Gold Daily And Silver Weekly Charts - Rally 'Round The Swag
As a cultural note, 'swag' in this case is the older definition of the ill-gotten gains of criminals as in 'loot.'
It is not the modern usage of the term 'swag,' derived I think from 'swagger,' which means to dress up in ridiculous fashion accessories and outfits, and prance around like a nincompoop.
Could there have been any doubt how the markets would end up today?
On the overwhelming 'no' vote from Greece, gold and silver popped and the stock futures opened down around thirty points.
This was legitimate I think simply because the 'establishment' had mismeasured the Greek spirit so badly. They must have thought they were the Americans or the English who have a patience for oppression from 'their betters' that is truly impressive. I would say a solid twenty percent seem to be serial masochists for the most transparent and grotesque demagogues imaginable. I wish they could all come to some sort of private arrangement and keep the rest of us out of it.
But soon enough it was clear that the financial engineers would be spreading the calming effects of easy money and highly leveraged derivatives around to cap gold and silver, and provide reassurances that those awkwardly positioned in the financial assets bubble need suffer no harm; they job is to inflict distress on the innocent and outsiders.
And of course this gave the pundits who have had this wrong all along a chance to redeem themselves with new sets of predictions, the most dubious of which are posed as 'questions.' If you pose it as a question, you can claim it as a win if it is right, but you get a 'mulligan' if you are wrong because you are only asking a question, after all.
Whenever you see a headline for an article posed for a question, the writer most often has little idea if it is true or not, but are doubling down with a 'swag' of the third kind, a 'scientific wild ass guess' with which to redeem their pretensions to gnostic knowledge and 'really good connections.'
And I cannot state this strongly enough. Just because a person has money does not make them wise, or even necessarily more hard working or intelligent than anyone else. This deification of material possession in our society is repulsive, and the source of an extraordinary amount of hilarity and mischief. But again, what else might one expect from a culture of greed.
The Varoufakis resignation was pre-planned, and anyone who says he was 'sacked' by Tsipras is most probably deluded. It was a very smart play, and entirely consistent with everything they have been doing in the conduct of their negotiations right along. I have to admit I did not expect it as such, but I admire it. I thought that sort of kind of thing was going to take another form of a proposal from the Greeks. They are playing the crowd.
Gold and silver are obviously being manipulated. Gold is being done so because it now considered a 'currency cross' and is being shoved around by both official and speculative interests like any other currency, and with the same rationale of managing the economy while skinning the 'little people.' I mean at this point can anyone doubt the markets are rigged? Which ones aren't is a better question.
The stock market is being banged like an ATM by the one percent who are using a fairly impressive array of financial scams and loopholes to continue to loot the real economy, and with a surprising amount of cooperation from 'the establishment' to use an phrase from a previous generation.
History suggest that these sorts of schemes will end badly. Exactly when is not possible to predict until it is on top of you. A number of innocents will be harmed, because the people have allowed themselves to be manipulated by their darker emotions of hatred and fear. And many of the perpetrators will continue to pile up their fortunes and power, relying on the people's incredulity in the face of the big lie. I think the wages they will be collecting in the longer term, however, are death.
The only certainty is change.
Have a pleasant evening.
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None.