Gold Daily and Silver Weekly Charts - Failing Policies of the Financial Engineers

"The enormous gap between what US leaders do in the world and what Americans think their leaders are doing is one of the great propaganda accomplishments of the dominant political mythology."

Michael Parenti

Gold and silver marked time today, digesting their recent gains.

 

But they are also being held to the 'round numbers' of 1200 and 17.   This is perception management.

 

The economic establishment and their Federal Reserve are failing, and badly.  They are frightened, but do not know what to do, and so they keep doing the same things, over and over.

 

Their failures are the direct result of intellectual dishonest and systematic injustice.  The credibility trap has them bound to policy failures that somewhat ironically will bring them down.

 

They have lied so often that one wonders if they can even understand the truth.  They certainly put enough pressure on keeping anyone of note from dissenting against their madness and their lies.

 

The only thing exceptional about the West is their exceptional self-delusion about their own goodness and secure position on the moral high ground of history.    

 

Have a pleasant evening.

 

 

 

SP 500 and NDX Futures Daily Charts - Where's The Recovery™ - Shout and Feel It

 

"We cannot look to the conscience of the world when our own conscience is asleep."

Carl von Ossietzky, German editor of Die Weltbühne, awarded the Nobel Peace Prize in 1935

"It would be no sin if statesmen learned enough of history to realize that no system which implies control of society by privilege seekers has ever ended in any other way than collapse."

William Dodd, historian and US Ambassador to Germany, 1933

There isn't any recovery.  Or at least the false recovery that has been erected is showing great holes through its painted canvas and thin veneer of distorted statistics.

The Fed will still raise interest rates at least once or twice, for 'technical reasons' that have nothing to do with the real economy and everything to do with their own financial engineering practices and the desires of the financiers.

The credibility trap remains a powerful snare for the pampered princes and princesses.  How can they admit what is wrong without endangering their own privileged positions and undermining the 'authority' that they so undeservedly enjoy?

 

And so by example and by continuing reinforcement, lies and deception have become the generally accepted way of doing business in the land of the exceptional.  Exceptionally self-deluded that is.

 

The Banks must be restrained, and the financial system reformed, with balance restored to the economy, before there can be any sustainable recovery.

Have a pleasant evening.

 

Gold Daily and Silver Weekly Charts - Hey Boparee Bop, Bop Bop Sh'Bop

Gold and silver were bumping their heads pretty hard against overhead resistance after the first hour this morning as Bill Dudley of the NY Fed was out jawboning the stock markets higher as equities were in meltdown mode, threatening to break some key support.

This had the effect of putting a fire under the metals, which were carefully capped at the 2 percent level.

The metals did give some of it back to profit taking in the late afternoon.

This is some rough stuff overhead. Let's see if the metals can push through it.

That big swing in stocks today, off a little jawboning by Goldman's man at the NY Fed, should give you a hint at how disconnected valuations are from anything remotely resembling economic fundamentals.

Keep on truckin'.

Have a pleasant evening.

 

SP 500 and NDX Futures Daily Charts - Swing Kids of Wall Street

You might have missed it if you were not watching the futures markets, but from last Friday's huge miss the stock futures had plunged, triple digits in the DJIA and quite a bit in the SP 500.

That drop showed up on the open of the cash markets this morning.

William Dudley, erstwhile alumnus of Goldman Sachs and head of the deeply conflicted NY Fed was out this morning promising very slow and shallow increases in interest rates, even if the Fed does finally 'pull the trigger' this year.

Well, that bit of jawboning was enough to trigger a rocket rally in the stock markets, and also lit a fire under gold, silver and even crude oil.

So all in all, a triple digit swing both ways in the Dow Industrials, and the SP futures continues to oscillate in about a 40 point trading range.

This looks like a 'have your cake and eat it too' standoff at the Fed.

Swing heil!

Have a pleasant evening.

NAV Premiums of Certain Precious Metal Trusts and Funds

Enthusiasm seems somewhat subdued based on the negative premiums of these trusts and funds.

Remembering the 47th Anniversary of Martin Luther King's Last Public Words

"We ask for peace and freedom for the many men and women subject to old and new forms of enslavement on the part of criminal individuals and groups. Peace and liberty for the victims of drug dealers, who are often allied with the powers who ought to defend peace and harmony in the human family. And we ask peace for this world subjected to arms dealers.

May the marginalized, the imprisoned, the poor and the migrants who are so often rejected, maltreated and discarded, the sick and the suffering, children, especially those who are victims of violence; all who today are in mourning, and all men and women of goodwill, hear the consoling voice of the Lord Jesus: "Peace to you! Fear not, for I am risen and I shall always be with you."

Francis I, Urbi et Orbi, 2015

“The tyrant dies and his rule is over;  the martyr dies and his rule begins.”

Søren Kierkegaard

Martin Luther King gave this speech on 3 April 1968 in Memphis, Tennessee.

 

On 4 April 1968, Dr. Martin Luther King, Jr. was assassinated.

"O Jerusalem, Jerusalem, you who kill the prophets and abuse those whom God has sent as messengers to you.

How often I have longed to gather your children together, as a hen gathers her young under her wings. But you would not let me.

As you willed, your house is now yours— but is made desolate.’”

Chart Updates of the Stock Futures For the Day

'Truly I tell you, whatever you did not do for one of the least of these, you did not do for me.'

Matt 25:45

“Unless the world learns the lessons these pictures teach, night will fall.  But, by God’s grace, we who live will learn.”

Richard Crossman, Night Will Fall, 2014

The Jobs Number was very disappointing, but will most likely be attributed to the weather.

Stocks futures had sold off on light volumes.

Regular trading and markets are closed for Good Friday.

I will see you on Sunday evening.

Have a pleasant weekend.