any given weekday
market vibes
December 10…)
Bloomberg this morning: “Two-thirds of financial services companies will likely see staff numbers rise as they adopt AI, raising doubts the new technology will lead to quick cost savings. More than 70% of respondents said they expect AI to increase operating costs for three years, according to a survey of 151 senior executives.” (Source: Bloomberg AI)…I read these words twice, shaking my head. I have often heard that AI dissembles in error, but this is looks awfully fishy.
“Affordability” is the newest fashionable paradigm, like equality in the mid-20th century or poverty in the 90s. However, the arithmetic will never change in a capitalist system. You can’t have rich people without poor people, and you can’t have very rich people without very poor people.
When the poor are so poor that the rich can’t get richer off them, they make each other poorer…like a global game of musical chairs. We call this wealth concentration, which is evident in the stock market on any given weekday.
In lighter fare, Australians are attempting to regulate AI/social media (for kids). When they were drafting kids to go to Viet Nam in 1965 they lowered the dringking age in NY for beer because: “if you can die for your country, you can buy a beer (raised to 21 in 1985).” If this idea doesn’t work downunder, they might try that.
In the markets
Silver is steady at new all-time highs. Open interest was up 4,500 lots, or 22,500,000 ounces. Volume was a little higher than normal yesterday, but the development is not excessive. The only problem with silver now is its notoriety. At some point it will need a point of control and horizontal activity to sort out the froth.
I raised the top of breakout void to $56.85, which is now almost 10% below the market.
