John Adams, 1765
"They tell us Sir, that we are weak -- unable to cope with so formidable an adversary. But when shall we be stronger? Will it be the next week, or the next year? Will it be when we are totally disarmed, and when a British guard shall be stationed in every house? Shall we gather strength by irresolution and inaction? Shall we acquire the means of effectual resistance by lying supinely on our backs, and hugging the delusive phantom of hope, until our enemies shall have bound us hand and foot? Sir, we are not weak, if we make a proper use of those means which the God of nature has placed in our power."
"But, in a larger sense, we can not dedicate -- we can not consecrate -- we can not hallow -- this ground. The brave men, living and dead, who struggled here, have consecrated it, far above our poor power to add or detract. The world will little note, nor long remember what we say here, but it can never forget what they did here. It is for us the living, rather, to be dedicated here to the unfinished work which they who fought here have thus far so nobly advanced.
It is rather for us to be here dedicated to the great task remaining before us -- that from these honored dead we take increased devotion to that cause for which they gave the last full measure of devotion -- that we here highly resolve that these dead shall not have died in vain -- that this nation, under God, shall have a new birth of freedom -- and that government of the people, by the people, for the people, shall not perish from the earth."
Abraham Lincoln, 19 November 1863
24 May 2015
Posted by Jesse at 11:35 AM
22 May 2015
That is 1,462,216 troy ounces taken out of their exchange in one week
They use real physical bullion that moves between suppliers and customers, and actually leaves the exchange? How barbaric!
There are a total of 372,631 deliverable (registered) ounces of gold at these prices in all the Comex warehouses.
It is a good thing that you do not need to have the product to set the prices in the thoroughly modern markets of London and New York.
Related: China Sets Up Gold Fund for Central Banks
"You know, I think many people have the mistaken impression that Congress regulates Wall Street. In truth that's not the case. The real truth is that Wall Street regulates the Congress."
"It is rather for us to be here dedicated to the great task remaining before us -- that from these honored dead we take increased devotion to that cause for which they gave the last full measure of devotion -- that we here highly resolve that these dead shall not have died in vain -- that this nation, under God, shall have a new birth of freedom -- and that government of the people, by the people, for the people, shall not perish from the earth."
Abraham Lincoln, 19 November 1863
There will be an option expiration for the precious metals on Tuesday the 26th next week.
Gold and silver are obviously being capped in this area as we have previously noted.
Monday will be a holiday in the US for Memorial Day.
The economic calendar is a bit light for holiday shortened week, but we will see the second revision of the 1Q GDP which is most likely to be negative.
Since the propeller heads have already decreed this to be an anomaly, a 'one-off' I doubt we will see much reaction, as is the plan to easing the bad news to us without disturbing the placid thoughts of the herd.
The US Senate is scheduling a rare weekend vote on security surveillance legislation in case you were wondering what it might take to get some work out of this august body.
Have a pleasant weekend.
Posted by Jesse at 4:43 PM
“The fancies that take their monstrous birth from the spinelessness and boredom of usurped wealth bring in their wake every defect ... and though rich men's crimes escape the law, protected as they are by the cowardice of governments and people, Nature, more real than society, sets her anarchic example by abandoning the wretched time servers of Capital to the shame and madness of the worst aberrations.”Jean Lorrain, Le Crime Des Riches: Suivi de Paris Forain, 1905“In poor countries, officials receive explicit bribes; in D.C. they get the sophisticated, implicit, unspoken promise to work for large corporations.”Nassim Nicholas Taleb, The Bed of Procrustes
The US will have a three day weekend for Memorial Day on Monday, in which we remember those who died in service to the people of this country.
Stocks were frisky after the core CPI printed a little hotter than expected at .3% for the month. No one apparently noticed that wages had zero growth.
The notion that inflation, not driven by wages or presumably demand, is a good thing smacks of cargo cult economics. Oh look, we have inflation, so we must have growth.
Or, this could be what happens when the Fed vigorously expands its balance sheet in a top down stimulus policy error that inflates assets while driving the velocity of that money to record lows because of the lack of organic growth from the bottom up in wages and broad demand.
I have a small index short working since yesterday. There could be a few more attempts at breaking overhead resistance, but the risks look mispriced a bit here. Let's see if it works or not because as the wiseguys like to point out, in the short term these markets don't listen to anything except their own self-serving baloney. Kind of like our politicians.
Have a pleasant weekend. See you on Monday evening.
Posted by Jesse at 4:42 PM
21 May 2015
“We are slow to master the great truth that even now Christ is, as it were, walking among us, and by His hand, or eye, or voice, bidding us to follow Him. We do not understand that His call is a thing that takes place now. We think it took place in the Apostles' days, but we do not believe in it; we do not look for it in our own case."John Henry Newman
Nothing of interest was happening in the backrooms of The Bucket Shop yesterday, with no precious metal 'deliveries' and little warehouse activity.
Look, and see. For the justice of God is not mocked. A man, a people, reap what they sow.
In looking we have hope, always. Even in our darkest hours, love is moving quietly among us.
But why doesn't He do something?
He does. He has called you and calls you now: to do, to witness, to care for others, and to love. He calls you to be better than you think that you can be. He calls you to lift yourself up, and to go and sin no more.
Have a pleasant evening.
Posted by Jesse at 4:37 PM
VIX fell back down to the lows for the year.
How could there be risks for the Masters of the Universe?
What could go wrong?
Wall Street is very proud that they were able to get the SP 500 cash to close at a new all time high.
I see four attempts by the SP 500 futures constant contract to break out.
Have a pleasant evening.
Posted by Jesse at 4:23 PM