The Phaserl


Stocks and Precious Metals Charts – To the Darkest Hour Comes the Dawn

from Jesse’s Café Américain:

“Caesar was swimming in blood, Rome and the whole pagan world was mad. But those who had had enough of transgression and madness, those who were trampled upon, those whose lives were misery and oppression, all the weighed down, all the sad, all the unfortunate, came to hear the wonderful tidings of God, who out of love for men had given Himself to be crucified and redeem their sins.

When they found a God whom they could love, they had found that which the society of the time could not give any one—  happiness and love.”

Henryk Sienkiewicz, Quo Vadis: In the Time of Nero

“Do not let your hearts be troubled.  You have put your trust in God, and so trust also in me.”

John 14:1
The First Quarter GDP number came in quite low, surprising those who have not been following the forecasts from the Atlanta Fed. I suspect that it will be revised lower in the next few iterations.

Additionally, the ‘chain deflator’ or the measure of inflation in this report was higher than expected at 2.3%.

So with very low growth, and higher inflation, we see some evidence of that odd phenomenon that is really the child of exogenous forces and continuing policy errors once thought to be impossible called stagflation.

Silver began trading its May contract with a large number of paper claims trading hands as noted below in the clearing report from yesterday. JPM’s house account is notably absent, although a ‘customer’ of that bank sold a large number of contracts.

The first chart below shows that the Shiller P/E index is now at the same level of that bubble in 1929.

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