"We didn't truly know the dangers of the market, because it was a dark market," says Brooksley Born, the head of an obscure federal regulatory agency — the Commodity Futures Trading Commission [CFTC] — who not only warned of the potential for economic meltdown in the late 1990s, but also tried to convince the country's key economic powerbrokers to take actions that could have helped avert the crisis.'They were totally opposed to it,' Born says.'That puzzled me. What was it that was in this market that had to be hidden?'"
PBS Frontine, The Warning
Stocks attempted to rally up today but ended going out on the lows of the day.
The bond market continued to rally in what appears to be a clear 'flight to safety'.
The Dollar also rallied today.
The muppets and spokesmodels were overtaken with confusion, given the high customer confidence reading this morning, and the wonderful economic conditions that they seem to be enjoying.
Consumer confidence does not lead— it lags. And in times of general deceit and delusion, it can lag rather badly.
Gold did not rally today, and silver was driven lower.
Part of this is because the paper market in NY continues to set the price for the world, or at least heavily influence it during its time of the day.
A discerning eye notes that the number of ounces of gold declared to be deliverable on the Comex at these prices has dropped below 200,000 ounces.
Today was the end of trading and the settlement for gold and silver options for May.
June is an active contract month for gold. So after the Non-Farm Payrolls report, we may wish to hold on to our hats.
Have a pleasant evening.
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