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Price of Gold Lost $4.50 Today Closing Down 0.42 Percent at $1,073.10
GOLD/SILVER RATIO is trading out into a triangle but can’t decide what to do. Bumping now against the upper side of that triangle, but hasn’t broken through. It’s above the 20 DMA (75.68), which argues it will trade higher.
On Comex today SILVER lost 7.9 cents (0.6%) and closed at $14.085. The GOLD PRICE backed off $4.50 (0.4%) to $1,073.10.
Silver’s three day chart is a flat line ranging from about $14.10 to $14.35. Rallies capped at $14.35, falls caught at $14.10. Not normal, and not really encouraging.
The GOLD PRICE five day chart leads into Monday with a decline from $1,085 down to $1,065, a slow two day rise to $1,085, then a swift drop Wednesday to $1,070 and flatline from there. In other words, capped at $1,085, but caught about $1,070.
This is not strong action. It may be that the impending Fed meeting next week, entwined like ivy round an oak with expectations of an interest rate raising (or is that “raisin”?), is choking the life out of every market. I bet that even if the Fed announces a rise, it will be a classic case of buy the rumor, sell the news. Oooo, and if they DON’T raise, why, their whole cake will fall flat.
When I rant about Fed stupidity or government’s deficit spending, you must not mistake me: they are not doing the wrong thing ineptly or incompetently, they are doing the right thing ineptly and incompetently.
The Big Brother state cannot exist without a central bank. By borrowing all money into circulation, the bank draws everyone into debt slavery and controls the economy. Big Brother could not exist with a central bank to supply the deficits, because rebellion would erupt if he tried to tax for all that spending. Only central banks make modern wars, welfare states, and dictatorships possible.
Dear friends, write this down: the symbiosis of central bank money creation and government deficits is the means, and slavery the goal. Not for us, but for the Fed and the government, the RIGHT thing to do is to keep this crippled system working. Why do I scorn and ridicule them then? They can’t even do this right. The indwelling flaw of the debt-backed money system is that success begets excess. Banks will always loan, and borrowers will always borrow, until the bubble bursts. Governments will always spend, and spend again, until their credit and the currency is destroyed.
A competent system with adults in charge, people like Paul Volcker and Peter Peterson, would keep a leash on debt and deficits for their own survival’s sake .
But the teenaged goofs now in charge, people like Greenspan, Bernanke, Yellen, Bush, Obama, have neither spine nor mental nor moral horsepower enough to rein in the beast. Besides, they seem really to believe they are Masters of the Universe, and can literally do anything, even multiply the Fed’s balance sheet by five, and get away with it. It’s a new age, with new rules, and we are in charge! Who can, who dares, gainsay us? “Look on our works, ye Mighty, and despair!”
Pride goes before destruction, and a haughty spirit before a fall. Add blurry academic nearsightedness and the mixture could blow up finance, money, and government—fatally and finally.
This also makes plain why tinkering with the system—auditing the Fed, trimming government spending, cutting budget fat, reforming this or that—DELIGHTS the system because it distracts all critics from any substantive change. The only substantive change is to abolish the Fed, return to gold and silver money, and restore constitutional self-government.
But since the power to create money is the beating heart of power for Big Money and Big Government, the Fed remains untouchable and the media never question its existence.
Thus they reveal whose table they serve.
TODAY stocks levitated but not much. Dow augmented by 82.45 (0.47%) to 17,574.75. S&P500 inflated 4.61 or 0.23%. Yesterday the S&P500 gained more than the Dow; today it lost more. Both indices punched into the 200 day moving averages overhead (17,568 and 2,063.71) but only the Dow closed above it, and that barely. Both the Dow in Gold and Dow in Silver remain below their 20 day moving averages, so momentum is turning down.
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