“You felt secure in your wickedness.
‘No one sees what I do,’ you said.
But your ‘wisdom’ and ‘knowledge’ have led you astray,
and you think, ‘I am the only one, and no one else matters.’
Disaster will overtake you,
and you won’t be able to charm it away.
Misfortune will descend upon you,
and you won’t be able to buy your way out.
A catastrophe will strike you suddenly,
one for which you cannot prepare."
Isaiah 47:10-11
Stocks finished slightly higher today, after hitting new highs early but then giving most of them up after Trump's speech at noon.
Gold finished slightly higher along with the Dollar. Siver was of a bit.
There will be a stock market option expiration on Friday.
This rally is in its third leg short term, and is looking very tired.
Let's see if it ralies higher or sells off after Jay Powell's testimony tomorrow at 11 AM.
The Monday Night Football game between the 49ers and the Seahawks was one of the best I have seen in some time.
A large storm front came through here this afternoon, dropping temperatures about 40 degrees. We are expecting a hard freeze tonight. The areas on the Great Lakes will be enjoying some serious lake effect snow.
44th Anniversary of the Wreck of the Edmund Fitzgerald
"And do not bring sorrow to the Holy Spirit of God, by whom you were marked for the day of redemption. Let all bitterness, and wrath, and anger, and harsh words, and slander be removed from you along with all malice.
Instead, be kind to one another, compassionate, and forgiving of one another as God in Christ Jesus forgives you."
Ephesians 4:30-32
"If you forgive other people their failings, your Heavenly Father will likewise forgive you. But if you do not forgive others, your Father in Heaven Father will not forgive you.”
Matthew 6:14-15
Gold was hit in another attempt to shake more futures contracts loose. The Banks want to cover and cash in on their short positions. Silver was sightly higher, and the Dollar was slightly lower.
Stocks were lower most of the day, but managed to take back some of their losses in the late afternoon hours in very quiet trading.
First is a chart below of the three recent major price declines, bear attacks driven by concerted contract dumping by a bullion banks holding heavy short positions. We know this by the volume of contracts being suddenly put forward on the 'sell side.'
And second is a comparison of the two major gold corrections from this year.
As you may recall the Spring 2019 gold correction resolved into a very brisk rally to the upside, as the shorts were squeezed by determined buying by large speculators.
Let's see how this latest price decline resolves.
And let us remember that eliminating and hobbling regulators does not result in freer markets and fairer price discovery, anymore than eliminating law enforcement would result in a safer and more orderly freeways, human nature being what it is, and what it is not. Except in the propaganda put forward by the hirelings and mouthpieces of would be market manipuators and bankster serial felons.
“A business man who was also a biologist and a sociologist would know, approximately, the right thing to do for humanity. But, outside the realm of business, these men are stupid. They know only business. They do not know mankind nor society, and yet they set themselves up as arbiters of the fates of the hungry millions and all the other millions thrown in. History, some day, will have an excruciating laugh at their expense."
Jack London, The Iron Heel
"I met a traveller from an antique land,
Who said— 'Two vast and trunkless legs of stone
Stand in the desert. Near them, on the sand,
Half sunk a shattered visage lies, whose frown,
And wrinkled lip, and sneer of cold command,
Tell that its sculptor well those passions read
Which yet survive, stamped on these lifeless things,
The hand that mocked them, and the heart that fed;
And on the pedestal these words appear:
'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
“It seemed that out of every tear of a martyr new confessors were born, and that every groan on the arena found an echo in thousands of breasts. Caesar was swimming in blood, Rome and the whole pagan world was mad. But those who had had enough of transgression and madness, those who were trampled upon, those whose lives were misery and oppression, all the weighed down, all the sad, all the unfortunate, came to hear the wonderful tidings of God, who out of love for men had given Himself to be crucified and redeem their sins."
Henryk Sienkiewicz, Quo Vadis
As the first chart below indicates, the excesses of the bubble economy continue to build.
The resolution of this gross imbalance and malfeasance will be, by all historical accounts, 'unexpected' but tangibly impressive.
History is about to punch the proud and the self-anointed elite in the face.
Try to stay out of their way when they fall down. They will try to use you and yours to break their fall.
Stocks went out on the new highs in relatively light volume.
The VIX shows complacency. There is a proud complacency, buttressed by the Fed and the plutocrats' servants in public office.
Gold and silver were whacked lower again. In particular it was a little surprising to see silver give up the 17 handle.
The bullion banks are determined to cover those shorts, and avoid the loss that they have been carrying.
In light of the new price movements I have amended the chart formations for gold and silver.
The Bond markets and Banks will be closed on Monday for Veteran's Day. The rest of the markets will be open.
Given our excesses, begin to expect the unexpected.
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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