Moyers: Democrats Bow Down To Wall Street

The Clintons are the founders of the Wall Street wing of the Democratic Party.

The Republicans are even more servile in pandering to Big Money, but that is little comfort for the cause of genuine reform.

 

And similarly, Elizabeth Warren calls out the Democratic and Republican leadership for putting the public back at risk for the Banks gambling on derivatives.

 

Related:  Democrats Who Voted For Cromnibus Had On the Financial Contributions Feed Bag

               Senate Passes Spending Bill Including the Wall St Derivatives Package

 

Democrats Bow Down to Wall Street

Gold Daily and Silver Weekly Charts - Dreaming of a White Christmas

Stocks continued lower, putting in their worst week since May 2012.

Oil cracked into the $50's. We paid 2.25 per gallon for regular gasoline yesterday. Supply has been healthy, but demand has been off. So this is a mixed bag. We need to keep an eye on retail sales and wages.

I have a suspicion that a lot of the stock selling is part of an end of year portfolio cleansing. We will know more if we see how it goes next week.

This is an FOMC week coming up, and I have included the economic calendar for the entire week below.

I posted an excerpt of an interview with Russian economist Mikhail Khazin last night, and included a notice from TF Metals about the CME adding 'trading collars' to the precious metals, with some fairly broad limits to protect against volatility.    If we start seeing $100 swings in gold and $3 in silver, I suspect it might be a slightly different ball game. 

 

I strongly suggest you read this as Mr. Khazin suggest a reason why this action by the CME might have been taken here.

There was late breaking news on Bloomberg that Austria is considering repatriating their gold.   It will be interesting if this move to secure gold supplies becomes a trend.

 

Next year might be rather eventful in the precious metals.  I am not sure how much action we will see for the rest of December.  The Comex warehouse action was very boring yesterday.  As Mr. Khazin said, Russia and China will not attempt to take on the gold cartel on their own turf in paper gold, given their access to leverage and hot money.  Rather, the play is to keep buying bullion on the world markets, and wait for the paper chase to run up hard into the reality of a lack of physical supply.

 

Or as I have often suggested, they will continue to drain off the physical supply, and at some point, will ask the pyramid of rehypothecated paper bullion dealers to 'stand and deliver.'

 

And I am dreaming of a real 'white Christmas.'

 

I am dreaming of a time when we pay people a fair and living wage, and do not stand idly by while they are oppressed by powerfully connected con men and thieves.  And we do not feel justified in treating God's children like animals because of the color of their skin, the cut of their clothes, or the way in which they pray to Him. 

 

I am dreaming of a day when reformers will love the truth for its own sake, and not for the power, money, and influence that they think they can gain from using it for their own selfish purposes.  Reform is a dangerous game, for we become tempted to think that we are better than we really are because we spend so much time looking at the other fellow's muddy feet.

 

I am dreaming of a Christmas in which we will stop maiming children, and torturing their parents, and destroying their homes, because we can.  I dream of a time when we see God rising up before our nation, in all His power, overwhelming our foolish 'exceptionalism' with His majesty.

 

And I am dreaming of a day when Christians will love Christ when He is all grown up, as much as they do when He is presented as an adorable infant.  And that we will see that embodiment of all that is truly human, and a call and challenge to love, when we are tempted to be harsh and judgemental, dismissive of the common people, and those who work so hard in the vineyards, and like proud Pharisees overlooking our own many shortcomings in self-righteousness.

 

I dream of the day when human lives are considered unequivocally more precious than any metals or money.

 

And most of all, I ask you to remember me in your prayers, as I will be remembering you.

 

Have a pleasant weekend.

 

 

 

 

 

 

SP 500 and NDX Futures Daily Charts - Selling Into the Close

The US equity markets were weak most of the day, and sold off into the close.

This *might* be end of year selling, taking profits and losses, dressing up the portfolio, and raising some cash for a run at the year end.

Oil continued breaking lower. It is a mix of supply and demand, more supply but at higher prices, and weakening demand. So, is this good for the economy? Well, yes, unless the demand spiral keeps going lower. I am not sure how much lower energy prices will help, given how broken the real economy has gotten.

The deal in Washington over the budget is clouding things a bit. The House passed a spending bill that was stuff with some goodies for the moneyed interests, including a section about shifting derivatives risks to the public that was written by Citigroup.

Liz Warren threw a Baby Ruth in the pool by publicly challenging this rotten deal, and taking on her own party leadership and the White House in the process. Those who said she ought not to run for office, and if she ran she could not get anything done, are completely off base. Whether she stops this bill or not, she has just made a big splash in Washington politics, and taken on the Wall Street Wing of the Democratic party, headed by the Clintons.

Next week we have an FOMC meeting. We may be getting close to a bottom in this selling *unless something happens.*  Look at the darker green lines of support on the charts below to see where stocks may attempt to find a footing.

Have a pleasant weekend.

NAV Premiums of Certain Precious Metal Trusts and Funds

Sprott Silver has gone to a negative premium (discount) to NAV which is something we have not seen in a while.

I suspect that word is getting around that they will be looking to do a secondary offering earlier than later next year.