Stocks and Precious Metals Charts- After Party

 

“Against such foolishness we are defenseless.  Reasons fall on deaf ears; facts that contradict one’s prejudgment simply need not be believed – in such moments the foolish person even becomes critical – and when facts are irrefutable they are just pushed aside as inconsequential, as incidental. In all this the foolish person, in contrast to the malicious one, is utterly self satisfied and, being easily irritated, becomes dangerous by going on the attack.  Never again will we try to persuade the foolish person with reasons, for it is senseless and dangerous.” 

Dietrich Bonhoeffer,  describing the mindset of the German people in the 1940s, Letters and Papers from Prison 

 

“Religion used to be the opium of the people. To those suffering humiliation, pain, illness, and serfdom, religion promised the reward of an after life. But now we are witnessing a transformation: 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, our murders, that we are not going to be judged.” 

Czeslaw Milosz, The Discreet Charm of Nihilism

 

“Everybody knows that pestilences have a way of recurring in the world; yet somehow we find it hard to believe in ones that crash down on our heads from a blue sky.  There have been as many plagues as wars in history; yet always plagues and wars take people equally by surprise. 

Stupidity has a knack of getting its way; as we should see if we were not always so much wrapped up in ourselves. In this respect our townsfolk were like everybody else, wrapped up in themselves; in other words they were human: they did not believe in plagues."

Albert Camus, The Plague 

 

Stocks just could not get it going today, with the major indices drifting weakly lower despite a valiant early attempt at a rally.

The dollar managed to take back the 92 handle, but with a small loss. 

Gold and silver were mostly unchanged, with silver a little off. 

There will be another Non-Farm Payrolls report on Friday. 

It's always something. 

The recent storm fronts that rolled through here seem to have broken the back of this awful heat wave that has been lingering most of this summer.

Today we actually left the windows open, and it was even a bit chilly last night. 

If only some storm could roll through Wall Street, and break the fevered greed and corruption that is distorting the markets.

There are fresh lockdowns occurring in China now.   Apparently their strong if not draconian measures to halt the virus are not sticking well because of the thinness of their vaccination programs which left them open to fresh outbreaks and mutations.

We are seeing a similar phenomenon here in the US, especially in some States that just don't believe in science. or accept reality in their misbegotten ignorance and pride.

Those who have cultivated others with their untruths and appeals to hate and pride will see a reckoning of sorrows, no matter how carelessly they may approach their actions and their consequences now.

Is simple humanity and regard for your fellows too much?   Go your own way, we do not know you anymore.

Have a pleasant evening. 

 

 

Stocks and Precious Metals Charts - Tender Mercies

 

Pardey, Daffodils in Search of Grace

"We must be faithful to the present moment or we will frustrate the plan of God for our lives.  Worry is a weakness from which very few of us are entirely free.  We must be on guard against this most insidious enemy of our peace of soul.  Instead let us foster confidence in God, and thank Him ahead of time for whatever he chooses to send us."

Solanus Casey 

 

"Wonderful providence indeed which is so silent, yet so efficacious, so constant, so unerring.  This is what baffles the power of Satan.   He cannot discern the Hand of God in what goes on; and though he would fain meet it and encounter it, in his mad and blasphemous rebellion against heaven, he cannot find it." 

 J. H. Newman 

 

“The books which the Holy Spirit is writing are the living, with every soul a volume in which the divine author makes a true revelation of His word, showing it to every heart, unfolding it in every moment. 

There is not a moment in which God does not present Himself under the cover of some pain to be endured, of some consolation to be enjoyed, or of some duty to be performed. All that takes place within us, around us, or through us, contains and conceals His divine action. 

All simple souls must admire and respect one another, saying: 'Let us each proceed along our path to the same goal, united in purpose and by means of God's order which, in its great variety, is in us all.' 

To escape the pain caused by regret for the past or fear about the future, this is the rule to follow: leave the past to the infinite mercy of God, the future to His good Providence, and give the present wholly to His love by being faithful to His grace.” 

 Jean-Pierre de Caussade

 

This is one squirrelly market. 

The Dollar bounced back up a bit to take back the 92 handle.

Gold and silver gave back some of yesterday's gains.

Stocks were trading weakly, but managed to rally back in the last ten minutes of trading.

Yay us!

The clearing report is included for gold showed quite a bit of new activity.

A new warehouse report for Hong Kong has not yet been issued.

I think August and September might prove to be rather interesting.  

We are only one trigger event away from a banquet of tail risk consequences.

Need little, want less, love more.   For those who abide in love abide in God, and God in them.

Have a pleasant weekend.

Stocks and Precious Metals Charts - Metals Rebound Strongly From Recent Option Related Price Suppression

 

"Of course, even before Flaubert one did not doubt the existence of stupidity, but it was understood a little differently, it was considered as a simple absence of knowledge, a defect correctable by instruction.  In the novels of Flaubert, stupidity is an inseparable dimension of human existence, but the most shocking, the most scandalous in Flaubert's perspective of stupidity is this: stupidity does not fade away in front of science, technology, progress, modernity, on the contrary, with progress, it progresses too." 

Milan Kundera, La Pléiade Tome II

 

“Against such foolishness we are defenseless.   Reasons fall on deaf ears; facts that contradict one’s prejudgment simply need not be believed – in such moments the foolish person even becomes critical – and when facts are irrefutable they are just pushed aside as inconsequential, as incidental.  In all this the foolish person, in contrast to the malicious one, is utterly self satisfied and, being easily irritated, becomes dangerous by going on the attack.” 

Dietrich Bonhoeffer, Letters and Papers from Prison 

 

"The time is almost here — and ignorance, falsehood, cruelty, greed and lust of power were never stronger in the hearts of any ruling class in history than they are in those who constitute the Invisible Government of America today.   Day by day the money-masters of America become more aware of their danger, they draw together, they grow more class-conscious, more aggressive." 

Upton Sinclair, The Brass Check, 1919

 

“I am patient with stupidity, but not with those who are proud of it.” 

Edith Sitwell

 

"We have severely underestimated the Russians, the extent of the country and the treachery of the climate.  This is the revenge of reality."

Heinz Guderian, as quoted in Images of Kursk: History's Greatest Tank Battle, July 1943

 

The economic data this morning was very soft on the GDP and labor force area.

This provided more fuel for the dovishness of the Fed. 

The Dollar declined, giving up the 92 handle.

Gold and silver rallied strongly, recovering significant ground from the recent price suppression in observantce of their option expiration.

A fair chunk of physical gold departed from the Comex Hong Kong warehouses.

Stocks rode the wave of easy money expectations higher, but gave  up quite a bit of their gains in the afternoon, with the NDX finishing unchanged, and the SP 500 only a minor gain.

When a pricing pool collapses, especially in the case of a commodity, the resulting price increases required to clear the market can be quite impressive. 

As the old rock song goes, 'you ain't seen nothing yet.'

Have a pleasant evening.

 

Stocks and Precious Metals Charts- Mammon's Dolorous Visage - Metals Rise, Dollar Slumps on Fed Dovishness

 

“The mob believes everything it is told, provided only that it be repeated over and over.  Provided too that its passions, hatreds, fears are catered to.   The grosser, the bigger, the cruder the lie, the more readily is it believed and followed.  The mob has no memory; needless to pretend to any truth: the mob is radically incapable of perceiving it: the mob can never comprehend that its own interests are what is at stake.”

Alexandre Koyré, Réflexions sur le Mensonge 

 

"A thriving upper class accepts with a good conscience the sacrifice of untold human beings, who, for its sake, must be reduced and lowered to incomplete human beings, to functionaries, to instruments." 

Friedrich Nietzsche, Beyond Good and Evil

 

"You should thank God for bank bailouts— absolutely required to save your civilization.  So I think when you have troubles like that you shouldn't be bitching about a little bailout.  You should have been thinking it should have been bigger.  You should thank God the government saved the big banks and their investors. 

Now, if you talk about bailouts for everybody else, there comes a place where if you just start bailing out all the individuals instead of telling them to adapt, the culture dies.  Suck it in and cope." 

Charlie Munger, Christian Science Monitor,  September 30, 2010

The Fed left its benchmark rate unchanged.

A dovish note was struck and reinforced in Chairman Powell's press conference.

The Dollar tanked.

The metals rallied.

Stocks rose a bit.

And a fortunate time is guaranteed—  for a few.

Have a pleasant evening.