News that another earthquake has struck Japan sent some of the hedgies unwinding yen carry trades as a bit of a move away from risk. Both the US Dollar and the Yen popped higher on the news with some weakness being seen across the commodity sector in selective markets.
The move higher in the Yen caused some weakness in the gold price and took silver down off its best levels but it appears that some of the short covering in the Yen is already abating.
"When misguided public opinion honors what is despicable and despises what is honorable, punishes virtue and rewards vice, encourages what is harmful and discourages what is useful, applauds falsehood and smothers truth under indifference or insult, a nation turns its back on progress and can be restored only by the terrible lessons of catastrophe." … Frederic Bastiat
Evil talks about tolerance only when it’s weak. When it gains the upper hand, its vanity always requires the destruction of the good and the innocent, because the example of good and innocent lives is an ongoing witness against it. So it always has been. So it always will be. And America has no special immunity to becoming an enemy of its own founding beliefs about human freedom, human dignity, the limited power of the state, and the sovereignty of God. – Archbishop Chaput
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