Stocks and Precious Metals Charts - This Attractive But Deceitful World - Dr Evil Followed Up By Mini-Me

 

"The wealthiest 1 percent of Americans are the nation’s most egregious tax evaders, failing to pay as much as $163 billion in owed taxes per year, according to a new Treasury Department report released on Wednesday.

The analysis comes as the Biden administration is pushing lawmakers to embrace its ambitious proposal to invest in beefing up the Internal Revenue Service to narrow the 'tax gap,' which it estimates amounts to $7 trillion in unpaid taxes over a decade. 

The White House has proposed investing $80 billion in the tax collection agency over the next 10 years to hire more enforcement staff, overhaul its technology and usher in new information-reporting requirements that would give the government greater insight into tax evasion schemes.  The proposals have been met with deep skepticism from Republicans and business lobbyists." 

DNYUZ, The top 1 percent are evading $163 billion a year in taxes

 

"Ayn Rand's 'philosophy' is nearly perfect in its immorality, which makes the size of her audience all the more ominous and symptomatic as we enter a curious new phase in our society.  Moral values are in flux.  The muddy depths are being stirred by new monsters and witches from the deep.  Trolls walk the American night.  Caesars are stirring in the Forum.

To justify and extol human greed and egotism is to my mind not only immoral, but evil. "

Gore Vidal,  Comment, Esquire, July 1961

 

"But there is a sort of 'Ok guys, you're mad, but how are you going to stop me' mentality at the top." 

Robert Johnson, Audacious Oligarchy

 

Gold and silver were hit again today down to trend resistance, but managed to bounce back a bit into the close.

Not a Dr Evil class market swindle as we saw a week or so ago, but maybe a 'mini-me.'

Stocks were lower, even the storied big cap tech stocks.

The Dollar moved a little higher.

Again this looks like a very technical trade.

But we are entering what has proven historically to be a volatile season for stock bubbles.

Let's see what the rest of the week brings.

Have a pleasant evening.

Stocks and Precious Metals Charts - Gold and Silver Mugged On Dollar Rally

 

"Every century is like every other, and to those who live in it seems worse than all times before it.  The Church is ever ailing, and lingers on in weakness.  The cause of Christ is ever in its last agony, as though it were but a question of time whether it fails finally this day or another.

The Saints are ever all but failing from the earth, and Christ all but coming; and thus the Day of Judgment is literally ever at hand; and it is our duty ever to be looking out for it, not disappointed that we have so often said, 'now is the moment,' and that at the last, contrary to our expectation, truth has somewhat rallied."

John Henry Newman, Via Media

 

I am posting the charts early tonight and will skip the commentary, except to note the mugging of gold and silver this morning, the rise in the Dollar, on some perception about interest rates. 

Some of the miners took an extra hit over their exposure to the political unrest in Guinea.

Stocks were off but the big cap techs managed to keep on trucking. 

Today smells like teen spirit, and a technical trade after the shock Jobs Report.

I am going to see an oral surgeon (for the first time) and doubt I will feel like posting anything later. It's only one tooth that went bad under a crown but still...   Ugh.  

Have a pleasant evening.

 

 

 

 

Stocks and Precious Metals Charts - Precious Metals Soar as Weakness of Recovery Data - Holiday Weekend

 

"Gold has worked down from Alexander's time.  When something holds good for two thousand years I do not believe it can be so because of prejudice or mistaken theory."  

Bernard M. Baruch

 

“When the system is rigged, when ordinary citizens are powerless, and when whistle-blowers are pariahs at best, three things happen.  First, the worst people rise to the top.  They behave appallingly, and they wreak havoc.  Second, people who could make productive contributions to society are incented to become destructive, because corruption is far more lucrative than honest work.  

And third, everyone else pays, both economically and emotionally; people become cynical, selfish, and fatalistic. Often they go along with the system, but they hate themselves for it. They play the game to survive and feed their families, but both they and society suffer.” 

Charles H. Ferguson, Inside Job 

 

Misdeeds, once exposed, have no refuge but in audacity. And they had accomplices in all those who feared the same fate.” 

Tacitus, Annals 

 

It appears that there is a dwindling and overleveraged supply of gold and silver heading towards an unmanageable and relentless source of demand.

Or in other words, exhaustible supply meets seemingly insatiable demand.

Gold and silver rallied strongly on the much weaker than expected Jobs Report.

 The recent and illegal Dr. Evil smack down in prices comes full circle, once again. 

What a surprise. 

The assumption by the markets is that the weakness of The Recovery^TM will keep the Fed on the sidelines except for the occasional symbolic effort and jawboning.

Stocks had another ranging day, giving 'investors' vertigo.

The SP 500 could not quite regain the green, finishing slightly lower for the day.

The bubble marquee stocks ended slightly higher.

There will be a Labor Day holiday in the US on Monday, so those markets will be closed.

Have a pleasant weekend.

 

Stocks and Precious Metals Charts - As Time Goes By

 

Stocks were mixed today, with a divergence between the SP 500 and the big cap tech divas.

Gold and silver were lower.

The Dollar fell closer to the 92 handle.

We had quite the weather event, with the remnant of Tropical Storm Ida dumping eight inches of rain on our area.

We are fortunate to live on high ground.   South of here along the Raritan river the flooding was catastrophic.

It's always something.

Here's looking at you, kid. 

Have a pleasant evening