The macroeconomic data this morning was so uniformly bad that the markets rallied, on expectations that the Fed is not likely to be raising rates to any degree anytime soon. There is a yawning divergence between the stock market valuations and the real economy, supported largely by fat corporate profits and cheap debt fueling stock buybacks to increase management compensation, with little regards for the broader array of stakeholders, as they used to be quaintly called. We are ruled by a perverse generation, which puts themselves first, and their duties last. The rest of the commentary will be given in the gold and silver updates above. Have a pleasant evening.
