Gold Daily and Silver Weekly Charts

Gold and silver were hit hard today in honor of the Non-Farm Payrolls Report.

China is on holiday for National Week.

Nothing of particular interest happened in the Comex or its warehouses yesterday.

The sheer arrogance of the NY Fed still has me taken aback. They really do not see what is coming.

Today is one of those absolutely charming 'Indian Summer' days in October that are far too nice to spend much time listening to 'financial journalists' spinning puerile tales about the economy in the style of The View.

So I am out of here.

The markets will always be there.  Well perhaps not all of them.  The Comex seems to have diminishing value and a shorter half-life than some.

Have a pleasant weekend.

SP 500 and NDX Futures Daily Charts - Big Bounce Off Support

Stocks in the US came off support with a sharp rally based on 'better than expected' headline job additions number from the Non-Farm Payrolls Report.

The actual number of jobs estimated to have been added exceeded expectations at 248,000 vs. a consensus of 210,000.

The jobs that were added were weak, low paid jobs being taken primarily by older people in the 55+ category service industry.

Wage growth fell short at "zero" as in stagnant, and losing ground in real terms.

There is no recovery.

 

 The financial sector continues to skim the life off the American economy.

Have a pleasant weekend.

 

Bill Moyers with Bill Black: Chasing Mice While Lions Roam the Campsite

"The Clinton, Bush and Obama administrations all could have prevented the financial meltdown...We have created the incentive structures that are going to produce a much larger disaster.”

William K. Black

The big thieves hang the little ones.

Unrestrained Capitalism and The Will To Power and Possession

Serve whom you will, but know whom you serve.

"Our human family is presently experiencing something of a turning point in its own history, if we consider the advances made in various areas. We can only praise the positive achievements which contribute to the authentic welfare of mankind, in fields such as those of health, education and communications.

At the same time, we must also acknowledge that the majority of the men and women of our time continue to live daily in situations of insecurity, with dire consequences.

Certain pathologies are increasing, with their psychological consequences; fear and desperation grip the hearts of many people, even in the so-called rich countries; the joy of life is diminishing; indecency and violence are on the rise; poverty is becoming more and more evident. People have to struggle to live and, frequently, to live in an undignified way.

One cause of this situation, in my opinion, is in the our relationship with money, and our acceptance of its power over ourselves and our society. Consequently the financial crisis which we are experiencing makes us forget that its ultimate origin is to be found in a profound human crisis. In the denial of the primacy of human beings! We have created new idols. The worship of the golden calf of old has found a new and heartless image in the cult of money and the dictatorship of an economy which is faceless and lacking any truly humane goal.

The worldwide financial and economic crisis seems to highlight their distortions and above all the gravely deficient human perspective, which reduces man to one of his needs alone, namely, consumption. Worse yet, human beings themselves are nowadays considered as consumer goods which can be used and thrown away.

We have started a throw-away culture. This tendency is seen on the level of individuals and whole societies; and it is being promoted! In circumstances like these, solidarity, which is the treasure of the poor, is often considered counterproductive, opposed to the logic of finance and the economy.

While the income of a minority is increasing exponentially, that of the majority is crumbling. This imbalance results from ideologies which uphold the absolute autonomy of markets and financial speculation, and thus deny the right of control to States, which are themselves charged with providing for the common good.

A new, invisible and at times virtual, tyranny is established, one which unilaterally and irremediably imposes its own laws and rules. Moreover, indebtedness and credit distance countries from their real economy and citizens from their real buying power. Added to this, as if it were needed, is widespread corruption and selfish fiscal evasion which have taken on worldwide dimensions.

The will to power and of possession has become limitless."

Francis I, 16 May 2013