NAV Premiums of Certain Precious Metals Trusts and Funds - Skoyles and Max Do Handbags

A bit of a surprise in the premium on Sprott Silver which is carrying a slightly negative premium and on a par or a bit lower than gold. That is unusual historically except when they are engaging in a secondary offering.

Sentiment is about as low as I have seen it in a long time. It brings out and emboldens the trolls and perma-bears and shills for sure, but even the stalwarts are flagging it seems.

And you know what that can mean.

For those with a long time horizon, I cannot help but reiterate, 'this too shall pass.' As you know I became interested in gold, and a few years later silver, when I began studying asset bubbles and money in the late 1990's. Compared to some periods in gold and silver this is not pleasant, but not all that unusual. It is a fairly stiff correction in what looks to be a bull market based on identifiable fundamentals. If anything concerns me at all it is the 'currency war' aspect of this, and the zealous overstepping of 'very important people' in blind pursuit of their utopian ideologies.

I also include an interview that Max Keiser does with Jan Skoyles.  It is a bit light in the seasonal shopping spirit. I particularly enjoyed her premiere interview with Ben Davies.   As an aside, when I was in my traveling prime I used to shop frequently at Harrods, and have a suitable veneration for their Food Halls.

However, I have to say that Aldi is a 'budget store' with remarkably good quality, and it does not surprise me that Jan hears that the quality of their mince pie is even better than Harrods. I first encountered them in Germany, and am pleased to see them popping up in the States on the east coast especially. A very workable arrangement for the staples indeed, and the occasional nice surprise from Deutsche Küche brand.

But we tend to 'shop local' whenever feasible, no matter where we might be, from people who actually make and do the things themselves. I have had some great times exploring the local markets around the world with my wife, who is the real subject matter expert on all things shopping and on value in general. It seems as though every good thing I have, or am, has come through her. Together we make a better person than either of us would be alone, looking out and facing the world together. To me this is the essence of a good relationship.

And sometimes there are little overlooked gems to be found, even in your own back yard, if you but take the time to look for them. We search them out, and give them our patronage and attention whenever possible. This applies to both shops, and people.

Joyeux Noël

“...God is light, and in him there is no darkness at all” (1 Jn 1:5). Yet on the part of the people there are times of both light and darkness, fidelity and infidelity, obedience, and rebellion; times of being a pilgrim people and times of being a people adrift.

In our personal history too, there are both bright and dark moments, lights and shadows. If we love God and our brothers and sisters, we walk in the light; but if our heart is closed, if we are dominated by pride, deceit, self-seeking, then darkness falls within us and around us. “Whoever hates his brother – writes the Apostle John – is in the darkness; he walks in the darkness, and does not know the way to go, because the darkness has blinded his eyes” (1 Jn 2:11).

On this night, like a burst of brilliant light, there rings out the proclamation of the Apostle: “God’s grace has been revealed, and it has made salvation possible for the whole human race” (Tit 2:11).

The grace which was revealed in our world is Jesus, born of the Virgin Mary, true man and true God. He has entered our history; he has shared our journey. He came to free us from darkness and to grant us light. In him was revealed the grace, the mercy, and the tender love of the Father: Jesus is Love incarnate. He is not simply a teacher of wisdom, he is not an ideal for which we strive while knowing that we are hopelessly distant from it. He is the meaning of life and history, who has pitched his tent in our midst.

The shepherds were the first to see this “tent”, to receive the news of Jesus’s birth. They were the first because they were among the last, the outcast. And they were the first because they were awake, keeping watch in the night, guarding their flocks.

Together with them, let us pause before the Child, let us pause in silence. Together with them, let us thank the Lord for having given Jesus to us, and with them let us raise from the depths of our hearts the praises of his fidelity: We bless you, Lord God most high, who lowered yourself for our sake. You are immense, and you made yourself small; you are rich and you made yourself poor; you are all-powerful and you made yourself vulnerable.

On this night let us share the joy of the Gospel: God loves us, he so loves us that he gave us his Son to be our brother, to be light in our darkness.

To us the Lord repeats: “Do not be afraid!” (Lk 2:10). And I too repeat: Do not be afraid! Our Father is patient, he loves us, he gives us Jesus to guide us on the way which leads to the promised land. Jesus is the light who brightens the darkness. He is our peace. Amen.

Francis I, First Christmas Sermon

Gold Daily and Silver Weekly Charts - Merry Christmas!

"God bless us, everyone."

Charles Dickens, A Christmas Carol

Please do not forget the poor this year, for whom Christmas is often sadly just another cold and dreary day. For they are many, and their plight can condemn or redeem us.

Have a pleasant holiday.

See you later this week.

SP 500 and NDX Futures Daily Charts - Viva La Barracuda

“Hubris calls for nemesis, and in one form or another it's going to get it, not as a punishment from outside, but as the completion of a pattern already started.”

Mary Midgley


"The United States has the best, deepest, widest, most transparent capital markets in the world which give you, the investor, the ability to buy and sell large amounts at very cheap prices. That's a good thing and I wish Paul Volcker understood that."

Jamie Dimon


"'My name is Ozymandias, king of kings:
Look on my works, ye mighty, and despair!'

Nothing beside remains: round the decay
Of that colossal wreck, boundless and bare,
The lone and level sands stretch far away."

Percy Bysshe Shelley, Ozymandias