“If I had to give it [the Fed] a grade, I’d say pre-crisis I’d give the Fed an F. And I would say that Alan Greenspan will go down in history as the worst Chairman of the Federal Reserve in the history of the United States.

In my view it [QE] failed, 100 per cent. It caused the stock market to go up because people took all that liquidity and invested it in the stock market, but it did not cause the economy to grow even 10 basis points faster. I like to nickname quantitative easing monetary policy for rich people. 

Steve Eisman

“The test of our progress is not whether we add more to the abundance of those who have much; it is whether we provide enough for those who have too little”.

Franklin D. Roosevelt

Stocks opened lower this morning and were weak most of the day.

Most of the stock losses evaporated in the afternoon, with the Nasdaq 100 turning green, and the SP loses only a little ground.

The metals were largely unchanged despite an early attempt to rally as the Dollar moved sharply lower. 

There will be an option expiration for the precious metals on the Comex tomorrow. The contract month is more significant for gold than silver.

Have a pleasant evening.