Gold Daily and Silver Weekly Charts

“We Americans are not usually thought to be a submissive people, but of course we are.

Why else would we allow our country to be destroyed? Why else would we be rewarding its destroyers? Why else would we all — by proxies we have given to greedy corporations and corrupt politicians — be participating in its destruction?

Most of us are still too sane to piss in our own cistern, but we allow others to do so and we reward them for it. We reward them so well, in fact, that those who piss in our cistern are wealthier than the rest of us.”

Wendell Berry

SP 500 and NDX Futures Daily Charts

As a reminder, this is a stock market option expirations week.

VIX shows complacency.

Net Asset Value Premiums of Certain Precious Metal Trusts and Funds

State of the Union Message: Tonight Was the Wish List

Tonight's State of the Union was the 'wish list.'

And there were some very fine and workable ideas contained in that avalanche of possibilities.

Tomorrow begins the hard work of coming up with a 'prioritized list.' 

And the shame is that many of the good ideas are not constrained so much by budget,  or capability, but by special interests and ideologies, and petty jealousies and in-fighting.  

And I hate to say, a growing mindset amongst the powerfully fortunate that if something does not directly benefit them in the short term by increasing their wealth and power, then it must be stopped no matter what, and the rest be damned.

And that, ladies and gentlemen, is the essence of politics, at its worst in dysfunctional organizations, companies and countries that are set against themselves, in all its inglorious ugliness. And it is a deadly entangling embrace, given the fallen state of the human condition, and the pure damned cussedness of people.

Let the games begin.

Gold Daily and Silver Weekly Charts - Plus Ca Change...

"The greatest triumph of the banking industry wasn’t ATMs or even depositing a check via the camera of your mobile phone. It was convincing Treasury and Justice Department officials that prosecuting bankers for their crimes would destabilize the global economy.”

Barry Ritholtz

As a reminder, this is a stock option expiration week.

Obama's State of the Union message this evening. Regards to the staffers watching their bosses at Bullfeathers.

There was a hit on the metals but they clawed their way back.

I include the VIX here just to show the complacency and the likely cause for the divergence between stocks and the metals. Its a 'risk on' thing and its has been going on since the Republicans blinked on the fiscal cliff.

SP 500 and NDX Futures Daily Charts - Complacency By the VIX

"The man who knows the truth and has the opportunity to tell it, but who nonetheless refuses to, is among the most shameful of all creatures."

Theodore Roosevelt

VIX is back to the lows, and SP back to new highs, although the NDX remains a big 'non-confirm.'

Japan's Finance Minister says he would like to see a 17% rally on the Nikkei by the end of March.

I suspect that Bernanke is already doing his thing and inflating another asset bubble. The only question is how long can it last, and ignore the lack of recovery.

State of the Union tonight. Set your expectations low.

As a reminder this is a stock option expiration week.

Gold Daily and Silver Weekly Charts - G7 'All Is Well' - Raid in Honor of Chinese New Year

Obama will deliver the State of the Union address tomorrow.

This week is a stock market expiration week.

Eric Sprott sees the gold scrap market drying up, and a default coming on the COMEX.

The G7 issued a statement ahead of their meeting in Moscow saying that there would be no escalation in the currency war.

To paraphrase Orwell, economic language 'is designed to make lies sound truthful and to give an appearance of solidity to pure wind.'

When the G7 show us a workable, sustainable solution to the reserve currency crisis, that is acceptable to the world at large including the BRICs, perhaps one might tend to take their diplomatic dispatches more seriously.

Meanwhile, the currency war continues as the Anglo-American economic empire, its multinational companies, and its client states resist change and reform at every opportunity in order to support a broken and corrupt financial system.

SP 500 and NDX Futures Daily Charts - Complacency and Options Expiration

Tomorrow is the State of the Union.

This week is stock options expiration.