Stocks were digesting their recent gains today while glorying in the weak economic data.

It was announced today that Trumpolini intends to nominate Herman Cain as a Fed governor. This easily tops his most recent nomination of Stephen Moore, who was at least nominally qualified.

Thank God he does not own a horse.

Having this many knuckleheads managing the world's most powerful currency and providing significant regulatory oversight to the US economy may be unintentionally very good for gold.

This reminds us of the need for checks and balances and oversight as a restraint on the abuses of authority. While it is tempting to unleash the power of nearly unrestrained fiat money in order to solve short term problems, one must consider who might one day be wielding such dangerous discretionary power. 

Speaking of restraints on reckless behavior, gold and silver were hit hard and early but managed to recoup their losses and actually finish higher on the day. They closed higher as did the Dollar.One might have thought it was a furtive, early move by some towards safe havens.

Non-farm payrolls report tomorrow.

Have a pleasant evening.

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