"Booms start with some tie-in to reality, some reason which justifies the increase in asset values, and then -- and this is the critical feature of speculative mood -- the market loses touch with reality.
Once a boom is well started, it cannot be arrested. It can only be collapsed."
John Kenneth Galbraith
“As a rule, panics do not destroy capital; they merely reveal the extent
to which it has been previously destroyed by its betrayal into
hopelessly unproductive works.”
John Stuart Mill
Markets were in a 'melt up' mood today, with just about everything going higher, led by the big cap tech story stocks.
Gold and silver soared as they shook off the price suppression of last week's option expiration.
The beaten down miners caught a serious bid. Again, all part of the wash and rinse.
There will be a Comex option expiration for the metals, but not until next week.
I am not a fan of Biden and Harris, who in my estimation are corporate Democrats, beholden to the moneyed interests and Wall Street.
But they are at least competent and not wantonly destructive vulgarians.
Still, I find it hard to be optimistic for meaningful reform.
The Fed is the creature of the Banks, and the moneyed interests have the oligarchy well in hand.
Let's see what the first 100 days of this brings.
It will be interesting to see how the post-election saga of Trumpolini unfolds.
Have a pleasant evening.
