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Morning Market Briefing – Thursday- 10/17/2013

Yesterday, the markets were told that the senate and democrats found a way to raise the debt ceiling and open the government.  The public was informed that a deal would be signed later on that day.  In response, the Dow finished the day at 15335.53 (+167.52), the Nasdaq at 3835.59 (+41.58), and the S&P at 1717.46 (+19.40).

This morning, the debt ceiling is raised and the government has restarted.  The US market is acting as expected, selling off.  Politicians everywhere are congratulating themselves on a job well done.  A first item on the list of things to do is pay the government workers who stayed home and did not work.  Where do I sign up to get paid for doing nothing?  I guess that is an advantage of working for the government, you do not really have to EARN your living.

We for one are glad that the government is working again for one reason.  The gold price manipulator who was selling obscene amounts of gold future contracts to manipulate gold prices at 7 AM every morning is now gone.  This morning, within less than a minute, gold mounted over 50 dollars per ounce.

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