“There are two kinds of realists: those who manipulate facts and those who create them. The West requires nothing so much as men able to create their own reality.” 

Henry Kissinger, 1963

“But in these cases
We still have judgment here, that we but teach
Bloody instructions, which, being taught, return
To plague the inventor: this even-handed justice
Commends the ingredients of our poisoned chalice
To our own lips…”

Shakespeare, Macbeth

People take their fashions from the leadership. And the leadership and role models in our culture are emblematic of our failures.

Precious metals took a hit today, as I thought that they might. 

The rally last week had more to do with the option expiration than it did with disclosures of physical tightness of gold bullion in particular.

Glencore the commodity firm took a big hit today based on a sell-side analysts forecasts of doom.

The miners were taken out to the wood shed. I am seeing some big companies priced at levels I was buying tham in 2002. But others not so much.

I do believe this is going to come down to hard tacks. The bullion buyers of the world markets are going to keep the physical flow going until something breaks. 

The  wiseguys lack all restraint, and the regulators are failing to provide adult supervision because of utopian ideologies about ‘free markets’ and conflicts of interest.

Roll on, gold float, roll on.

Have a pleasant evening.