“Some economists, when thinking about long memory, are concerned that it undercuts the Efficient Market Hypothesis that prices fully reflect all relevant information; that the random walk is the best metaphor to describe such markets; and that you cannot beat such an unpredictable market. Well, the Efficient Market Hypothesis is no more than that, a hypothesis. Many a grand theory has died under the onslaught of real data.” Benoît B. Mandelbrot
"Interesting that the papers of record regret that they worked the Weinstein story, but never felt like they had enough to actually publish it. Apparently they had a lower standard for the publication of the Iraqi WMDs and Russian hacking stories. It makes one wonder what other big stories they are sitting on, that they can't quite bring themselves to publish, for whatever reason."
Malcolm, a reader
There was an obvious bear raid in the precious metals today.
We are nearing peak fraud, at least for this latest iteration of bubbles and busts.
A good man can speak truths most profoundly with his silences. A wicked man tells lies with his. A sin against the Spirit will not be forgiven.
What is a sin against the Spirit? What is Truth? Pilate asked that question of Truth itself. as truth stood before him in silence, and then turned and washed his hands of it.
And so he condemned not the man, but himself, with his silence, while the Man redeemed the whole world, with his.
"Ubi caritas et amor, Deus ibi est." Where kindness and love are, God is there.
4th century antiphon, melody 9th century
"Hear now this, O people, foolish and without hearts; who have eyes and do not see; and have ears, but do not hear."
Jeremiah 5:21
"And there appeared a great wonder in the heavens, a woman clothed with the sun, and the moon under her feet, and upon her head a crown of twelve stars."
Revelation 12:1
Gold and silver caught a big today, even as stocks continued their slanted push up against trend resistance.
I have some optimism for the price of gold here, as it seems to draw the usual rally off the Non-Farm Payrolls bottom, all other things being equal. There is intermediate trend resistance at 1340 that may prove to be quite a test for any breakout attempts. Silver is moving with gold in this. If at some point it becomes a flight to safety, I am not sure how well they will pace each other. Otherwise, silver remains more 'lively' than gold in its movements.
As I recall we are entering a December contract period which may have some energy behind it, especially if we have already passed the late seasonal low for precious metals.
Today is the 100th anniversary of the sixth apparition, and the 'miracle of the sun,' in Fátima, Portugal on October 13, 1917.
"Sin has many tools, but a lie is the handle which fits them all."
Edmund Burke
“And in the Incarnation the whole human race recovers the dignity of the image of God. Henceforth any attack, even on the least of men, is an attack on Christ, who took the form of man, and in his own Person restored the image of God in all that bears a human form.
Through fellowship and communion with the Incarnate Lord, we recover our true humanity, and at the same time we are delivered from that perverse individualism which is the consequence of sin, and retrieve our solidarity with the whole human race.”
Dietrich Bonhoeffer, The Cost of Discipleship
"For what does it profit a man, to gain the whole world, but lose his soul?"
Mark 8:36
Stocks were off a bit today, while the precious metals remained steady.
The markets were perturbed a bit by the geopolitical events, as well as some new domestic disappointments with the triumph of corporatism in the form of tax relief at the expense of the working and middle class.
President The Donald has apparently figured out that the GOP Tax Reform proposal was going to provide extravagant benefits to his wealthy colleagues, while placing the burden for this most squarely on the middle class, not to the mention the weak and the poor through cutbacks to basic healthcare.
And even he blanched at this, although one might question his lack of understand of the basic tenets of US taxes, since he considers himself an expert in even the more arcane areas of this system.
But what excuse could there be for the House GOP and their fellows in the political establishment, on both sides of the aisle, who know exactly what it is they are doing, to whom and for what, over and over again. They are playing a game at which they imagine themselves to be masters, that ironically enough they do not understand at all. And therein lies the tragedy, and they bid you join them.
And because of the increase in wickedness, the love of many will grow cold.
Let us pray for those whose hearts are hardened against His grace and loving kindness by greed, fear, and pride, and the seductive illusion and crushing isolation of evil.
We pray that we all may experience the three great gifts of our Lord's suffering and triumph: repentance, forgiveness, and thankfulness. And in so doing, may we obtain abundant life, and with it the peace that surpasses all understanding.
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