"Quite a lot of what passes itself off as dialogue about our society consists of people trying to justify their own choices. Let me propose that if your beliefs or convictions matter more to you than people—if they require you to act as though you were a worse person than you are—you may have lost perspective."
Timothy Kreider, We Learn Nothing, 2012
Gold was booming this morning, but as stocks turned around in a short squeeze gold gave back some of its early gains but still finished higher for the day, and a new high for the year.
I was out from late morning to late afternoon and so I missed the comments on the Fed minutes. No great loss.
Stocks sold off in Europe, and were selling off in the US in the early hours.
And then stocks turned around. I have heard several reasons for this. I think the most compelling is that the turnaround was led by the 'most shorted stocks.'
Healthcare sector picked up the ball and provided leadership to the upside after the initial short squeezing was dissipating.
And here I thought that July would be a quiet month for gold here in NY.
You can see from the delivery report below that the metal is moving, at least in the sense of changing hands in ownership, if not actually going anywhere in the physical sense. And that assumes it is physical in the first place, and not some hypothecated illusion.
Gold is breaking out. Silver gave us a thrill over the holiday weekend with a run to 21, but has since backed off, but held on to the 20 handle, by its fingernails.
The Non-Farm Payrolls for June will be out at the end of this week. Along with a few other economic goodies that could open the door to further shenanigans.
The British pound dropped to a 30 year low against the dollar at 1.30. Thoughts of a trip to London are crossing my mind on this, but air travel has become so tedious as compared to prior days that I hate to subject ourselves to it. And the queen, while doing well, is still a bit on the fragile side, and requires more rest than usual.
Gold needs to hold prior resistance. Let's see if it can do it. Silver needs to break out. And that looks promising.
Stocks were in a bit of a slump today, understandable after the sharp run up in the post-Brexit surge of devil-may-care confidence by the ubermenschen.
So, all in all, just a minor swing, a brief setback in the technocracies plans to rule them all with the one ring of neoliberal economic nonsense.
If one compares the US monetary base per capita vs the price of gold in US dollars, we can see a historical relationship that diverges for long periods of time, but always seems to return to a closer relationship during periods of financial stress.
This is the case that some might make for gold with a price target of $5,000 per oz., which the potential to spike as high as $12,000.
Personally I hope we do not see financial stresses that drive the price of gold to that higher level.
"The woods decay, the woods decay and fall,
The vapours weep their burthen to the ground,
Man comes and tills the field and lies beneath,
And after many a summer dies the swan."
Alfred Lord Tennyson, Tithonus
And unwilling to take a back seat in July, we saw a big 3,000 contracts of July gold stopped on the Comex yesterday as noted on the report below. As seems to be the case these days, the gold contracts came out of the HSBC house account, and were taken up by the usual suspects.
This will be a three day holiday weekend in the States. Please try to carry on.
And below is a brief video of the theme song of an old television show that I watched regularly in its day, quite precocious taste for a ten year old now it seems. But then again, there were only three black and white television stations then, so even contemporary British humour could find an audience. And like so many other British hits, in the manner of Snakes and Ladders as Chutes and Ladders, it did spawn a tamed down American version as I recall.
And of course there were always those first late night stalwarts of early television, the Tonight Show with Jack Paar, Your Show of Shows with Sid Caesar, Ernie Kovacs, and The Steve Allen Show. Hi ho, Steverino.
Old age is like being a time traveler, but in slow motion. And all that is happening now is starting to feel like Summer reruns from the 1930s.
And so, ladies and gentlemen, as the Irish story teller David Allen used to say, "Good night, thank you, and may your God go with you."
Let us pray for those whose hearts are hardened against His grace and loving kindness by greed, fear, and pride, and the seductive illusion and crushing isolation of evil.
We pray that we all may experience the three great gifts of our Lord's suffering and triumph: repentance, forgiveness, and thankfulness. And in so doing, may we obtain abundant life, and with it the peace that surpasses all understanding.
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