Biden Sworn In

US Vice President Joe Biden re-took the oath of office Sunday as Barack Obama officially begins his second term, a day ahead of public festivities planned for Monday.

Biden placed his hand on a thick and weathered-looking bible held by his wife, Jill, and pledged to "support and defend the constitution of the United States against all enemies, foreign and domestic."

The small morning ceremony was officiated by Supreme Court Justice Sonya Sotomayor, and attended by a number of Biden's family members.

Obama will also take the oath Sunday in a ceremony at the White House to comply with the US Constitution, which dictates his first term ends at noon on January 20.

In a tradition honored when that date falls on a Sunday, Obama will repeat the oath in a public ceremony Monday, and deliver his inaugural address to Americans, and the watching world, outside the US Capitol.

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The past several months have seen the price of gold slump even as the Fed and other central banks have accelerated their massive expansion of paper money. Gold is off about 20% so far this year with silver down almost 30%. The old adage--“don’t fight the Fed”--particularly comes to mind now because the US equity markets have been setting new highs during this same period. All of these gains are nominal, you understand, but for terrified American policy makers and investors, nominal is just fine.

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