"In the Incarnation the whole human race recovers the dignity of the image of God. Thereafter, any attack, even on the least of men, is an attack on Christ, who took on the form of man, and in his own Person restored the image of God in all. Through our relationship with the Incarnation, we recover our true humanity, and at the same time are delivered from that perverse individualism which is the consequence of sin, and recover our solidarity with all mankind." Dietrich Bonhoeffer
Sprott Offer For Central Fund of Canada Press Release dated March 8
Sprott Asset Management LP (“Sprott”), a wholly owned subsidiary of Sprott Inc. (TSX:SII), today announced that it has filed an application (the “Application”) with the Court of Queen’s Bench of Alberta (the “Court”) to formally commence proceedings which, if successful, would result in the Class A shareholders of Central Fund of Canada Limited (“CFCL”) (NYSEMKT:CEF) (TSX:CEF.A), effectively, exchanging their Class A shares for trust units of a newly-formed Sprott Physical Gold and Silver Trust (the “New Sprott Trust”) on a net asset value (“NAV”) for NAV basis pursuant to a plan of arrangement (the “Arrangement”). The aggregate value of the proposed Arrangement is approximately US$3.1 billion and stands to unlock $304 million in shareholder value as a result of CFCL’s persistent discount to NAV.
The New Sprott Trust would be managed by Sprott and be substantially similar to the existing Sprott Physical Gold Trust (NYSE Arca:PHYS)(TSX:PHY.U) and Sprott Physical Silver Trust (NYSE Arca:PSLV)(TSX:PHS.U) and would include Sprott’s best-in-class physical bullion redemption feature.
"No one can serve two masters, for he will hate the one and love the other, or he will be devoted to the one, and be neglectful of the other; and so you cannot serve both God and Mammon."
Matt 6:24
"What is good? All that heightens the feeling of power in a man, the will to power, power itself. What is bad? All that is born of weakness. What is happiness? The feeling that power is growing, and that resistance is overcome."
Friedrich Nietzsche, The Antichrist
It's time for a new New Deal.
But it is not going to happen. The corporate Democrats won't back it, or even mention it. And the Republicans are busy rolling every shred of the old New Deal back, from sound financial regulation to basic safety nets for the weak, the sick, the unfortunate, and the old.
Why?
Because their Big Money master, Mammon, would not be pleased.
News flash.
Not everyone who suffers misfortune does so because they are lazy and purposely made bad choices.
Not everyone who is working a full time job or several part time jobs is in good financial shape, because too many jobs are paying poverty wages with inadequate benefits.
One half of the US population is now living below the poverty level, and are one unfortunate event away from impoverishment and possible homelessness.
Free market competition of the fittest, and might makes right, appears to be the theme of the US elite of both parties. And they are fine examples of the best getting what they deserve, which is the most. Of everything.
And if they have the most because they deserve it, it follows that those who have a hard time of it, the unfortunate, the underprivileged, the other 90% of the country, have less because they deserve that too. How can I be a real winner if there are no losers?
The fortunate think that the others are unworthy, are not human to the same degree as the best and the brightest. They are flawed, disabled, stupid, and they deserve to be deprived, and then eliminated by the market forces. Unfortunate, but necessary. This is the law of nature.
Everyone can cite some example of people that cause all their own problems. And so everyone who has problems is just like them. Losers. If they could only be like me, so good, so virtuous. Winning....
How is this all that essentially different from some of the worst, most vile civilizations in history, except they have not carried this perversion of justice to the next level— yet?
Many do not have healthcare not because they make bad choices, or eat wrong, or don't act like you do. They have problems because it is a dirty rotten system that rips the financial hearts out of people all for the sake of a fortunate few. It is like the financial system that weaves a series of traps for the common person, and then despises them for their weakness.
Here's another news flash.
We are not all that much by ourselves. We may think that we are, but we are not. We may have worked hard, yes, but many people work hard. Most I would say, although we like to imagine some example of unworthiness, and then think ourselves victimized, deprived in some way, by their mere existence.
'All I want it so be left alone.' And so it will be given to you, and that long loneliness will be yours.
The 'lesser of two evils' is not a strategy. It is a convenient rationale to accept a form of evil.
We are making our own choice in this, just as one might judge others harshly to 'make their choices as well.' Just know whom it is that you serve by that choice. Because you will take the consequences of that choice, as it has been promised to you. No one can serve two masters.
Such pride, such perverted justice, such hypocrisy is as old as Babylon, and as evil as sin.
“Beware of the leaven of the Pharisees, which is hypocrisy."
Despite some intraday action, stocks finished largely unchanged.
Precious metals managed to hold their key levels in the face of the 'better than expected' Jobs Report.
The FOMC will be announcing their decision on rates next Wednesday. I have included the economic calendar for next week below.
The SEC has rejected the Winklevoss twins proposal for an ETF for Bitcoin, sending the value of the digital currency lower after hours. I am not a fan of Bitcoin for anything but a trade.
I have taken down my short position off the Russell 2000, which I had placed at the end of the first trading day for the SNAP IPO. What a piece of crap.
I did pull the trigger on some silver purchases. As I said, I will be much more impressed if silver can hold its level here and start moving back higher. I have the '30' target in mind as a measuring objective on the chart as you can see below. But first silver must break out above 21.50, again as you can see on the chart.
I wish them well, but if the Trump administration does not implode sometime in the next two years I will be very surprised. They are in a tough position, surrounded by willful ideologues on both the left and the right, and in the calmer moments they do seem to seize the initiative to figuratively shoot themselves in the foot.
We are in the typical wacky weather month for March, with 70 degree days followed by snow. Next week I hear we might be enjoying a classic nor'easter blizzard. Let's see if that develops, as it may affect the NY trade. It may also impede activity in Washington DC, but that is often a good thin.
Please remember God's creatures in this hard weather, and the poor both materially and spiritually as always.
As you may have noted from the side links last night the Sprott Funds have made an unsolicited takeover bid for the Central Funds of Canada. They are obviously eyeing that gold and silver bullion priced at a good discount to net asset value.
I have included the fifteen minute chart for trading in CEF for the last two days below. I wonder how many shorts were caught a bit in this surprise offer?
Gold and silver fell again today, along with the dollar DX index, while volatility VIX was up again.
If these markets are honest and efficient, then I am the king of Siam. And if you think Swamp-Drainer is going to do anything about reforming the financial markets and the Banks, then you might be greatly mistaken.
Tomorrow will be the Non-Farm Payrolls report, made all the more important because of the FOMC meeting this month. It is widely thought that the Fed will raise 25 bp. But there may be more focus on anything they say about what they might do next.
These are crazy weather times here, fitting well with the lunacy in our national capital. Today it is almost 70 degrees, but tomorrow we are expecting six inches of snow. And next week early they are forecasting a nor'easter that may bring a foot of snow to the east coast.
“Two men went to the Temple to pray. One was a Pharisee, and the other was a despised tax collector. The Pharisee stood by himself and prayed: ‘I thank you, God, that I am not a sinner like everyone else. For I don’t cheat, I don’t sin, and I don’t commit adultery. I’m certainly not like that tax collector! I fast twice a week, and I give you a tenth of my income.’
But the tax collector stood at a distance and dared not even lift his eyes to heaven as he prayed. Instead, he beat his chest in sorrow, saying, ‘O God, be merciful to me, for I am a sinner.’
I tell you, this sinner, not the Pharisee, returned home saved in the eyes of God.”
Luke 18:10-14
“A true opium of the people is the belief in nothingness after death, the huge solace, the huge comfort of thinking that for our betrayals, our greed, our cowardice, and our murders, we are not going to be judged.”
Czesław Miłosz
Stocks were mixed today, with big tech attempting to rally while the broader markets were sluggish.
Traders were impressed with the print on new jobs added in a report from ADP this morning. I had thought that ADP was obtaining their numbers from actual data from their payroll services business. Instead I find from reading this article that it has become more of an educated guess in the manner of the BLS imaginary jobs report.
Although VIX volatility (risk) indicator moved higher, gold and silver moved lower in an inverse correlation to the dollar.
I am liking silver here. I will like it quite a bit more if it can hold 17 and rally back from there after this Payrolls and FOMC nonsense is past us.
I hear India has been buying gold again, as a portion of the general phenomenon of Asia buying the hardest, least counterparty contingent currencies known throughout history.
The Beltway Bandits have gone barking mad. Hypocrisy and deception are their meat and potatoes. Of course I think everyone can now see it, but it has been a long time coming. This is what happens when fraud becomes fashionable.
I was so disgusted with the new 'healthcare' proposal from Ryan and the GOP house that I really could not say much yesterday except 'justice is coming.'
Justice is coming. That is an interesting phrase. How we react to it says something about ourselves to ourselves, in how we interpret it. What is just, and who will it affect?
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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