Stocks and Precious Metals Charts - Jackson Hole's Big Finish! - Non-Farm Payrolls Next Week

 

"The sense of responsibility in the financial community for the community as a whole is not small.  It is nearly nil.  Perhaps this is inherent.  In a community where the primary concern is making money, one of the necessary rules is to live and let live.  To speak out against madness may be to ruin those who have succumbed to it.  So the wise in Wall Street are nearly always silent.  The foolish thus have the field to themselves.  None rebukes them."

John Kenneth Galbraith, The Great Crash of 1929 

 

“There are two ways to be fooled. One is to believe what isn't true; the other is to refuse to believe what is true.” 

Søren Kierkegaard 

 

“When we trade the effort of doubt and debate for the ease of blind faith, we become gullible and exposed, passive and irresponsible observers of our own lives.   Worse still, we leave ourselves wide open to those who profit by influencing our behavior, our thinking, and our choices.  At that moment, our agency in our own lives is in jeopardy.” 

Margaret Heffernan 

 

“The second factor contributing to speculative euphoria and programmed collapse is the specious association of money and intelligence. There can be few fields of human endeavor in which history counts for so little as in the world of finance.” 

John Kenneth Galbraith, A Short History of Financial Euphoria 

Fed Chairman Jay Powell gave some fiarly dovish comments today in his keynote speech at Jackson Hole.

It was absolutely no surprise to anyone who have been following things closely.

But it apparently surprised the markets (yeah right), which took off higher, going out near the highs.

The Russell 2000 was a top performer for a change of pace.

Gold and silver were shining, especially in the aftermath of the utterly obvious and heavy-handed take down last week by one or more of the short interest holding Banks.

Next week there will be a Non-Farm Payrolls report on Friday, ahead of the three day holiday weekend.

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

Have a pleasant weekend.

Stocks and Precious Metals Charts - Live From the Jackson Snake-Hole Lounge

 

“In the history of every great catastrophe, you will find that some masterly bit of stupidity sets fire to the oil-soaked rags.” 

Edwin Lefèvre

 

"The cruelest lies are often told in silence." 

Robert Louis Stevenson

 

"The world is ours, we are its lords, and ours it shall remain.  As for the host of labor, it has been in the dirt since history began, and I read history aright.  And in the dirt it shall remain so long as I and mine and those that come after us have the power.” 

Jack London, The Iron Heel 

 

“I recognize that there is a stock market bubble problem at this point, and I agree with Governor Lindsey that this is a problem that we should keep an eye on.  We do have the possibility of raising major concerns by increasing margin requirements.  I guarantee that if you want to get rid of the bubble, whatever it is, that will do it.” 

Alan Greenspan, FOMC Minutes, September 24, 1996

 

It is difficult to get a man to understand something, when his salary depends on his not understanding it.” 

Upton Sinclair

"We run carelessly to the precipice, after we have put up a façade to prevent ourselves from seeing it.” 

Blaise Pascal

 

Stocks slumped today on the news of a brutal terror bombing among the evacuees at Kabul Airport. 

Gold and silver were both hit, as is customary for an option expiration on the Comex.

Gold managed to take back its losses and finish in the green.  Silver not so much. 

The Dollar was up a bit, just taking back the 93 handle.

Fed Chair Jerome Powell will be giving the keynote address at Jackson Hole tomorrow.

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

Have a pleasant evening.

Stocks and Precious Metals Charts - Rhinestone Cowboys - J Hole Falling into a Policy K Hole

 

"Day by day the money-masters of America become more aware of their danger, they draw together, they grow more class-conscious, more aggressive.  American political corruption was the buying up of legislatures and assemblies to keep them from doing the people's will and protecting the people's interests; it was the exploiter entrenching himself in power, it was financial autocracy undermining and destroying political democracy.  

By the blindness and greed of ruling classes the people have been plunged into infinite misery." 

Upton Sinclair, The Brass Check 

 

"If you have not chosen the kingdom of God first, it will in the end make no difference what you have chosen instead.”

William Law

Stocks were mostly unchanged ahead of Jerome Powell's keynote speech on Friday at Jackson Hole.

I doubt that he will say anything that is market moving, but it won't take much to perturb a bubble of this magnitude.

Gold was hit by selling ahead of the option expiration that is mostly irrelevant to it.

Silver held steady.  It has more stake in the expiration.

The US Dollar moved a bit lower into the close.

Have a pleasant evening.

 

Stocks and Precious Metals Charts - Slouching Towards Jackson Hole

 

"God, grant me the capital to accept the things I cannot change; the reserves to change the things I can; and the Fed Auction when all that blows up."

Calculated Risk

 

“The job of the Federal Reserve is 'to know when to remove the punch bowl at the party.'   Under Alan Greenspan’s leadership its motto became let’s all get drunk and see what happens." 

Said Elias Dawlabani 

 

“It is difficult to get a man to understand something, when his salary depends on his not understanding it.” 

Upton Sinclair

 

"He who does not bellow the truth when he knows the truth makes himself the accomplice of liars and forgers." 

 Charles Peguy

 

Stocks were marginally higher to almost unchanged ahead of the Fed's symposium on Thursday and Friday. 

The dollar slipped under the 93 handle. 

Gold was nominally unchanged while silver managed to move a bit higher, compounding its recent gain. 

There will be a precious metals option expiration on the Comex on Thursday. 

The situation remains volatile, and given over to short term speculative swings. 

 Have a pleasant evening.