"What has been holding this Wall Street house of cards together this long is the New York Fed’s willingness (even eagerness) to throw trillions of dollars at the problem at the earliest sign of a hiccup. The fly in this ointment is that the New York Fed is literally owned by these same Wall Street mega banks while simultaneously creating emergency bailout programs and then outsourcing the work to the banks being bailed out. If ever there was the perfect design for a replay of the Hindenburg, this is it."
Pam and Russ Martens, Market Bubble Set to Explode, June 21, 2021
"For they flatter themselves in their own eyes, so
that their own sins cannot be found out and repented.
The words from their mouths are full of mischief and deceit;
they have ceased to act wisely and to do any good."
Psalm 36:2-3
“Pride thinks its own happiness shines the brighter, by comparing it with the misfortunes of other persons; that by displaying its own wealth they may feel their poverty the more sensibly. This infernal serpent, pervading the human heart, keeps people from reforming their lives, holding them back like a parasite.”
Thomas More, Utopia
The Fed's bubble fluffers were out in force, soothing the markets, whispering sweet nothings, and encouraging the mispricing of risk.
You know, like Japan's policy towards the Tokyo Olympics.
Gold, silver, the Dollar, and the VIX were all lower.
The NDX led by big cap techs rose to yet another new all time high.
Even the SP 500 got in on the act.
The Dow Industrials are only for tourists anymore, and I never look at them.
There will be a precious metals option expiration on the comex this week on the 25th.
The implementation of the Basel III recommendations regarding precious metals approach with the end of the month.
A fairly large tranche of the physical gold in the Hong Kong Comex warehouses just took a hike.
Need little, want less, love more. For those who abide in love abide in God, and God in them.
Have a pleasant evening.
