Gold Daily and Silver Weekly Charts - June Gold Deliveries Top 350,000 Ounces On First Day

"Listening to the leading figures of the Democratic party establishment, however, you’d never know it. Cool contentment is the governing emotion in these circles. What they have in mind for 2016 is what we might call a campaign of militant complacency. They are dissociated from the mood of the nation, and they do not care...

That they seem to want to do all these things anyway tells us everything we need to know about who they really are: a party of the high-achieving professional class that is always looking for a way to dismiss the economic concerns of ordinary people."

Thomas Frank

A lot of those golden tickets that Nova Scotia had been accumulating during May were put up for June delivery, and the biggest taker was the house account at JPM.

The amount of gold in the Hong Kong Comex warehouses has been decimated, back down now below a million ounces.

I think we may be in for an interesting June in the precious metals markets.  Do not count silver out of this, even though gold may be getting the headlines.

Many of the elite and their financial instruments that inhabit the New York-London financial sector are wearing the 'Emperor's new clothes.'     And the Fed is their tailor and valet.

Robert Reich made an impassioned plea for the Democratic Party to make nice, and go along with Hillary as their standard bearer when she is inevitably chosen as their candidate.

How can anyone be so tone deaf for what is really going on?  This is not just a disagreement about personalities, about politics as usual, about the power factions amongst the political insiders.

This is a sea-change, and on a massive scale.  And the 'establishment' from both parties just does not get it.  And it is going to roll right over them.

Thomas Frank, as a relative outsider, has a better feel for the situation than almost anyone that I have read.

Have a pleasant evening.


Related: 47% of Americans Are Considering Third Party Options

SP 500 and NDX Futures Daily Chart - Late Day Face Save

This market is looking very toppy and pricey.  Not a very good combination for solid investment.

The futures were negative most of the day, but were amenable with their light volumes to a late afternoon rally back on what looked like algorithmic buying.

On any serious event, the underpinnings of the US equity market is as resilient as sponge cake.  Or what Taleb has called of a fragile composition.

Have a pleasant evening.

The Culture of Criminality: Wall Street and The Banks

"Seven years have passed now since the last recession officially ended, and yet the country’s fury has scarcely cooled. To this day we remain angry at Wall Street; we rage against career politicians; and we are incandescent that the economic system seems to have been permanently rigged against working people. Median household income has still not recovered the levels of 2007. Wages are going nowhere. Elite bankers are probably never going to be held accountable for what they did. America is burning.

Listening to the leading figures of the Democratic party establishment, however, you’d never know it. Cool contentment is the governing emotion in these circles. What they have in mind for 2016 is what we might call a campaign of militant complacency. They are dissociated from the mood of the nation, and they do not care...

That they seem to want to do all these things anyway tells us everything we need to know about who they really are: a party of the high-achieving professional class that is always looking for a way to dismiss the economic concerns of ordinary people."

Thomas Frank


“The new America, instead, is fast becoming a vast ghetto in which all of us, conservatives and progressives, are being bled dry by a relatively tiny oligarchy of extremely clever financial criminals and their castrato henchmen in government, whose job is to be good actors on TV and put on a good show...

Wall Street has turned the economy into a giant asset-stripping scheme, one whose purpose is to suck the last bits of meat from the carcass of the middle class."

Matt Taibbi