And so we had another Non-Farm Payrolls event.

The Dollar continued its decline, slipping off the 104 handle.

Gold and silver rallied sharply.

And were then stepped on and pushed back to unchanged after the European close of trading.

Stocks declined quite a bit on the news, but were taken back up to nearly unchanged, again as the rest of the world went home for the weekend.

The mispricing of risk will be difficult to sustain.

The inventory of physical gold bullion in Hong Kong remains razor thin. 

We are only beginning to see the consequences of our lawlessness and casual disregard for virtue.

Have a pleasant weekend.

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