Stocks and Precious Metals Charts - A Flight to Safety - Non-Farm Payrolls Fails To Stop Gold Haven Buying

Stocks were plummeting on the overnight.  Same old same old.

They plunged much further during the day, with the SP futures down over 100 points.  But as is now often the case they managed to take back a chunk of their losses into the close.

Gold rocketed during the early trade to 1690, in an obvious a flight to safety.

And then the Non-Farm Payrolls Party Crowd just wantonly smashed gold down to 1242, by pretty much dumping contracts into the market to 'run the stops.'

And then, having achieved their objective or more likely run out of energy, the market for gold went back up again to retest the 1690 level.   Wheee!!

If the US markets were not so serious to pension funds, corporations, and investors this would almost be funny, in the manner of the Three Stooges of trading, full of obvious nonsense and shenanigans..


I think that those who still say that there is no manipulation in these markets must have issues of one sort or another.

If the precious metals are not manipulated then they would seem to be the only market that is not, given all the scandals and serial felonies, albeit addressed by wristslaps, over that past fifteen years.

This is not a good way to support a major global industry and serve legitimate companies and customers.   But it does pay off very well for the well connected white collar criminal types, and their enablers.

Next week is next week, but most likely more of the same. I suspect we will keep seeing extreme volatility ahead, as the US financial system continues to come to terms with its own obvious mortality.

Have a pleasant weekend.

Stocks and Precious Metals Charts - And What Rough Beast, Its Hour Come Round At Last...

"Thou shalt not sacrifice any of your children to the fires of Moloch, and thereby profane the name of your Lord, who is God."

Leviticus 18:21


"The perpetrators were scholars, doctors, nurses, justice officials, the police and the health and workers’ administration.

The victims were poor, desperate, rebellious or in need of help. They came from psychiatric clinics and childrens hospitals, from old age homes and welfare institutions, from military hospitals and internment camps.

The number of victims is huge, the number of offenders who were sentenced, small."

Aktion T4 Commemorative Tablet, Tiergartenstraße 4, Berlin

Up 1000 points one day, down 1000 points the next.

This may be the kind of violent action that precedes a serious break in the market, similar to what was seen in early 1929.  It made people dizzy.  Until they became crazy.

The crash is on my mind because Season 3 of Babylon Berlin just ended with scenes from the Berlin stock exchange in October 1929.  It was fairly graphic.

Today we were down on coronavirus fears. Some think that they are just a hoax, a plot to make leaders like Trump and Boris Johnson look bad.

Gold and silver were up sharply. The Dollar continued its slide.

Tomorrow there will be a non-farm payrolls report. It will be 'backward-looking' in the sense that it wil likely not caprure any of th eeconomic imact of the coronavirus quarantines.

On the NY Comex warehouses report it shows the amount of 'pledged' gold is now over 500,000 ounces.

The NY Fed is creating a place on the web for resources to study economic inequality.

This is like the British East India company initiating a study on the negative effects of mercantile colonialism.

The New York Fed is pleased to announce the launch of a hub on Economic Inequality and Equitable Growth. Through this initiative, the New York Fed conducts research to better understand what contributes to economic inequality in its many forms.  With a better understanding of the problem, we look to convene key stakeholders like you to discuss best practices and new strategies to support equitable growth in the region and the nation.  This new web page will house current New York Fed research and analysis, resources from the Federal Reserve System, content from trusted external organizations, and highlight events and forums that promote solutions to make communities more prosperous.

We hope you find the resources on this page beneficial.

People will do what they will do, and believe what they wish to believe.  Generally that which is convenient for them, and flatters them.

Men go mad in herds it is well said, but come back to their senses one at a time.

But until then, they flock to their favorite liars desperately, like addicts in need of a fix of confirming and flattering lies, as a way of avoiding reality.

Have a pleasant evening.

Stocks and Precious Metals Charts - Wir Sind Uns Lang Verloren Gegangen - Counting Days

"I know nothing that I may say can influence you.  You have no souls to be influenced. You are spineless, flaccid things.  You pompously call yourselves Republicans and Democrats.   There is no Republican Party.   There is no Democratic Party.  There are no Republicans nor Democrats in this House.  You are lick-spittles and panderers, the creatures of the plutocracy.”

Jack London, The Iron Heel


“‘The dead will lie on open fields,
like sheaves behind the reaper,
with no one to gather them.
So let not the wise boast of their wisdom
or the strong boast of their strength
or the wealthy boast of their riches,
but let the one who boasts boast about this:
that they have the understanding to know my ways.'"

Jeremiah 9:22-24


"Beauty is but a flower
Which wrinkles will devour;
Brightness falls from the air;
Queens have died young and fair;
Dust hath closed Helen’s eye.
I am sick, I must die.
Lord, have mercy on us."

Thomas Nashe, A Litany In Time of Plague

Stocks were rallying deliriously today, as they did the other day, before they were plummeting seemingly in a panic of despair.

Gold was off a bit and the dollar was slightly higher. Silver marked time in place.

The spokesmodels were calling this a relief rally, with Wall Street being relieved with the triumphant performance of Joe Biden in the primaries over Bernie Sanders.

There was a notable rally in the health care sector.

There is no surprise that the one percent love the status quo.

Now they are counting votes, with an eye to a triumph in November.

Let them count the days instead, so that they may know what they have squandered in their greed and in their pride.

We have been lost for a long time.

Perhaps we can find our way again.

Have a pleasant evening.

Stocks and Precious Metals Charts - Risk Off - And Back Down Stocks Go Again

"We looked into the abyss if the gold price rose further.  A further rise would have taken down one or several trading houses, which might have taken down all the rest in their wake.  Therefore at any price, at any cost, the central banks had to quell the gold price, manage it. 

It was very difficult to get the gold price under control but we have now succeeded.  The US Fed was very active in getting the gold price down. So was the U.K."

Sir Eddie George, Governor Bank of England to Nicholas J. Morrell, chief executive of Lonmin Plc, 1999

The Fed did a 50 basis point rate cut today because of the deteriorating economic conditions due to the coronavirus.  And the collapsing asset bubble, but that was unspoken.

The big risk on rally of yesterday and this morning, with the slaughter of the gold price last week, did a complete turnaround on the rate cut news, with the Dollar and stocks falling, and gold and silver rallying back much of what they had lost.

There is little doubt in my mind that the big knockdown on the metals the other day was to prepare the way for this rate cut.

Otherwise the price of gold may have broken through 1700, and some bullion banks carrying heavy to the short side positions might have been hurt, as the managed monetary marketeers lost their 'control' over the paper price of gold in NY and London.

Shortly after that big surprise rate cut, Trumpolini was complaining that it wasn't big enough, and the Fed should have cut more.

The Fed of course is not interested in getting anywhere near the zero bound again.  It seriously inconveniences them in their policy degrees of freedom.

And as always, the Banks.

Anyone who thinks that the dampening economic impact of the coronavirus is going to fade quickly in Asia is living in some alternative reality.

It is the knock on effects of the quarantines and closures on economic activity that is the biggest concern overall for the markets.

Today is Super Tuesday, and there will be a number of Democratic primary elections that may shed some clarity on the newly reduced field of candidates.  The Democratic Establishment is making its all out attempt to 'stop Bernie' and provide 'more of the same.'  The GOP is already in full pig-on mode.  No surprises expected there.

Rough seas ahead, mateys.   Now is not the time for non-professionals to get tactical and try to trade short term.

Get right and sit tight.  Values and reality still count for something, at least at the end of the month.

Have a pleasant evening.