NAV Premiums of Certain Precious Metal Trusts and Funds

End of month gut check for the precious metals.

 

Gold Daily and Silver Weekly Charts - Metals Pelted with Puff Balls on FOMC/Expiration

"Precious metals are financial assets like currencies, T-Bills and T-bonds.  They trade in the multiples of a hundred times the underlying physical, and so people buying them are voting and giving an economic view of the world or a view of the economic world..."

Jeff Christian in testimony to the CFTC


"It's [price manipulation] because gold is a powerful competitive international currency that, if allowed to function in a free market, will determine the value of other currencies, the level of interest rates, and the value of government bonds.

Gold's performance is usually the opposite of the performance of government currencies and bonds. Hence central banks fight gold to defend their currencies and bonds.

The problem is that central bank tactics in this fight affect more than gold; they affect markets generally and eventually destroy markets generally. This destruction of markets now has a name, a name used even by former members of the Federal Reserve Board. That name is 'financial repression.'"

Chris Powell

It was capping time, but no real serious hit on the metals on an FOMC day.

Equities maintain an upward bias as it looks like QE as far as the eye can see, at least into next year, lol.

There was no movement in or out of the Comex warehouses, highlighting the ephemeral paper nature of the US exchange.

God's judgement will fall heavily on the self-proclaimed exceptional.  Guarding against this is at least, if not more, important than protecting your savings.   For what does it profit a man...

Let us all keep this in mind even as the hysteria of the one percent grows, and the lies pile higher, driven by the cold winds of selfishness and self-destructive greed.

Have a pleasant evening. And try to remember those who will not.

Austerity, so the innocent may die, to salve the Banks' and fortunate ones' false pride.

SP 500 and NDX Futures Daily Charts - FOMC

The Fed basically said and did nothing new today. The economic news is weak.

Stocks sold off a bit on the news after the FOMC announcement.

Otherwise it is just business as usual.

After the bell Facebook beat revenue and earnings estimates.

Starbucks gave a cautionary outlook but boosted its dividend.

NAV Premiums of Certain Precious Metal Trusts and Funds

The metals are a bit quiet considering the circumstances of post-option expiration and FOMC day.

War of the Worlds: 30 October 1938

Remembering the 84th Anniversary of Black Tuesday, 29 October 1929

"The truly savage and frenetic part of New York, the terrible, cold, cruel part, is Wall Street.

Rivers of gold flow there from all over the earth, and death comes with it. There, as nowhere else, you feel a total absence of the spirit: herds of men who cannot count past three, herds more who cannot get past six, scorn for pure science and demoniacal respect for the present.

And the terrible thing is that the crowd that fills this street believes that the world will always be the same, that it is their duty to keep that huge machine running, day and night, forever...

I was lucky enough to see with my own eyes the recent stock-market crash, where they lost several billion dollars, a rabble of dead money that went sliding off into the sea. Never as then, amid suicides, hysteria, and groups of fainting people, have I felt the sensation of real death, death without hope, death that is nothing but rottenness, for the spectacle was terrifying but devoid of greatness.

And I, who come from a country where, as the great father Unamuno said, “at night the earth climbs to the sky,” I felt something like a divine urge to bombard that whole canyon of shadow, where ambulances collected suicides whose hands were full of rings."

Federico Garcia Lorca, A Poet In New York, October 1929