose Sarin? - Seymour Hersh

Gold Daily and Silver Weekly Charts - FOMC Day in Paperland - The Fed Chairman Wears Nada

Today was pretty much what I had expected. It was Christmas meat on the table from the Fed, mostly roasted jawbone.

The 'taper' was meaningless, except to take the talk about when it would start off the table. The FOMC went out of its way in the verbage to signal accommodative policy and money for nothing for the foreseeable future.

Despite the big rally in stocks, what did the Treasuries market do?  Nada.  I rest my case.

The hit on gold and silver was consequential only because JPM has locked up most of the registered inventory on the Comex, and after all, today was an FOMC day when monetary inflation was affirmed. Rik Green has some interesting observations about this here.

Goldbroker published an interview with Le Patron on the correction in the Gold Market today here.

The problem these jokers are going to run into is that as they increasingly run policy to form a dual economy, with the wealthiest few taking the majority of the gains, the lack of demand in aggregate is going to continued to pressure the real economy, and eventually stretch the social fabric to the breaking point.

And some may expect this, and look at it as an opportunity. Winning.

Have a pleasant evening.

SP 500 and NDX Futures Daily Charts - Year End Rally as Fed Spreads Holiday Cheer

"I am not alone at all, I thought. I was never alone at all. And that, of course, is the message of Christmas. We are never alone. Not when the night is darkest, the wind coldest, the world seemingly most indifferent. For this is still the time God chooses."

Taylor Caldwell

Today's action was all end of year window dressing and bonus pumping, triggered by the 'tiny taper' from the Fed, in which they pledged to reduce the rate at which they are expanding their balance sheet and handing money over the primary dealers at a slightly slower rate.

Low interest rates were unmistakably pledged for as far as the eye can see. And this is probably why stocks rallied, other than this is the time to boost financial asset prices to maximize those bonuses.

Have a pleasant evening.