Stocks and Precious Metals Charts - The Bezzle - Panic in the NY and London Gold Markets

“In many ways the effect of the crash on embezzlement was more significant than on suicide.  To the economist embezzlement is the most interesting of crimes.   Alone among the various forms of larceny it has a time parameter.  Weeks, months, or years may elapse between the commission of the crime and its discovery. (This is a period, incidentally, when the embezzler has his gain and the man who has been embezzled, oddly enough, feels no loss.  There is a net increase in psychic wealth.)

At any given time there exists an inventory of undiscovered embezzlement in — or more precisely not in — the country’s businesses and banks.   This inventory — it should perhaps be called the bezzle — amounts at any moment to many millions of dollars.   It also varies in size with the business cycle.  In good times people are relaxed, trusting, and money is plentiful. But even though money is plentiful, there are always many people who need more.

Under these circumstances the rate of embezzlement grows, the rate of discovery falls off, and the bezzle increases rapidly.   In depression all this is reversed.  Money is watched with a narrow, suspicious eye.   The man who handles it is assumed to be dishonest until he proves himself otherwise.  Audits are penetrating and meticulous. Commercial morality is enormously improved.  The bezzle shrinks."

John Kenneth Galbraith, The Great Crash of 1929


“Government has coddled, accepted, and ignored white collar crime for too long.  It is time the nation woke up and realized that it's not the armed robbers or drug dealers who cause the most economic harm, it's the white collar criminals living in the most expensive homes who have the most impressive resumes who harm us the most.  They steal our pensions, bankrupt our companies, and destroy thousands of jobs, ruining countless lives.”

Harry Markopolos


"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


"You are of your father the devil, and your will is to fulfill your father's desires.   He was a murderer from the beginning, and does not stand with the truth, because there is no truth in him.  When he lies, he speaks from his own character— for he is a liar and the father of lies."

John 8:44

Dürer, St Jerome In His Study

"Rejoice in the Lord always; and again I say, rejoice. Let your gentleness and consideration be known to all, for the Lord is always near. Do not be anxious about anything. But with prayer, and by supplication, and with thanksgiving, let your needs be made known unto God. And the peace of the Lord, which surpasses all understanding, will guard your hearts and your minds, in Christ Jesus."

Philippians 4:4-7

Today was a major option expiration for the precious metals April contracts on the Comex.

Gold and silver were hit back to unchanged in the afternoon trade in NY.

The discrepancy between 'spot' quotes and the front month April futures quote for gold continues.

The Dollar continued its decline.

Stocks soared, with the SP 500 and the NDX gaining back even more ground off of their lows.

Please take care of yourselves, and follow the guidelines from the CDC as best you can.

And do not fall into the web of lies being put forward by those who care nothing for you and your families.

I do not think it has ever been more clear for us to see than now.

Have a pleasant evening.

Stocks and Precious Metals Charts - American Oddities - Comex Options Expiration Tomorrow

"Gentlemen! I too have been a close observer of the doings of the Bank of the United States. I have had men watching you for a long time, and am convinced that you have used the funds of the bank to speculate in the breadstuffs of the country.

When you won, you divided the profits amongst you, and when you lost, you charged it to the bank. You tell me that if I take the deposits from the bank and annul its charter I shall ruin ten thousand families. That may be true, gentlemen, but that is your sin!

Should I let you go on, you will ruin fifty thousand families, and that would be my sin! You are a den of vipers and thieves. I have determined to rout you out, and by the Eternal, (bringing his fist down on the table) I will rout you out."

Andrew Jackson,  Taken from the original minutes of the Philadelphia bankers meeting from Andrew Jackson and the Bank of the United States (1928) by Stan V. Henkels


"Both religion and socialism thus glorify weakness and need.  Both recoil from the world as it is: tough, unequal, harsh.  Both flee to an imaginary future realm where they can feel safe.  Both say to you, be a nice boy.  Be a good little girl.  Share.  Feel sorry for the little people.  And both desperately seek someone to look after them—whether it be God or the State.

A thriving upper class accepts with a good conscience the sacrifice of untold human beings, who, for its sake, must be reduced and lowered to incomplete human beings, to slaves, to instruments...  One cannot fail to see in all these noble races the beast of prey, the splendid blond beast, prowling about avidly in search of spoil and victory; this hidden core needs to erupt from time to time, the animal has to get out again and go back to the wilderness.”

Friedrich Nietzsche


"The LameStream Media is the dominant force in trying to get me to keep our Country closed as long as possible in the hope that it will be detrimental to my election success. The real people want to get back to work ASAP. We will be stronger than ever before!"

Donald J. Trump, March 25, 2020


“There's a reason narcissists don't learn from mistakes and that's because they never get past the first step which is admitting that they made one. It's always an assistant's fault, an adviser's fault, a lawyer's fault. Ask them to account for a mistake any other way and they'll say, 'what mistake?'

Narcissism falls along the axis of what psychologists call personality disorders, one of a group that includes antisocial, dependent, histrionic, avoidant and borderline personalities.  But by most measures, narcissism is one of the worst, if only because the narcissists themselves are so clueless."

Jeffrey Kluger, The Narcissist Next Door

The stimulus bill was held up today, in part because a section was written badly, and then as various GOP Senators were using this delay to object to the amount of money being given to the unemployed.

The Sentaors are very concerned that giving too much money to unemployed people might make them lazy.  That's funny, because they also think giving too much money to failed corporate elites will make them smarter and more virtuous.

Bernie Sanders weighed in, and said if these Senators do not drop this constant objecting about unemployment, that he would personally put a hold on the bill until stricter standards are placed on the massive corporate bailouts.  Ouch.

Oh well, such are the times.

The stock markets tried to make it two days in a row with another up day,  Alas, it was not to be, although the spokesmodels were pleasuring themselves throughout the morning with talk of a second day of 'the biggest stock market rally since 1933.'

And the pundits were urging the public to buy, buy, buy.

Gold remains in a very odd situation.

The premium of the gold futures over the spot market is the largest that we have seen in a very, very long time, since the late 70's early 80's, which were indeed exciting times for gold.

I have included a chart of this below.

Word of a 'fail to deliver' on physical in NY has been rampant, although the fingers are being point at— wait for it— the coronavirus.

Funny, since the stores of gold supposedly in the Comex warehouses right now are so vast.

Silver has been in a strong rally mode, briefly tagging the 15 handle today before falling back a bit.

Tomorrow will be an option expiration for the metals on the COMEX.

The behavior of the LBMA and the COMEX have been what one might expect from such august establishments of secrecy and privilege.

One can only wonder.

Have a pleasant evening.

Stocks and Precious Metals Charts - Gold and Silver Roar Higher - The Fed Owns a Printing Press

Please let it work this time!

"The ideal subject of totalitarian rule is not the convinced Nazi or the dedicated communist, but people for whom the distinction between fact and fiction, true and false, no longer exists.”

Hannah Arendt, The Origins of Totalitarianism


"It is a far, far better thing to have a firm anchor in nonsense than to put out on the troubled seas of thought."

John Kenneth Galbraith, The Affluent Society

It sometimes seems like we have cast off from our anchor even in nonsense, and have set ourselves adrift on a sea of make believe, if not wanton fantasy.

Stocks went roaring higher, going limit up last night, as the Fed has declared its intentions to underpin the markets to an extraordinary degree.

And so in response to this cash bazooka blast gold and silver went ripping higher today.

This was no safe haven buying, as was shown in the soaring risk assets and declining dollar.

No, this was a rush to sound money, and protection against future monetary debasement.

Gold in particular was tough for some to track. The popular Kitco site was completely off for most of the day in their gold quotes.

The appropriate quote could be found by looking at the futures front month which is April.

Adding to this blast in gold is word of an increasing physical short squeeze in NY and in London.

This was blamed of course on supply chain problems caused by the coronavirus.

Funny how the Comex warehouse reports show plenty of gold available in the NY vaults. Uh huh.

There will be a metals option expiration on the Comex on the 26^th.

Trump says he wants America back and open for business by Easter.  He discussed it with some powerful hedge fund operators this morning and they seem to have agreed.

His medical and scientific advisors, not at all.

This should prove to be interesting.

Need little, want less, love more, for those who abide in love abide in God, and God in them.

Have a pleasant evening.

Feeding the Fires of Moloch

"Power will achieve its murderous potential.  It simply waits for an excuse, an event of some sort, an assassination, a massacre in a neighboring country, an attempted coup, a famine, or a natural disaster, to justify the beginning of murder en masse."

R. J. Rummel


"A culture that does not grasp the vital interplay between morality and power, which mistakes management techniques for wisdom, and fails to understand that the measure of a civilization is its compassion, not its speed or ability to consume, condemns itself to death.”

Chris Hedges


"The inability to identify with others was unquestionably the most important psychological condition for the fact that something like Auschwitz could have occurred in the midst of more or less civilized and innocent people. What is called 'fellow traveling' (collaboration) was primarily business interest: one pursues one’s own advantage before all else and, simply not to endanger oneself, does not talk too much. That is a general law of the status quo."

Theodor Adorno


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."

Commemorative Tablet at Tiergartenstraße 4, Berlin

The Aktion T4 Programme provided the expertise, the administrative practices, and the bureaucratic rationales required to build the mass extermination facilities and the camps for designated victims.

The beginning of social Darwinism is financial Darwinism, the unjust and willful allocation of means and opportunity.  This enriches the favored, and permits the oppressed to be more easily labeled as inferior, useless eaters, life unworthy of life. 

Thinning their ranks at a distance becomes easy to rationalize, and after a time a purely practical routine, like cutting the grass.

The root of it all is greed, pride, and the will to power, the desire of a select few to determine the value of all life, and to define both good and evil.  And they see themselves as the ultimate good. 

Their handiwork is not life, but a profound emptiness, the abomination of desolation.

They never have enough. Not enough money, not enough power, not enough killing. They cannot give life, so they will bring death.  They fear weakness and death, so they attempt to be its master.

They would be as gods.  And in their pride they make themselves, and all those around them, not masters but monsters.