We don’t know how high the price of Silver will rise WHEN the manipulation ends BUT we do know that the price of Silver has been suppressed for over 170 YEARS!
Kitco NEWS has a diverse team of journalists reporting on the economy, stock markets, commodities, cryptocurrencies, mining and metals with accuracy and objectivity. Our goal is to help people make informed market decisions through in-depth reporting, daily market roundups, interviews with prominent industry figures, comprehensive coverage (often exclusive) of important industry events and analyses of market-af
Friday morning’s nonfarm payrolls report p delay rate cuts even further than the Fed had threatened, was no match for gold’s upward momentum.
Buoyed by the esca
The latest Kitco News Weekly Gold Survey showed Wall Street sentiment outstripping even the unsinkable optimism of Main Street traders next week as fears of a pullback from the latest new highs were drowned out by still greater fears of geopolitical turmoil.
Adam Button, head of currency strategy at Forexlive.com, said whatever qualms traders may have about gold at these levels, resistance is futile. “Gold is stretched but the trend is impossible to fight right now,” he said. “Asia is buying almost every day.”
Darin Newsom, Senior Market Analyst at Barchart.com, said he’ll also be going with the flow. “It’s a tough call again this week, but for now I’ll stick with Newton’s First Law of Motion applied to markets: A trending market will stay in that trend until acted upon by an outside force, with that outside force usually investment money,” Newsom said. “For now, money seems to be flowing into gold, for whatever reason.”
“Could I make a technical argument the market could go lower next week? Yes, but gold is in a phase at this time where charts don’t mean anything,” he added. “It’s all fundamentals, and for now, central banks around the world continue to buy.”
Adrian Day, President of Adrian Day Asset Management, said the demand now extends beyond sovereign purchases and Asian investors, and he sees no signs of it slowing just yet.
Gold And Silver Prices, News and Quotes
Experts even more bullish on gold than retail investors despite sharp post-payrolls plateau
Kitco News | Apr 05
The latest Kitco News Weekly Gold Survey showed Wall Street sentiment outstripping even the unsinkable optimism of Main Street traders next week as fears of a pullback from the latest new highs were drowned out by still greater fears of geopolitical turmoil.
Bix Weir from RoadToRoota.com, Chris Marcus from ArcadiaEconomics.com and Jean-Claude from BeyondMystic.net are back to discuss the manipulation of the most undervalued tangible asset on earth, and the very real possibility that one ounce of silver may cost exponentially more in coming years, or even months.
https://www.youtube.com/watch?v=M2jUnH5k1wo&t=5s
From 17 Cents to $2,000 – $3,000 Fair Value Silver, Quantified! – SGT Report Must Video
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HOT TAKES
ALERT! Silver’s “Dollar Days” are Close! New Silver Lovers Have Never Seen $30+ Silver!! (Bix Weir)
By Brandon Smith The decline of a currency’s world reserve status is often a long process rife with denials. There are numerous economic “experts” out there that have been dismissing any and all warnings of dollar collapse for years. They just don’t get it, or they don’t want to get it. The idea that the US currency could ever be…
This article was written by Brandon Smith and originally published at Birch Gold Group As the Federal Reserve continues its fastest rate hike cycle since the stagflation crisis of 1980, a couple vital questions linger in the minds of economists everywhere – When is recession going to strike and when will the Fed reverse course on tightening? The answers to…
By Brandon Smith In the past I have often tried to take a big picture approach to the issues facing the American public and how there is almost always a deeper connection between a variety of political and economic events. And, what has become increasingly clear to me is that in order to understand government actions and geopolitics, you must…
By Brandon Smith In recent weeks I’ve been seeing an interesting narrative fallacy being sold to the general public when it comes to the designs of globalists. The mainstream media and others are now openly suggesting that it’s actually okay to be opposed to certain aspects of groups like the World Economic Forum. They give you permission to be concerned,…
By Brandon Smith One of the most dishonest games being played in economics today is the attempt by various groups (political and financial) to deflect blame for the rise of inflation. The Biden White House and Democrats desperately want to blame Russia and the war in Ukraine, even though inflation was spiking long before the war ever started. The Federal…
Issue #88 of The Wild Bunch Dispatch, Alt-Market’s exclusive newsletter covering concepts and tactics for defeating globalism, is set to be released on January 7th. The Wild Bunch is a place to explore subjects and solutions to centralized tyranny which are rarely if ever covered by the rest of the alternative media. Meaning, we talk about direct action measures along…
By Brandon Smith I have been working within the liberty movement for almost 17 years now. In that time I’ve been involved in numerous organizations that all generally fought the same battle, or the same war – The war against encroaching centralization and authoritarianism. Each group and each institution has had different ideas about how to go about solving the…
Silver demand is on pace to hit record levels in 2022, driven by new highs for physical investment, industrial demand, jewelry, and silverware production, according to the Silver Institute’s Interim Silver Market Review.
Join Greg Hunter of USAWatchdog.com as he goes One-on-One with the Publisher of The Solari Report, Catherine Austin Fitts.
ARE WE DECOUPLING FROM RATES?
It is supposed to move lower, but…
Don’t forget NASDAQ and rates. Rates are at recent highs, but NASDAQ seems to be ignoring rates at the moment. Last time rates were here, NASDAQ was close to recent lows. The short term gap from yesterday continues to get wider. Is tech decoupling from rates? We are getting the feeling when something is supposed to move lower, but it refuses…
Source: Refinitiv
Will they be forced to chase?
Systematics exposure is at very low levels. Latest projected flow via GS:
one week: flat tape, buy +$13billion, up tape, buy +$45 billion, down tape, sell-$6 billion
one month: flat tape, buy +$39 billion, up tape, buy $192 billion, down tape, buy $6.3billion
Are we about to witness CTA’s right tail nightmare?
Source: GS
If the squeeze continues…watch the right tail chasers
Will CTAs be as aggressive to the upside that they were in August? Upside convexity could easily kick in…
Source: GS
Retail Army selling the rally
Retail traders used to be happy dip buyers, but they were sellers for the second week in a row. Is this a contrarian factor? This past week they net sold -$1.1B. Notably they sold the rally on both Monday (SPX +2.59%) and Tuesday (+3.06%). Retail traders net sold -$2.4B of single stocks. Large cap tech names including AAPL (-$470MM), META (-$134MM), and GOOG (-$128MM), in particular, suffered from heavy selling. The last two weeks represented the worst selling in single stocks since March 2020. This bearish sentiment was also evident in the options market. Retail traders sold -$1.0B of delta.
Source: JPM retail radar
The max bull case
Maybe just a dream, but according to JPM this is the max bullish case:
1. Oct 13 CPI surprises to the downside, perhaps beating by 20-30bps
2 .earnings season beat expectations with the largest surprises coming from Consumers and Financials
3. Fed hikes 50bps in the November 2 meeting, with a data dependent outlook
4. Nov 10 CPI surprises to the downside with a larger absolute fall in both Headline and Core inflation; and
5. ISM/PMI data inflects higher during this period as job growth (NFP) falls to ~50k/month cooling wage growth.
That scenario could lead to both a lower terminal rate and to a quicker end to the tightening cycle, December vs. 23H1.
Who cares about the buyback black out?
Interesting stats via Goldman’s Nocerino: “buybacks have been running 1.3x 2021 ADTV this week so far (new qtr,new dry powder?). Impressive given ~95% of Corporates are in their buyback blackout window where we usually see a 30% decline in volumes”.
What happens past the black out period?
Source: Barclays
Bear vs bull reversal?
Latest AAII sentiment reading shows bears are reversing lower and bulls are showing first signs of life. Overall, levels remain depressed. We would love to see another leg higher in this bounce in order to see if sentiment changes…
Source: Refinitiv
Much ado…?
NASDAQ is at exactly the same levels we traded at two weeks ago. Lot of big takes on market direction, but nobody is in control, at least not for now…
Source: Refinitiv
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18h ago at 13:48
HEDGE FUNDS ACTING JUST LIKE THEY DID AT THE START OF THE SUMMER RALLY
Are we in for a repeat of this summer’s squeeze that took stocks almost 20% higher? Become a PREMIUM subscriber to get the latest market intelligence.
9h ago at 22:58
ALERT! Silver Suppression Ending & US Regulators Exposed!! Load up on Physical Silver!! (Bix Weir)
12,032 viewsSep 22, 2022The silver exchanges are being exposed as the largest market rigging operation in Human History and it won’t last much longer. 3 Silver traders are about to be se…
SILVER BREAKS LOOSE FROM MATRIX AFTER ALL CHILDREN ARE SAFE….
If you think the Global Chaos has been stressful so far…JUST WAIT FOR AFTER SEPTEMBER 11TH! Pay attention to the European Commodity Derivatives. They need MASSIVE multi-trillion dollar bailouts that will NOT COME!
Bix explains why the vast amount of gold in the Grand Canyon has been made off limits since the early 1900s . . .
“The Road to Roota Theory postulates that there is a group of people in the United States
as well as around the world that are working to remove and destroy the financial banking powers
that have secretly controlled all aspects of our lives for hundreds of years.”
– Bix Weir
Watch these two videos for an introduction to the Road to Roota by Bix Weir
Here’s my full analysis of the Teacher’s Guide to the Comics…this is what the Top Monetary Deciders are struggling with today!!
3 part interview I conducted with Clif High in late July 2019. Part 1 – Health, Vitality & Blue Chickens Part 2 – The Coming “Sci-Fi” World Part 3 – Cryptos & More!…keep reading
I must admit that I’ve been watching JP Morgan pull the same manipulation stunts over and over again for years. And it’s not just in the silver markets. On November 18, 2005…keep reading
The goal on this Private Road Page is to get Private Road Members into a position where they can safely buy, store and stake Theta tokens….keep reading
In the past decade, thousands of Americans and investors around the globe attempted to protect themselves from rampant government spending and central bank money printing by buying gold and silver.
Yet they lost on their investment.
But not because they made a bad trade. Rather, because they were cheated.
An agency that has already received guilty pleas from several former J.P. Morgan traders, like John Edmonds, who “admitted that he learned this deceptive trading strategy from more senior traders at the bank, and he personally deployed this strategy hundreds of times with the knowledge and consent of his immediate supervisors.”
In other words, this wasn’t just a one time thing by some low-level rogue employee.
Of course it’s possible to go on for hundreds of pages documenting the violations of the law committed by J.P. Morgan (which interestingly enough Helen Chaitman actually did quite eloquently in her book JPMadoff, which documented the unusual arrangement in how J.P. Morgan was the sole banker for Ponzi scheme financier Bernie Madoff).
Although how much more is really needed to say it’s at least reasonable that J.P. Morgan bank should no longer be able to trade in the gold and silver markets?
The bank has a legal track record that would land any individual retail investor in jail, and if you think it’s reasonable that they should at least be banned from trading in the gold and silver markets, I encourage your support of this petition.
A petition that has been created on behalf of the thousands of gold and silver investors who have been victims of J.P. Morgan’s fraudulent market activity.
The Evidence of the Crime
Of course for those who are newer to this story, streams of evidence, showing not only the frequency, but the degree of manipulation, are readily available.
Such as in this interview, where former CFTC commissioner Bart Chilton, who presided over the CFTC’s investigation into silver manipulation almost a decade ago, confirmed that J.P. Morgan inherited Bear Stearns’ silver position, that the combined position was over the allowed position limits, and that despite being given a temporary waiver to reduce it, they actually made it larger! At the exact same time that silver dropped from $21 to $9 in 2008!
Keep in mind that this was all amidst historic central bank easing, the failure of Bear Stearns and Lehman Brothers, and while physical silver dealers around the globe reported shortages, to the extent that some thought they were going to go out of business because they simply couldn’t source any product.
Does that seem normal for there to be a shortage of an asset after the price has fallen over 50%, at the exact time that the reasons people buy it were more pronounced than ever?
So why is J.P. Morgan still allowed to trade in the gold and silver markets?
For anyone who has not yet seen former commissioner Chilton’s direct testimony, and wants to see evidence rather than opinion, here’s the shocking interview he gave in March of 2019. Where he talked in detail about some of the clear manipulations of the silver market that J.P. Morgan was involved in.
For an even more detailed and thorough explanation of the history of J.P. Morgan’s involvement in the silver market, what’s lead the situation to this point, and how it’s all going to unfold, The Big Silver Short is an investigation of the case that includes interviews with 15 of the world’s top silver experts and witnesses, who all confirm the same facts and evidence.
In Summary
While enough evidence of criminal behavior exists to make a case that J.P. Morgan could be completely barred from the securities industry and prosecuted, this petition is designed so that if you feel that at least banning J.P. Morgan from trading gold and silver is reasonable, that you can have a way to express and support that view.
If so, please do sign and share this petition to encourage the initiative to ban J.P. Morgan from the gold and silver markets.
COMMENT
gary dario
Aug 08, 2022
Ban JPM morgan from the gold and silver market
Robert Kahles
Aug 07, 2022
So sick of JP Morgan manipulating the silver market and getting a tiny tap on the wrist when caught! BAN THEM FROM THE DAMN MARKET COMPLETELY!!!!
Gerry Keane
Aug 05, 2022
No more banksters
Royal Kennedy
Jul 31, 2022
This needs to be stopped Morgan’s actions are criminal !
Joey Barron
Jul 28, 2022
No JP Morgan Deutsche Bank wells Fargo Bank all the Lagecy banks that are involved in the Market Manipulation of precious metals and others Commeditties should not be allowed to participate they can advise there clients but the company and it’s top 5 Teri’s of mangment should not be able to participate they have made enough money More then they should by Courption of the FED Jerome Powell SEC Courption, it’s very sad these individuals need to have assets seized under Rico and all Charged with Tax Evasion just like Al Capone. All the corrupt politicians who had lobbyist with them as well RICO the whole Dam Government if it comes down to it.
Roland Feagins
Jul 26, 2022
If it were any other person or business they wouldn’t see the light of day
Luigi Casali
Jul 25, 2022
JP MORGAN IN JAIL!
David Chamberlain
Jul 22, 2022
This travesty should be meted
carl cutting
Jul 19, 2022
stop the rigging
Anthony Bulluck
Jul 16, 2022
I am convinced that J.P. Morgan should be banned from any involvement in the gold or silver markets.
Catherine Austin Fitts (CAF), Publisher of The Solari Report and former Assistant Secretary of Housing (Bush 41 Admin.), says we are at war with the Deep State globalists that want nothing short of total control over all of mankind. Central bankers want a financial system that is a lawless criminal control syndicate where it’s legal for them to do whatever they want. It is simply a choice between tyranny and sovereignty, freedom or slavery. We start with the foundational building block of tyranny, the Central Bank Digital Currency (CBDC) that global bankers want to install in the financial system. CAF says, “It’s not a currency. That’s what you need to understand. What we are talking about is a control system that is going to be implemented in a global coup d’état, and we are in the middle of a global coup d’état. That’s what is happing right now. Essentially, if you look at the central bankers, the BIS (Bank of International Settlements) and all the central bankers are trying to create a system where they are completely free of the laws of nation states and governments. In other words, they are inserting sovereign immunity from all laws and literally trying to create a civilization under the law where they are free to do whatever they want, including, as we know—genocide.”
CAF says to fight back against CBDC is to use cash. Fitts says, “If you go to Solari.com, you will see something that says, “Cash Every Day.” Click the big red cap that says, “Make Cash Great Again.” If you click on that, you will get three videos. There are two videos I really want your audience to watch. One is a 56 second video of the BIS general manger Augustin Carstens in October 2020 explaining with CBDC they will have central control and enforce them centrally. It’s the only time in my life that I saw a central banker be 100% honest. The second video says “Financial Rebellion,” click it and you’ll get three minutes of a presentation by Richard Werner. He is certainly the top scholar in the world on central banking. . . . Richard explains that one of the top central bankers in Europe told him they are planning on chipping all of us.”
CAF says central bankers will ignore the U.S. Constitution, steal all of our assets like cash and gold but especially the land. CAF contends they won’t be able to do this unless they take our guns and extinguish the Second Amendment. CAF also talks about what she thinks will happen after the first of this year when it comes to inflation or deflation.
CAF says, “We are at war and we need a war strategy. . . . The ‘Great Reset’ will turn into the ‘Great Resist.”
CAF contends the good news is people are waking up and this evil criminal system can be stopped. CAF says, “Saint Paul said in Timothy, ‘Just stand and watch the divine go to work.’ They can’t do this. Did you see what just happened in Ireland? They tried to go all digital, and they had so many people cancel their accounts, they had to walk it back. . . . One thing the Bible makes clear is it will at times look hopeless, but it won’t be. That’s why you have to stand.”
There is much more in the 1 hour and 10 min. interview.
Donald Trump and Elon Musk have something in common….
“It must be remembered that there is nothing more difficult to plan, more doubtful of success, nor more dangerous to manage than a new system. For the initiator has the enmity of all who would profit by the preservation of the old institution and merely lukewarm defenders in those who gain by the new ones.”
For Elon Musk it is the organization of Twitter with 7,500 employees dedicated to ensuring he would never succeed in his takeover effort. From the board of directors to the data engineers who build the controlling algorithms, to the third-party service providers who manage the data demand, there are likely only a handful of people within the entire corporation who would welcome the type of change Elon Musk represents.
As a result of the scale of opposition, any organizational takeover would ultimately deliver a company filled with sleeper cells and activist agents who consider it their personal and ideological mission to destroy the social media platform rather than accept change. The purchase effort was doomed from the outset, considering Musk represented something akin to Rand Paul being nominated to lead the World Bank or Federal Reserve. Some stuff just isn’t possible.
We The People attempted the Musk route when we sent President Donald Trump into Washington DC. However, instead of one institution with 7,500 people, it was dozens of institutions housing hundreds of thousands of entrenched ideologues. Most MAGA voters did not realize it at the time because grade school civics was never updated with our post-9/11 political outcome.
Imagine what the 7,500 Twitter folks would do as employees within an institution they abhorred overnight. What scale of effort would be exhausted to kill baby Elon Hitler for the greater social good? You don’t have to go too far in your imagination, because that’s exactly how Washington DC reacted to Trump’s arrival.
From day one to day one-thousand-four-hundred-sixty-one, no opposition was too much opposition by anyone, in every institution and every branch – including both wings of the UniParty congress, upper and lower chambers.
The threat that Trump represented needed to be managed, attacked and ultimately removed. There were/are trillions at stake, and keep in mind, DC is the epicenter of the global financial universe. As a result, the financial foot-soldiers of almost every western nation were aligned to assist the DC system in removing the threat.
Sometimes I laugh at the hindsight of people who say Donald Trump had terrible judgement in his appointments. I snicker because these are the same people who said General James “Mad Dog” Mattis was the greatest military leader since George Washington. How did that role as defense secretary work out?
No wait, Trump could have done a better job against the 74,000 people in the United States Dept of State, extending like metastatic cancer around the globe from their primary origination point in foggy bottom DC.
Oh, I’m sure the Ron DeSantis advocates have a plan for that, just as assuredly as they can jump to the typeset to instruct Musk how to modify the personnel outlooks of the social media network. Something that involves the multi-billion global media corporations folding up shop to shift their ideological compass headings, right?
Maybe free cookies will help the kids who work 3 hours a week, smile as they adjust to a 40-hour expectation.
I’m told that Donald Trump also planned badly to take over the 90,000 employees and $8.7 billion payroll at the U.S. Dept of Justice. Trump should have listened to the advice of the esteemed and well-regarded senior Senator from deep red Alabama, Mr. Jeff Sessions, who was also praised effusively by the same conservative crowd who praised the Mad Dog. If only Trump had installed a great stalwart for conservative principles like Sessions. Alas, we lost the opp… wait, huh, no.. wait,.. I mean, what?
Former UN official Ric Grenell was awesome as the “acting” Director of National Intelligence. If only President Trump had nominated Grenell from the outset, instead of that insufferable DC insider from the Senate Select Committee on Intelligence, Dan Coats, things would have been so much better.
With an ODNI confirmation from the same senate intelligence group that was trying to block Trump from ever reaching Washington DC, things would have been awesome. Hey, why is that “Acting” word always in front of Grenell anyway? Oh, wait, the “Republican” committee members wouldn’t what?
Alas, if Trump had only done a better job of hiring the 2,400 people who work for the White House, he would have avoided all of those horrible stealth terror cells who were in place to facilitate his removal. Surely it wouldn’t have taken him that long to go through the candidate pool and interview everyone willing to live within a 100-mile radius of the epicenter of morality and truthfulness known as Washington DC.
And boy did President Trump ever screw up with his 400+ staff National Security Council, who report to the National Security Advisor and come from every executive agency, including intelligence, to deliver wholesome and practical advice to the oval office holder they hated.
I’m sure Musk has a better plan to manage the Silicon Valley coders who design the algorithms at the Twitter. I mean, Musk and Ron DeSantis being all smarter than Trump would have a plan for stuff, right?
Speaking of “intelligence”, what was candidate Donald Trump thinking when he selected former Indiana Governor Mike Pence as his vice-presidential running mate? I mean everyone in the republican sphere of conservative politics hated Mike Pence in 2015 and 2016, knowing his conservative bona fides were a mask just waiting to drop and create havoc for the America-First agenda. I mean it’s not like everyone didn’t know Mr. Pence surrounded himself with liars, fabricators and political club staff who hated the Tea Party base. We all knew that in 2015 and 2016, right?
If only Donald Trump had hired the right kind of people within his administration, then the multinational global corporate media would not have needed to treat him like he was the walking personification of the antichrist. A few people here, and a few different people there, and everything would have gone swimmingly.
Many people know -to a demonstrable certainty- that Ron DeSantis has, right now, a list of about 200,000 people ready to move themselves directly into Washington DC and finally change the system for the better. I am certain this list exists because all the right crowd in conservative media tell me they are sure of it.
These betters are the people who would know such things because they knew Senator Ted Cruz was the reformist lightbringer in 2015. The word is that DeSantis uniquely carries the power to replace every corrupt republican member of the House and Senate simply by raising his chin a certain way when the sunlight glistens upon him.
It was the Fourth Quarter of 2019…..
….despite two years of doomsayer predictions from Wall Street’s professional punditry, saying Trump tariffs on China would create massive inflation…. It wasn’t happening!
Overall year-over-year inflation was hovering around 1.7 percent [Table-A BLS]; that was our inflation rate. The rate in late 2019 was firmed up with less month-over-month fluctuation, and the rate remained consistent. [See Below]
A couple of important points. First, unleashing the energy sector to drive down overall costs to consumers and industry outputs was a key part of President Trump’s America-First MAGAnomic initiative. Lower energy prices help the worker economy, middle class and average American more than any other sector.
Which brings us to the second important point. Notice how food price had very low year-over-year inflation, 0.5 percent. That is a combination of two key issues: low energy costs, and the fracturing of Big Ag hold on the farm production and the export dynamic:
(BLS) […] The index for food at home declined for the third month in a row, falling 0.2 percent. The index for meats, poultry, fish, and eggs decreased 0.7 percent in August as the index for eggs fell 2.6 percent. The index for fruits and vegetables, which rose in July, fell 0.5 percent in August; the index for fresh fruits declined 1.4 percent, but the index for fresh vegetables rose 0.4 percent. The index for cereals and bakery products fell 0.3 percent in August after rising 0.3 percent in July. (link)
For the previous twenty years food prices had been increasingly controlled by Big Ag, and not by normal supply and demand. The commodity market became a ‘controlled market’. U.S. food outputs (farm production) was controlled and exported to keep the U.S. consumer paying optimal prices.
President Trump’s trade reset was disrupting this process. As farm products were less exported the cost of the food in our supermarket became reconnected to a ‘more normal’ supply and demand cycle. Food prices dropped and our pantry costs were lowered.
The Commerce Dept. then announced that retail sales climbed by 0.4 percent in August 2019, twice as high as the 0.2 percent analysts had predicted. The result highlighted retail sales strength of more than 4 percent year-over-year. These excellent results came on the heels of blowout data in July, when households boosted purchases of cars and clothing.
The better-than-expected number stemmed largely from a 1.8 percent jump in spending vehicles. Online sales, meanwhile, also continued to climb, rising 1.6 percent. That’s similar to July, 2019, when Amazon held its two-day, blowout Prime Day sale. (link)
Despite the efforts to remove and impeach President Trump, it did not look like middle-class America was overly concerned about the noise coming from the pundits. Likely that’s because blue-collar wages were higher, Main Street inflation was lower, and overall consumer confidence was strong. Yes, MAGAnomics was working.
Additionally, remember all those MSM hours and newspaper column inches where the professional financial pundits were claiming Trump’s tariffs were going to cause massive increases in prices of consumer goods?
Well, exactly the opposite happened [BLS report] Import prices were continuing to drop:
This was a really interesting dynamic that no-one in the professional punditry would dare explain.
Donald Trump’s tariffs were targeted to specific sectors of imported products. [Steel, Aluminum, and a host of smaller sectors etc.] However, when the EU and China respond by devaluing their currency, that approach hit all products imported, not just the tariff goods.
Because the EU and China were driving up the value of the dollar, everything we were importing became cheaper. Not just imports from Europe and China, but actually imports from everywhere. All imports were entering the U.S. at substantially lower prices.
This meant when we imported products, we were also importing deflation.
This price result is exactly the opposite of what the economic experts and Wall Street pundits predicted back in 2017 and 2018 when they were pushing the rapid price increase narrative.
Because all the export dependent economies were reacting with such urgency to retain their access to the U.S. market, aggregate import prices were actually lower than they were when the Trump tariffs began:
[…] Prices for imports from China edged down 0.1 percent in August following decreases of 0.2 percent in both July and June. Import prices from China have not advanced on a monthly basis since ticking up 0.1 percent in May 2018. The price index for imports from China fell 1.6 percent for the year ended in August.
[…] Import prices from the European Union fell 0.2 percent in August and 0.3 percent over the past 12 months.
There is a story circulating of a Texas, female, billionaire who has purchased a large amount of Silver Eagles, and intends to buy more. This was disclosed by coin dealer Andy Schechtman of Miles Franklin Precious Metals who reportedly filled her order. No-one has as of this writing yet ascertained the veracity of the claim.
As market participants in the space for some time, We assume there is truth to the recent buys as stated by the speaker with a touch of hyperbole on the potential future buys as relayed from the customer. Otherwise, who can know?
The key statements for us were:
“The client wants us to tell the world that she placed this order”
“She claims this is the first of several, up to a Billion dollars of orders she wants to place”
We have seen this before, and chances are so have you. The order was likely real and had probably distorted silver premiums for months due to the supply crunch. Subsequent orders are not a given but may happen.1 The two phrases listed above are very specific and designed to make a genuine statement without putting the speaker at risk. The speaker to our knowledge is a reputable professional with a keen understanding of the implications.
H/T Scottsdale Mint, Source video in which several reasonable geopolitical statements beyond the headline story are made.
Historically, you announce after you are filled, not before. Therefore this order could be a legit explanation for the premium stickiness over the last several months. But we know of noone who ever stated they may buy a $billion more after buying “only” $50 million of something. First time for everything maybe. If the coins were in fact purchased and any amount more are bought in the future, then this “whale” did us all a public service by letting the dealer disclose.
Assume the order was real, the order has been source-filled, and premiums will continue to remain hi through August. If she buys more, they have to go higher. If not, they will collapse. That’s the way we will watch this. The black swan is if others get the fever to buy. The future will tell us more.
Which brings us to the last time a person announced their bullishness, only to, as of yesterday, exit his buys while last telling people he would not sell, and that his asset was the future of money.
Elon Musk Sold Bitcoin
Despite claims of having diamond hands, assurances post his SNL appearance he was a “pumper but no dumper”; Tesla did in fact sell much of its bitcoin (75% of the remaining initial purchase after already selling 10% last report). This was ostensibly because they needed the cash for operations. Here is one of many instances where Musk proclaimed himself not a seller of Bitcoin.
Speculation is he had a put option struck at the purchase price from early on and exercised it to exit the position or had hedged the risk with CME futures earlier on. The richest guy in the world couldn’t stomach less than a billion in Bitcoin risk.
For weeks now, farmers in the Netherlands have been engaging in fierce protests over their government’s plan to halve the country’s nitrogen and ammonia pollution by 2030. It is estimated that this plan—which will mandate emissions cuts of 95% in some provinces—will require a 30% reduction in livestock and will drive many of the nation’s farmers out of business.
Closing Prices for Crude Oil, Gold and Other Commodities (July 18)
Benchmark U.S. crude oil for August delivery rose $5.01 to $102.60 a barrel Monday. Brent crude for September delivery rose $5.11 to $106.27 a barrel.
Wholesale gasoline for August delivery rose 5 cents to $3.25 a gallon. August heating oil fell 4 cents to $3.66 a gallon. August natural gas rose 46 cents to $7.48 per 1,000 cubic feet.
Gold for August delivery rose $6.60 to $1,710.20 an ounce. Silver for September delivery rose 25 cents to $18.84 an ounce and September copper rose 11 cents to $3.35 a pound.
The dollar fell to 138.05 Japanese yen from 138.56 yen. The euro rose to $1.0151 from $1.0081
Precious metals expert and financial writer Bill Holter said in early April that he thought we did not have much time until the financial meltdown started. He gave it 60 days. Two months later, the meltdown started in earnest right on time. The world is at debt levels never seen before, and Holter contends rising interest rates are the key driver here and now. Holter explains, “Interest rates are the key to the whole collapse. Mortgage rates, as of right now, are about 6.15%. Mortgage rates started the year just over 3%. In the fourth quarter of last year, we had mortgage rates as low as 2.75%. What that tells you is if you qualified for a $1 million mortgage at the end of last year, you only qualify for a $500,000 mortgage now. If you are a property owner, that means the pool of potential buyers is far less than 6 months ago, simply because interest rates have basically doubled. Holter also says that means property values are dramatically cut.
Interest rates have been on a more than 40-year downward trend since Fed Head Paul Volker raised a key rate to 20% in the early 1980’s. Holter points out, “We basically just went through a 40-year bull market on bonds where interest rates did nothing but go downward for 40 years . . . . That 40-year trend is now broken, and rates are headed higher. It just so happens the system is more indebted than it has ever been on any ratio or any basis you want to look at. What I am getting at is these higher interest rates are blowing up the debt bubble.”
Don’t expect the Fed to come in and save the day like it did in the last financial meltdown back in 2008 and 2009. The Fed bailed out the economy when it started printing money like crazy and never stopped. Holter says, “The bottom line is the world’s financial system and, thus, real economies have been on life support since 2008. What people should understand is when the Fed says they are going to raise interest rates and they are going to shrink their balance sheet, that says they are pulling the plug out of the wall. They are taking the system off life support. The bottom line is the system cannot live without life support. The Ponzi scheme cannot continue without new capital coming into the system. They are pulling the plug is what they are doing. . . . It’s game over.”
Holter also talks about gold and silver and why you should hold them in hand. Holter thinks a “Mad Max” scenario is a real possibility and says we have not seen the peak on inflation. There is a lot more in the 44-minute interview.
Biitcoin drops 17%, falling below $23,000 as $200 billion wiped off crypto market over the weekend
Bitcoin tumbled below $23,000 on Monday, hitting its lowest level since December 2020, as investors dump crypto amid a broader sell-off in risk assets.
Meanwhile, a crypto lending company called Celsius has paused withdrawals for its customers, sparking fears of contagion into the broader market.
Macro factors are contributing to the bearishness in the crypto markets, with rampant inflation continuing and the Federal Reserve expected to hike interest rates this week to control rising prices.
Bitcoin and other cryptocurrencies fell sharply as investors dump risk assets. A crypto lending company called Celsius is pausing withdrawals for its customers, sparking fears of contagion into the broader market.
Nurphoto | Nurphoto | Getty Images
Bitcoin tumbled below $23,000 on Monday, hitting its lowest level since December 2020, as investors dump crypto amid a broader sell-off in risk assets.
Meanwhile, a crypto lending company called Celsius has paused withdrawals for its customers, sparking fears of contagion into the broader market.
The world’s largest cryptocurrency bitcoin dropped below the $23,000 mark, according to CoinDesk data. At one point bitcoin fell about 17% to trade around $22,764. Some of those losses were later recovered, and around 2:20 p.m. on Wall Street bitcoin was 14.3% lower at $23,586.
Over the weekend and into Monday morning, more than $200 billion had been wiped off the entire cryptocurrency market. The cryptocurrency market capitalization fell below $1 trillion on Monday for the first time since February 2021, according to data from CoinMarketCap.
Last week, U.S. indices sold off heavily, with the tech-heavy Nasdaq dropping sharply. Bitcoin and other cryptocurrencies have tended to correlate with stocks and other risk assets. When these indices fall, crypto drops as well.
“Since Nov 2021, sentiment has changed drastically given the Fed rate hikes and inflation management. We’re also potentially looking at a recession given the FED may need to finally tackle the demand side to manage inflation,” Vijay Ayyar, vice president of corporate development and international at crypto exchange Luno, told CNBC.
“All this points to the market not completely having bottomed and unless the Fed is able to take a breather, we’re probably not going to see bullishness return.”
Ayyar noted that in previous bear markets, bitcoin had dropped around 80% from its last record high. Currently, it is down around 63% from its last all-time high which it hit in November.
“We could see much lower bitcoin prices over the next month or two,” Ayyar said.
“We Could See A Million Layoffs Or More” – Here Comes The Job Market Shock
Last weekend we showed something remarkable (or delightful, if one is a stock bull): with the US economy on the verge of recession, with inflation topping, with the housing market about to crack, the last pillar holding up the US economy (and preventing the Fed from continuing its tightening plans beyond the summer), the job market, had just hit a brick wall as revealed by real-time indicators – such as Revello’s measure of total job postings – which plunged by 22.5%, the biggest change on record (we also listed several other labor market metrics confirming that the job market was about to crater).
Fast forward to today when one day after we found that initial jobless claims continue to rise after hitting a generational low in March, and as company after company is warning that it will freeze hiring amid a historic profit margin crunch – if not announce outright layoff plans – Piper Sandler has compiled all the recent company mass layoff announcements. They are, in a word, startling.
Commenting on the surge in layoffs, Piper Sandler’s chief economist Nancy Lazar says that “post-covid rightsizing means that lots more layoffs are coming” and adds that “many companies overhired and overpaid during the Covid crisis.” Lazar also points out the obvious, that “the stay-at-home bubble was a bubble, and not a “new paradigm” of goods consumption” which means that “a right-sizing cycle is coming, with weaker growth in jobs and wages.”
Here are the stunning implications according to Piper Sandler:
We could see a million layoffs or more, as many goods sectors that benefited from the pandemic now realize they added too much capacity (as involuntary admissions make clear).
Low-income workers – who enjoyed the hottest wage gains during the crisis – are now most at risk of layoffs, with remaining job holders to see much slower wage growth.
Payrolls gains are poised to downshift to just 100k/month on average in the second half of the year, from about 515k/month through April.
While the above implications are startling for the US economy as a whole, they are especially bad for America’s poorest quintile which, according to Morgan Stanley calculations, now have less “excess cash” than they did pre-covid. In other words, the poorest 20% income quintile is now poorer than it was before Biden’s massive stimmy bonanza. And with every passing month, more quintile will get dragged underneath.
Of course, the US labor market doesn’t need to go into all-out cardiac arrest – a sharp drop in wage growth should do it. And sure enough, according to a Bloomberg report today, after handing out hefty salary increases over the past year, companies are now becoming more cautious with their cash over concern further big payouts will eat into profits, according to staffing companies, business owners and recent surveys.
“We’ve reached a level of wage inflation where employers are going to say, ‘I’ve done as much as I can,’” said Jonas Prising, chief executive officer of ManpowerGroup Inc., the Milwaukee-based staffing company that serves more than 100,000 clients worldwide. “‘My consumers and customers aren’t going to accept me passing these costs on any further, so we need to start to mitigate them.’”
Burning Glass Institute Chief Economist Gad Levanon said the US is transitioning from a pandemic-driven job market — where many Americans weren’t actively seeking work due to fears of the virus and related issues — to one that is more traditionally tight because unemployment is low. “Every company still needs people but they don’t need hundreds of people,” said Tom Gimbel, chief executive officer of Chicago-based employment agency LaSalle Network. “They’re being choosier about who they’re hiring than they were six months ago.”
Beveridge Well Drilling Inc. is among those feeling the pinch. The Nebraska-based company is offering an hourly wage of $16.50 for manual labor, up from $12 about a year ago. But even with “100%” health care benefits and other generous perks, it can’t fill all the open slots, vice president of construction Brandon Jones said.
And while the firm could bump up its offers to about $18 an hour, that’s “about as high as we feel we can do” against the backdrop of rising fuel and supply costs, Jones said.
All of which begs the question: yes, Biden may be terrified about soaring inflation….
… but how long will he tolerate an economy (and how long will an economic tolerate him) where millions are not only about to see their wages “revert back to normal” if they are lucky, while many other millions are about to lose their jobs.
As for the Fed, well with the Citi US Eco surprise index already crashing…
… one can only imagine where it will go not if but when we get a negative payrolls print in one of the coming months, and what that will do to the Fed’s hiking plans.
An interesting way to exercise the brain is to imagine what some of us might consider the unimaginable. That is what I ask you to do now. Many investors continue to believe that even if the stock market drops they will be smart enough to get out after taking only a minor hit. Others simply think no way exists for these markets to fall sighting a lack of investment alternatives and what they see as the Fed put having their back.
After the financial crisis in 2008 when the market took nasty and violent swings many investors came away with the feeling they learned a few things that will enable them to leap to safety before it is too late. That brings us to today.
Almost everyone agrees that after years of moving ever upward this bull market is long in the tooth. Today with the economy rapidly slowing and debt across the world having exploded it seems any opportunity to panic the bears should not go unexploited. It is against this backdrop that one allows optimist fellas to think, this time is different.
The thing many investors are not taking into consideration is that if the market falls like a flash crash on steroids they could be trapped. We have been assured that can’t happen because circuit breakers have been put in place to arrest panic-style moves, however, imagine a market that falls, trade is halted, and the market simply does not reopen for days or even weeks. As remote as this might seem remember Japan’s stock market has failed to reach the high it made decades ago. Today the Nikkei 225 trades around 25,750 even with the BoJ buying huge amounts of ETFs. See the 1980 to 2015 chart below.
Japan’s Nikkei 225 has yet to reach the high it made decades ago
Also, please take a moment to consider the possibility and the far-reaching ramifications of stocks falling from grace. Not only would active stock market investors get hammered but pensions, 401 plans, and a slew of other investment programs would be affected. While you are imagining this scenario realize that America’s stock market is the gold standard and consider how less stable global markets would react in countries like China and Brazil.
For a long time, I have been trying to develop a scenario for a market “super crash” and a reasonable map that would arrive at such a situation. To say I’m negative about this economy is a gross understatement. I saw the last housing bubble coming and predicted the crash. I continue to contend that we have never recovered from the Great Recession or corrected the many problems that haunt our financial systems such as derivatives and collateralized debt obligations. By printing money, imploding interest rates, and exploding the Federal Government’s deficit we have only delayed the “big one.”
These two quotes on macroeconomic stabilization and crisis speak volumes. First, from Macresilience;
“As Minsky has documented, the history of macroeconomic interventions post-WW2 has been the history of prevention of even the smallest snapbacks that are inherent to the process of creative destruction. The result is our current financial system which is as taut as it can be, in a state of fragility where any snap-back will be catastrophic.”
And next from Nassim Taleb (author of The Black Swan);
“Complex systems that have artificially suppressed volatility tend to become extremely fragile, while at the same time exhibiting no visible risks. In fact, they tend to be too calm and exhibit minimal variability as silent risks accumulate beneath the surface. Although the stated intention of political leaders and economic policymakers is to stabilize the system by inhibiting fluctuations, the result tends to be the opposite.”
These quotes suggest an analogy with ideas about forest management when natural fires are suppressed. If random fires do not periodically clear away forest underbrush, we see a build-up of flammable material sufficient to power a massive conflagration. I certainly think an equivalent truth applies to financial markets. The longer it has been since a painful collapse, the greater the willingness to pile on leverage and complexity, such that the next crisis becomes unmanageable. The “Too Big To Fail” and other policies implemented since 2008 have distorted markets across the globe and laid the groundwork for “The Big One”, or what we will someday look back on as the mother of all sell-offs.
Over the years not only have we witnessed many cases of government overreach and many rule changes to protect the system at the expense of the people. What happened in Cyprus years ago should serve as a warning to anyone who thinks money in the bank is safe. A bad haircut, in this case, means you have been robbed. That may be the case if the government reaches in over a long weekend and steals money from your bank account. This is a horrible precedent to set, and the worst part may be how many people accept it saying it is OK as long as it is only on the larger accounts and only impacts the savings of someone else! It is very important to remember these low-interest rates come at a price, a dark side exists to current economic policy. In the long run, the benefits they bring may be outweighed by the distortions they cause.
By not taking steps to correct many of the ills lurking in our financial system we have made things worse. Absent are actual structural changes necessary for our economy to become sustainable. Instead, we have put band-aid upon band-aid, upon band-aid while what was necessary was the amputation of a diseased limb. After all the threats that this market has avoided, and sidestepped, some investors have come to think of it as invincible. This market has overcome a struggling euro, the financial cliff, the end of Greece as we knew it, a trade war, and a global pandemic.
Back in August of 2016, in a similar article, I warned about being complacent in dangerous times. My studies in “microeconomics,” and observations in the current real estate market, both as an owner and hands-on landlord allow me to predict, that we ain’t seen nothing yet! While Knowing such a flash crash is highly unlikely it is important we consider it could happen. Remember, none of the oil traders foresaw the oil contango that occurred in 2020 and shook the oil industry to its core.
Friend of Fringe Finance Lawrence Lepard released his most recent investor letter a few days ago with his updated take on the seismic changes occurring in monetary policy globally as a result of the Russia/Ukraine conflict.
He takes us through history as to how this landscape has changed in the past, and what could be coming in years ahead.
Gold, silver succumb to big drop in crude oil, rise in bond yields
– Gold and silver prices are a sharply lower in midday U.S. trading Tuesday, on a big downside price corrections after both metals hit five-week highs on Monday. Solid losses in the crude oil market and rising U.S. Treasury yields on this day also worked against the precious metals market bulls. June gold futures were last down $26.90 at $1,959.60 and May Comex silver was last down $0.775 at $25.37 an ounce.Global stocks markets were mixed to weaker overnight. The U.S. stock indexes are higher at midday. Still, the U.S. stock indexes have become wobbly and are now in near-term price downtrends. Risk aversion in the global marketplace remains extra elevated amid the Russia-Ukraine war that shows no signs of ending. Inflation concerns have also hurt stocks and bonds.
Nymex crude oil futures prices are sharply lower today and trading around $103.00 a barrel. The U.S. dollar index is firmer today and hit a two-year high. The closely watched yield on the 10-year Treasury note is presently fetching 2.898%, near a three-year high.
Technically June gold futures bulls still have the firm overall near-term technical advantage. Bulls’ next upside price objective is to produce a close above solid resistance at $2,000.00. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $1,915.00. First resistance is seen at $1,972.50 and then at today’s high of $1,985.10. First support is seen at $1,950.00 and then at $1,940.00. Wyckoff’s Market Rating: 7.0
May silver futures bulls have the firm overall near-term technical advantage and have momentum. Silver bulls’ next upside price objective is closing prices above solid technical resistance at the March high of $27.495 an ounce. The next downside price objective for the bears is closing prices below solid support at $24.045. First resistance is seen at $26.00 and then at today’s high of $26.195. Next support is seen at today’s low of $25.21 and then at $25.00. Wyckoff’s Market Rating: 7.0.
May N.Y. copper closed down 990 points at 470.20 cents today. Prices closed nearer the session low today. The copper bulls have the overall near-term technical advantage. Copper bulls’ next upside price objective is pushing and closing prices above solid technical resistance at the April high of 486.00 cents. The next downside price objective for the bears is closing prices below solid technical support at 450.00 cents. First resistance is seen at 475.00 cents and then at 480.00 cents. First support is seen at today’s low of 468.05 cents and then at the April low of 462.40 cents. Wyckoff’s Market Rating: 6.5.
Employees process ingots of 99.99 percent pure gold at the Krastsvetmet non-ferrous metals plant, one of the world’s largest producers in the precious metals industry, in the Siberian city of Krasnoyarsk, Russia, on Nov. 22, 2018. (Reuters)
Russia’s central bank said on Thursday that due to a “significant change in market conditions” it would buy gold from commercial banks at a negotiated price from April 8.
On March 25, the bank had said it would buy gold at a fixed price of 5,000 rubles a gram until June 30.
Since that announcement, the ruble has strengthened sharply against the dollar. Five thousand rubles was worth around $52 on March 25 and around $63 on Thursday.
Gold prices on the international market have remained stable at around $60 a gram, or $1,900 an ounce.
Russia is one of the world’s biggest gold producers, but the country’s refiners were barred from selling bullion into the London market, the world’s largest, after the Kremlin sent troops into Ukraine in February.
($1 = 78.6830 rubles)
Petro-Ruble Takes Down Dollar & Drives Up Gold – Bill Holter w/ Greg Hunter (Video)
Precious metals expert and financial writer Bill Holter said that at the end of last year, both the lies and money printing were going to get much worse. Holter predicted, “The risk for a meltdown from these levels, the risk has never been higher or could be higher than it is right now. You have got everything going in the wrong direction. . . .” Fast-forward to today, and you see huge inflation, economies wrecked and Russia demanding payment for oil and gas in rubles. Holter explains, “This is the biggest news since 1973 when oil started being backed by the U.S. dollar. There is nothing bigger. Understand, Gaddafi (Libya) did this. Saddam Hussein (Iraq) talked about the gold dinar, or a gold backed currency, and what happened? They got killed, and their countries got invaded and their gold stolen. This time is different because you are not going to have the U.S. military go into Moscow, depose Putin and steal their gold.
Join Greg Hunter as he goes One-on-One with financial writer and precious metals expert Bill Holter of JSMineset.com.
ALERT! Silver Rigging Game Over!…Along With the Rest of the World Market Riggers! (Bix Weir)
Yahoo/Inbox
Bix Weir
To
:Stephen Orchard
Thu, Mar 31, 2022
EVERYTHING is happening NOW!
Clif High’s “Secrets Revealed!” is happening in REAL TIME!!
Hang onto your hats my friends…the world is about to go SIDEWAYS!!
ALERT! Silver Rigging Game Over!…Along With the Rest of the World Market Riggers! (Bix Weir)
HUGE ANNOUNCEMENT ON THE ROAD TO ROOTA TOMORROW MORNING!!
YER GONNA LOVE IT!!
Chris Marcus from Arcadia Economics and Rafi Farber from End Game Investor join me to expose the crimes and the names of those committing the crimes of manipulating the silver and gold markets, as we quantify the current real world fair market prices of silver and gold. God bless friends, keep on stackin’.
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THE FALL OF THE CABAL. CENTRAL BANKING SYSTEM IS HAPPENING… YOU ARE WITNESSING THE [COLLAPSE] Of the old system..
Russia sanctions hit physical gold and silver supply
Make sure you catch the next episode of Live from the Vault, where Andrew Maguire shares insights and analysis on the gold and silver markets. Subscribe.
In this week’s Live from the Vault, Andrew Maguire unpacks the geopolitical after-effects of sanctions against the Russian Central Bank, and the resulting global shortfall in physical gold and silver supply.
The lifelong wholesaler goes into granular detail on the growing discordance between physical silver and paper SLV positions, delineating a massive arbitrage opportunity that has emerged in the market.
When The Run On Gold & Silver Begins Planet Wide (Video)
[If you don’t have some of your money in precious metals you better get some before it’s too late. Get whatever you can out of the dollar based system before it goes bye-bye . . . SC]
Russia cut off from delivering gold to London already causing cancelled deliveries and defaults, European banks need to hold more gold vs paper gold due to Basel 3 but the supply stopped with sanctions. Interest and orders from individuals up 250% across the planet. Russia cut off from IMF.
Market Rundown: It’s like Lehman, with one Huge Exception-They Need Gold
Gold and Silver: There Are No Sellers Left
Market Rundown: It’s like Lehman, with one Huge Exception-They Need Gold
Good Morning: Markets have reacted violently and decidedly to the Russian sanction escalation. Behavior is almost the same as in previous liquidity events like Lehman in 2008 and Covid in March 2020. The Venn diagram of why things are doing what they are doing is an intersection of these things:
If an asset is backed by Lehman Russian money, you are unable to sell it
If your asset is exposed to, or even perceived as exposed to Lehman Russian counterparty risk, that asset will drop in value
If an asset is physical in nature and consumed, it will (EDIT: not) be sold cheaply to raise dollars, especially if it is Gold and Silver which will be punished by US Banks for US dollars
Russia has more gold than Dollars Now
ITS ALL ABOUT COUNTERPARTY RISK NOW
In liquidity events like Lehman etc, Gold is initially sold as a source of dollars. Today it was not.
In liquidity events like Lehman where economies will crater, Silver is sold. Today it was not.
Therefore one must perceive this event as not a liquidity crisis that is short term in duration, but a harbinger of a much bigger chronic liquidity issue that will remain for a long time.
There are no more natural sellers. There are only buyers who buy or buyers who wait to buy
Russia will not be selling its gold globally now
Yes Gold will succumb to selling pressure again. But if you own it, know that Banks are no longer going to sell it to finance their need for dollars. Yes Silver will be sold again, but know that it is a losing trade to be short physical in a market like this. If you want to read more read this excellent commentary on Zoltan’s most recent research post. This is a market that has lost its trust of people.
More specifics are in these 3 reports put out on the topic in the last 48 hours:
Many of the base/industrial metals have been surging of late, and copper appears to be next. What impact, if any, can we eventually expect this to have on the price of COMEX silver?
Let’s start by recognizing that the ongoing bull market in commodities is a real thing. With the rapid acceleration of fiat currency debasement since the onset of the Covid Crisis, hard assets have surged as shortages have developed. As you can see below, the Bloomberg Spot Commodity Index recently hit a new all-time high, eclipsing the levels seen in 2008 and 2011.
And within the sector, individual commodities have taken turns soaring toward new multi-year or all-time highs. Consider the base/industrial metals below, but also recall that 2021 has seen massive rallies in other items such as iron ore, cold-rolled steel, and lumber.
Next, you’ve likely heard (and felt) that energy prices are at multi-year highs, too. Crude oil and natural gas have been trading at levels not seen since at least 2014. And check Chinese coal. Holy moly!
Which brings us to copper…silver’s cousin. Copper prices have also surged of late, but copper is not yet at the same multi-year high levels as other base/industrial metals, and it has certainly not yet seen the type of explosive move to new highs witnessed in some of the other commodities this year. It is, however, very close to making new all-time highs, as you can see below:
A surge to new all-time highs? Copper trading at $6 or $7? Does this sound crazy to you?
Well, what if I showed you the most recent Commitment of Traders report for copper? Look below at the disaggregated report from last week. What do you see?
I’ll tell you what I see. Notice that BOTH the swap-dealing Banks AND the managed money hedge funds are net long COMEX copper contracts. The only side net short is the producer/hedgers. So if price suddenly spikes through $5.00, from where will the new contracts be issued to contain price? Maybe a few producers will hedge a bit more, but what incentive would The Banks or the funds have to step in the way and sell or short? None. Therefore, things could soon get disorderly in copper, and those $6 and $7 levels could come into focus quite quickly.
We may already be seeing signs of this appearing in London this week. While this may be a short-term anomaly, it also could be a clear signal of things to come.
And this brings us back to COMEX silver. Recall that many of us who stack physical silver do so because we still think of it as a monetary metal. But we are in the distinct minority! Almost the entire investment world thinks of silver as a base/industrial metal instead. Here’s just one example:
Loose fiat monetary policy is leading to rallies in nearly every commodity.
The energy sector is soaring, and this will lead to even higher inflation levels.
Many base/industrial metals have surged to new all-time highs.
Copper appears poised to stun the investment world with a spike toward $6, $7, or even higher.
An eventual spillover rally is almost a certainty.
And let’s check the Commitment of Traders report for silver, too. Look below and you’ll see that the swap-dealing Banks are currently NET LONG for the first time since late 2018. Oh, and what happened in late 2018? COMEX silver bottomed near $14 right before The Fed’s most recent “policy error” overwhelmed the markets, sent the stock market reeling, and led to a formal change in June of 2019.
In short, if copper eventually follows the base metals and the energy sector to new all-time highs, it is highly likely that COMEX silver will tag along for the ride since it’s considered a “base metal”, too. COMEX silver may not immediately extend to its own new all-time highs, but if copper is seen trading with a $6 or $7 handle, silver’s not going to be at $23. I can assure you of that.
So go forth and prepare accordingly. Keep a close eye on ole “Dr. C” and watch for new all-time highs. Once that occurs, don’t be surprised by what happens next……..
If you feel like global events are about to hit a dramatic turning point, you are definitely not alone. Lately, I have been hearing from so many people that are feeling such a sense of dread about the days that are ahead of us. It kinds of reminds me of the waning days of 2019. If you go back and review my articles and my interviews from that period, you will see that I repeatedly warned that I had such a bad feeling about 2020. At the time, that didn’t make a lot of sense to some people, because life was still relatively normal. But then the COVID pandemic came along and the world went completely nuts. Well, now I am sensing another huge wave of trouble, and countless others are feeling the exact same way. (Read More…)
Is this going to be the worst holiday season in modern American history? Some mainstream news outlets are insisting that the upcoming holidays are going to be “ruined” because of the widespread shortages that are being caused by the global supply chain crisis. Of course we should have never allowed any of our holidays to be defined by material goods in the first place. I think that the fact that a “holiday season” can be “ruined” by a lack of goods on the shelves says an enormous amount about where we are as a society. And if we can’t handle some limited shortages during the waning months of 2021, how in the world are we going to handle the severe economic pain that is coming in the future? (Read More…)
Historically, the start of most wars has not been a surprise. Usually, there is a very clear build up before hostilities begin, and we are seeing the same pattern today. For example, by now it should be exceedingly clear to everyone that Israel and Iran will be going to war. Both sides have been talking about the coming conflict for years, and everyone knows who has been causing the “mystery explosions” inside Iran and everyone knows who has been attacking Israeli commercial ships. A “shadow war” has already been going on for quite some time, and at some point missiles will start flying back and forth between the two countries. Likewise, by now it should be exceedingly clear that China very much wants to invade Taiwan. “Reunification” is a top national priority for the CCP, and as you will see below, we are being warned that Xi Jinping has apparently decided that Taiwan is “not a problem that will be passed down to the next generation”. (Read More…)
An endless tsunami of illegal drugs is turning the streets of our major cities into desolate wastelands, and yet our politicians seem powerless to do anything about it. In fact, in some of our biggest cities the politicians actually don’t seem interested in doing anything about it. As I will discuss below, open air drug markets are operating freely right in the heart of New York City at this moment. Dealers and addicts go about their business without the slightest fear that the police will do anything. Meanwhile, the national death toll just continues to rise. An all-time record 93,000 Americans died as a result of a drug overdose last year. That was an increase of nearly 30 percent from the year before, and authorities are already warning that there will be another huge jump when the final numbers for 2021 come in. (Read More…)
If CNN starts sounding like The Economic Collapse Blog, what does that mean? Unfortunately, the truth about what is in our immediate future is becoming apparent to everyone. Global supply chains are in a state of complete and utter chaos, and this is driving up prices and causing widespread shortages all over the country. Over the past couple of weeks, I have written five articles with either “shortage” or “shortages” in the title, and some have accused me of being a little alarmist. If that is the case, then CNN is being alarmist too, because one of their top stories today openly warned of a “global transport system collapse”… (Read More…)
“It’s all about China again today in markets – and what we are seeing in some corners is just a reflection of what we could potentially see in many others ahead.”
Good Morning. As of this writing the DX is down 20 points and bonds are stronger. The US 10-year real yield has fallen to a new record low of almost -1.13%. US Stocks are only marginally lower. Gold is up $7 and Silver is up almost a full percent at $25.47. Oil is softer and Copper is firm. Nat Gas is up 10 cents. Bitcoin is up 19.40% from Friday’s close and Ethereum is up 18 percent.
What’s it Mean:
If you ignore Bitcoin, it means little. The accompanying news is about the infrastructure bill and the escalating rhetoric between China and the US. Covid fears are ratcheting up some as well. That would explain the bond rally and flat stocks. The bid in gold is not much to get excited about given the real rates being so negative. But that will matter when it finally does matter.
On Deck: It’s a quiet day ahead of the start of the Federal Reserve meeting this week. June new home sales data is released at 10:00 a.m. Tesla Inc. reports second-quarter earnings after the bell, with Lockheed Martin Corp., Hasbro Inc. and Ameriprise Financial Inc. also due.- Source
The following are excerpts from Moor Analytics Technical Reports posted here with permission and not actionable out of full report context
Upside: I am writing this from the higher call. Get long on a decent penetration and/or pullback above $1,813.0 (-1.2 tics per/hour starting at 8:20am)
Downside: I am writing this from the higher call. Buy against $1,798.6-8.4 as a reentry for longs. Buy against $1,791.0-89.1; get short below.
As noted up top, Bitcoin soared 19% from Friday’s close The surge has been attributed to short-covering, speculation that Amazon may accept digital coins for transactions and positive comments from the likes of Tesla’s Elon Musk and Ark Investment Management’s Cathie Wood.
Due to Twitter limitations today, theGoldFix and Bitcoin Brief broadcastswere completed in combination in a zoom room. Today’s extended chat goes into the behaviors and events that lead up to today’s rally in Bitcoin.
Prices paid by U.S. consumers surged in June by the most since 2008, topping all forecasts and showing higher costs associated with the economy’s reopening continue to fuel inflationary pressures. [Full Story]
And now, in the midst of a global semiconductor shortage, it is becoming clear exactly how important the company’s dominance has been.
Is Gold Still a Safe Haven Asset?
Another strike against Bitcoin this week.
Another strike against Bitcoin this week.
We discuss bitcoin often because it has been touted as an alternative to gold in many circles. Many of these claims are unsubstantiated and some are outright false. Also, as long-term physical metals investors, we care enough to tackle these falsehoods head on.
Commercials are circulating from crypto companies that advertise “drop gold” in favor of bitcoin with claims such as
“Bitcoin has qualities that make it a better option than gold in today’s digital, global economy. It’s fast, secure, transparent, and moves seamlessly across borders making bitcoin both a resilient store-of-value and an efficient medium-of-exchange” (dropgold.com).
Moreover, these types of campaigns and beliefs have influenced the gold price as investors have turned towards cryptocurrencies instead.
Additionally, we have written in previous posts; also our analysis shows that the increase in the price of Bitcoin in the first quarter of 2021 accounted for about 2.5% lower prices for gold (the other factors in the decline were the rise in the US dollar and US 10-year real interest rates (measured by the Treasury Inflation Protection Securities).
Cryptocurrency Theft on Rise
One of the touted benefits of Bitcoin is that it is untraceable and provides guaranteed anonymity. However, it was reported by Reuters on Monday that America’s Justice Department “recovered some $2.3 million in cryptocurrency ransom paid by Colonial Pipeline Co, cracking down on hackers who launched the most disruptive U.S. cyberattack on record … an affidavit filed on Monday said the FBI was in possession of a private key to unlock a bitcoin wallet that had received most of the funds …
A judge in San Francisco approved the seizure of funds from this “cryptocurrency address” … authorities have stepped up their expertise in tracking the flow of digital money as ransomware has become a growing national security threat.”
This is further evidence that Bitcoin is not beyond government control as once thought. In fact, it is hard to see how gangsters and criminals could continue to favour crypto assets over gold or cash since Bitcoin has turned out to be most traceable of the three!
Some advocates of crypto assets point out that FBI was able to recover this ransom because of sloppy operations by the hacker, but not because Bitcoin failed to be anonymous. Yet the fact remains the vast majority of investors are less digitally sophisticated than professional software hackers thus they will be even more traceable by governments.
This FBI knock against Bitcoin follows closely upon Elon Musk announcing on May 13 that Tesla would stop accepting Bitcoin for vehicle purchases. This was only 13 weeks and two days after Musk stated that Tesla would accept Bitcoin as payment.
It seems those ransomware hackers should study a little history. Moreover, some reading would show many cases of theft from which the gold was never recovered. This is because stolen gold leaves no digital tracks and does not need a computer network!
A google search shows that millions in gold stolen from Heathrow in 1983 has not been recovered, and never will… “The Brink’s-Mat robbery occurred at the Heathrow International Trading Estate, London, on 26 November 1983. £26 million (equivalent to £100 million in 2019) worth of gold bullion, diamonds, and cash was stolen from a warehouse.
The bullion was the property of Johnson Matthey Bankers Ltd, which collapsed the following year after making large loans to frauds and insolvent firms. Two men were convicted, and the majority of the gold has never been recovered. Insurers Lloyd’s of London paid out for the losses, and several deaths have been linked to the case.”
Gold as Safe Haven
We are by no means endorsing criminal activity with either gold or Bitcoin, but merely pointing out another element that the falsehoods of Bitcoin are continually being uncovered, whereas gold has stood the test of time on many fronts and also proved to be a safe haven that the Bitcoin (cryptocurrency) promoters would like investors to believe that Bitcoin should replace gold.
On that point, one of the tried-and-true properties of gold is the ‘safe-haven’ aspect since gold needs no network nor counterparty; also, investors are more inclined to purchase gold as a safe haven asset in times of market or geopolitical turbulence.
For example, the largest of these geopolitical where gold acted as safe-haven events was the simultaneous Iranian hostage crisis and Russia invading Afghanistan from late 1979 to early 1980 (shown in the chart below).
The largest geopolitical impact on gold- Gold price chart
Whereas the largest impact on bitcoin’s price to date has been a reversal of Tesla’s endorsement, which pushed the price down.
If your savings medium needs continual support from Elon Musk so that it holds value, a mistake has been made. Also, savers need something which stands on its own without endorsement or enforcement, they need physical silver and gold.
Mikhail Tukhachevsky was only 42 years old when Joseph Stalin promoted him to the highest possible military rank in the Soviet Union.
As “Marshall of the Soviet Union”, Tukhachevsky had near supreme authority over all Soviet military forces. And he had been personally tasked by Stalin to modernize the military and prepare for war…readSoftBank Said to Plan $14 Billion Sale of Alibaba Shares…….read the rest of story below…..
The woke purge is coming for the military………………..
But Tukhachevsky’s new authority didn’t last very long. Shortly after assuming his duties as Marshall, he was quietly reassigned to an unimportant post… and subsequently arrested.
The year was 1936. And Tukhachevsky was suspected of plotting with the Germans to overthrow Stalin and implement a military dictatorship.
Tukhachevsky was brutally beaten while in captivity, and he confessed to being a Nazi spy after two days of relentless torture.
He was branded a traitor and executed.
Tukhachevsky wasn’t the only one, either. This was a period in Soviet history called the Great Terror, in which an extremely paranoid Stalin purged the military of anyone who showed any sign of ideological dissent.
The rest of the officers were quick to show Stalin that they were worthy, loyal comrades. Soldiers routinely ratted each other out and put each other on phony trials where a guilty verdict was a foregone conclusion.
During Tukhachevsky’s trial, one of the judges passionately recounted to the Soviet press how much he loathed traitors who were disloyal to Stalin:
“When I saw those scoundrels in the courtroom, I was shivering. A beast was in me. I didn’t want to judge them, but beat and beat them in a wild frenzy.”
This judge’s name was General Ivan Belov. And even though he tried so desperately to prove that he was a loyal party member by eagerly participating in the purge, Belov knew that the purge would eventually come for him:
“Tomorrow I shall be put in the same place [as Tukhachevsky].”
Belov was himself arrested, tried, and executed within eighteen months.
Over 36,000 Red Army officers were executed, sent to the gulag, or removed from command. This included the vast majority of the upper ranks— people like Tukhachevsky who had designed the modern Red Army, and knew best how to run it.
The end result was that Stalin had severely weakened his own military, which is why the Soviets were totally unprepared when Hitler’s forces invaded a few years later.
In fact Stalin was at such a tactical disadvantage in the early days of World War II that he released many of the purged officers from the Gulag, and forced them back into the military to help fight off the Nazis.
Paranoid authoritarian leaders often fall victim to this impulse to demand ideological purity from their soldiers.
And in a bizarre way, this is what’s happening in the United States now that the Defense Department has ordered its own purge of “extremism” in the ranks.
Last month, the Secretary of Defense issued a memo on “Immediate Actions to Counter Extremism in the Military”and chose a man named Bishop Garrison to head the “Countering Extremism Working Group.”
What does Bishop Garrison consider “extremism”?
In 2019, he Tweeted about “misogynist, extremists, other racists” and said “If you support the President [i.e. Orange Man], you support that. There is no room for nuance with this.”
So according to Garrison’s definition of extremism, at least 74 million Americans are extremists, including about half of the soldiers in the US military.
In a June 2020 article, Garrison wrote that such extremism “must be cut out like the cancer it has been for so long.”
Now it will be Garrison’s responsibility to create a lengthy screening process that all new military recruits must pass, in order to identify “specific information about current or previous extremist behavior.”
A memo from March 2021 outlines the “Extremism and Insider Threat in the DoD [Department of Defense]” and identifies symbols like the ‘OK’ hand gesture as potential signs of extremism.
Just recently a brand new Space Force commander named Matthew Lohmeier was reassigned, because he stated that, “diversity, inclusion and equity industry and the trainings we are receiving in the military … is rooted in critical race theory, which is rooted in Marxism.”
Bishop Garrison can now wield supreme authority to cancel anyone in the military who expresses the wrong opinion.
Obviously I’m not suggesting that the US is turning into a Stalinist regime.
But it’s clear that the Defense Department’s priorities have shifted away from maintaining the most effective fighting force in the history of the world.
Now it’s all about Diversity and Inclusion, from Special Operations Command to the Central Intelligence Agency.
This is classic thinking for out-of-touch bureaucrats, most of whom have never been anywhere near a combat zone.
If they had, they’d understand that when the bullets start flying, no soldier in a foxhole gives a damn about the skin color of the guy next to him. All they care about is staying alive, keeping their fellow soldiers alive, and accomplishing the objective.
Yet now, at a time when the Chinese military is rapidly catching up to the West in terms of tactical prowess and weapons technology, and may already be far ahead in terms of cyberwarfare, the top priority in the US military is now social justice… and stamping out ideological dissent from its ranks.
The policy changes are pushing many members of the military to leave voluntarily, something the Center for a New American Security calls a “looming retention crisis.”
According to their report, an alarming number of talented military officers are leaving the service.
Having some bureaucrat accuse you of being an extremist, when all you’ve ever done is put your life on the line in service of your country, probably doesn’t help this retention problem.
It takes decades of careful design and intelligent decision-making for a nation to build an effective military.
But it only takes 5-10 years of lunacy like this to wreck it.
On another note… We think gold could DOUBLE and silver could increase by up to 5 TIMES in the next few years.
All we hear is that people love bitcoin volatility, that they are happy to be down 20, 30, 40%, that volatility is a must (although nobody is managing it well), that bitcoin gives you freedom etc.
These are all non arguments, and the only thing that matters is the p/l, by now in free fall for most “new believers”.
P/L volatility to the upside is one thing, but p/l volatility to the downside is a different beast. Let’s see where we go from here, but as we outlined yesterday, skew has exploded as people have bought puts in panic. This could be a short term signal for a needed pause, but much damage has been done. Note the 50/100 day moving average cross, as well as the fact we remain below the 200 day moving average.
Second chart shows Fibonacci levels worth keeping an eye on.
Despite everything having happened in crypto space, we still have not heard of people running big bitcoin shorts…
3d ago at 4:24
COME ON FED – WHY CAN’T YOU MOVE MOVE LOWER?
Source: Refinitiv
We all recall how easily Fed fixed bond vol, MOVE index, back in 2019. A gentle push on the printing button and MOVE moved lower.
Post corona things are obviously much different, but despite the BS reaching new all time highs and is expanding further, MOVE just seems unable to return to normal…
3d ago at 3:00
CHINESE TECH – WILL YOU COME BACK AS WELL?
Source: Refinitiv
With NASDAQ on fire lately, and the CSI 300 breaking up big overnight, the “constant” dog, Asian tech, managed trading higher overnight.
Yes, px action remains poor, but do not forget how quickly this space moves when it decides catching up.
HSTECH vs NASDAQ getting rather wide.
3d ago at 1:40
GOLD TO FED – JUST CATCHING UP
Source: Refinitiv, Refinitiv, Refinitiv
Gold’s comeback has definitely managed confusing some people out there. In early May we suggested gold was “Waking up” as we wrote that upside in gold, (via upside call spreads) was looking attractive;
“Note 100 day moving is right around here, so it will take some “effort” to push gold above it, but given the fact nobody likes gold these days, a possible break out could be “dynamic”.
Gold volatility has imploded over past months in sympathy with other global vols. Recall that gold volatility trades with a positive “skew”. Sharp moves higher in gold are accompanied with moves higher in gold volatility. Playing a possible upside with call spreads makes sense here.”
Much has happened since then (especially post the latest bitcoin crash), but here we are, gold back in fashion, just when people had abandoned it.
First chart is the forgotten Fed BS vs gold chart people used to “follow” before. Is gold the true “debasement” trade after all?
Second chart shows the move higher in gold accompanied with GVZ moving higher as well (gold’s positive skew). Gold has a first bigger resistance at 1900 which will be crucial to watch. Note RSI has come a long way, so chasing gold here and now is starting to get a little late.
Don’t believe their lies. Just follow the fake money back to its origin… There you’ll find the Fed, hard at work, applying the pavement to Karl Marx’s road to hell…
“…this changes nothing from the Fed’s view. The Fed is focused on the labor market, believing that any transitory inflation can be weathered by Consumers”
“China increasingly is a near-peer competitor, challenging the United States in multiple arenas – especially economically, militarily, and technologically – and is pushing to change global norms…”
Hedge Funds Implode as Central Banks Get More Gold Bullion
The London Bullion Market Association made news today, publishing a new record high volume of supposed silver underlying all the various silver ETFs and unclaimed silver bullion float with various commercial banks and secure logistics custodians in London.
The claim made is that London increased its silver fractional reserve pile by over 124 million ounces in March 2021.
So just over 431 of this roughly 288,000 ounces of silver bullion supposedly flowed into London in the last 31 days.
For further perspective, imagine as if the entire COMEX registered supposedly deliverable silver pile equivalent poured into London vaults last month alone.
For another analogy on how unbelievable this claim is, this is akin to just under the entire underlying PSLV silver bullion pile in just one month, moving supposedly into these individual and or collective London six silver vaults.
Ronan Manly reported this in middle February 2021 about shrinking London silver bullion float inventories here on ZeroHedge.
Silver Bullion London Supplies Almost Gone – Feb 12, 2021
Interesting news this week regarding a large primary silver mine in Mexico, which decided to forgo selling precious metals during this spot price correction over the last two weeks of March.
Endeavor Silver plans to sell the withheld silver and gold metal inventory in anticipation of a precious metal price rebound in the second quarter of this year, 2021.
It is likely that “something has gone wrong” for the Fed… The limit of its ability to pull-forward future consumption through monetary interventions has been reached…
Among those starting to get frustrated with the S&P’s uneven trading of late (mostly due to large whipsaws back and forth in the NASDAQ and growth to value rotation) are quants.
The Fed will shortly announce whether the special Covid relief measures will continue or not. Led by JP Morgan, the banks lobbied for an extension, claiming that ending forbearance will increase market volatility.
“Afterward, a fellow reporter loudly observed that Andrew Cuomo seemed very into me. I was embarrassed, but at least is wasn’t my imagination, I thought.”
The most significant vulnerability for household portfolios is a sharp rise in market interest rates. And the odds of that happening in 2021 are far greater than what is expected by investors…
Investing in silver ETF’s such as SLV or SIVR or PSRV is not the same as HOLDING PHYSICAL SILVER! GET IT NOW….OR NEVER!
I BELIEVE THE BREAKOUT IS IMMINENT!
Palisades Gold Radio
53.1K subscribers
Tom welcomes Ed Steer to the show, Ed writes a weekly subscriber column on the gold and silver markets. He brings us a bombshell overview of what is happening in the metals market.
To subscribe to our newsletter and get notified of new shows, please visit http://palisadesradio.ca;
Ed explains how tight the silver markets have become and why the Comex is attempting to roll over as many contracts as possible to avoid delivery. They have reduced the fees to rollover contracts to near zero. There is some backwardation in silver for contracts in late 2021, revealing weaknesses in their ability to deliver.
Thousands of traders use the Comex markets, but eight large investment banks control more than half of the paper metals market. These big players are short 412 million ounces of silver, and it’s them versus the world. The thousands of other traders are entirely net-long as they understand this scheme is ending. If these large players were to let silver go, the price would rapidly become a sizeable three-digit number.
He feels these investment banks were caught completely flat-footed by the actions in the market in recent weeks. They have been forced to double down on their shorts to keep the market suppressed. Ed says, “Right now, these guys are fighting for their lives.”
Physical premiums are through the roof if you can even find the metal. The lead times from the mints are growing, and it will be many months before dealers can fully restock. He says, “There is no physical metal to be had…the market is tight everywhere you look.”
If the sleeping giants (aka the industrial users of silver) awaken to what is happening, they will want to buy everything available, making the situation much worse. Those in power are now desperate as these problems could lead to a massive currency crisis worldwide.
He doesn’t believe these banks can cover their shorts, and March deliveries will be very interesting.
Ed cautions, “Things are now in motion that can’t be undone. It’s going to be like the long-term capital management collapse we’re talking trillions, not billions… Hopefully, there is a world left to survive in once this is all over.”
Talking Points From this Episode
– Comex metals market activity.
– Large short positions and extreme risk.
– The suppression scheme is ending.
Time Stamp References:
0:00 – Intro
0:57 – Comex Price Spreads
2:32 – Backwardation
3:30 – Size of the shorts position.
6:45 – Caught off guard
7:57 – Spot vs. Physical Price
9:32 – Don’t Wake the Giants
10:54 – Why suppress the price
13:00 – Confidence & Currencies
14:09 – Forcing the issue
15:40 – JP Morgan’s holdings
17:34 – Causes of the March crash
18:09 – Huge Silver ETF Demand
20:27 – Sourcing the Silver
21:45 – SLV Physical Deliveries
23:06 – Prospectus Changes
24:44 – ETF’s & Finding Metal
25:27 – Disaster Cometh Soon
26:41 – Trillions, too big to fail?
27:40 – Extraordinary Times
28:10 – Wrap Up
Actually, if you understand this, then the price action often makes sense. If you view the price charts from the perspective of a bullion bank trader, then you can see where technical analysis is used against you, the regular trader/investor. At my site TF Metals Report, we call this “Manipulation Analysis”, and it serves us all quite well. Let’s take recent action as your latest example.
The price of COMEX gold broke out to new all-time highs last August but has since been managed lower within a well-defined downtrend by the market-controlling Banks. And why do they do this? To keep the trend and sentiment moving downward for as long as possible in the hope of managing and covering their massive short positions.
On the chart below, the purple arrow is the upper boundary of the widely-followed “bull flag” on the weekly and monthly charts. It is imperative that The Banks keep price below this line for as long as possible, for any breakout—like the kind that was severely beaten back in early January—will be quickly recognized by traders, and price will begin a new and accelerating uptrend. Be sure to notice that every subsequent rally that has dared tap that flag line has been immediately crushed backward.
But also note the parallel red arrow below it. This line was initially enforced as resistance all through the fourth quarter of 2020, only now it serves as support—most recently on Tuesday, the 16th. The Banks have tried to smash the red arrow, too, but the current rush toward physical metal is prohibiting it. In the end, ALL trends are broken and it’s just a matter of time before this one is, too.
But, anyway, this post is not about COMEX gold. Instead, it’s about COMEX silver and the ongoing, grassroots effort to squeeze the Banks through the acquisition of physical metal. This movement has generated such momentum that The Banks are getting nervous…as plainly evident by the actions of both JPMorgan and Aberdeen in regards to their allegedly “fully backed and allocated” ETFs.
Now SIVR (Aberdeen Silver ETF 1140 MT AG) has changed its Prospectus 2 Feb, panicking that “an online campaign intended to harm hedge funds & large banks is encouraging retail investors to purchase silver and shares of Silver ETPs to intentionally increase prices” #silversqueezepic.twitter.com/WyEg7sL7pq
As an aside, ask yourself why the fund manager Aberdeen would feel the need to voice a concern regarding an “online campaign intended to harm large banks”. What the heck does that have to do with their supposedly fully-allocated silver fund? But I digress…
Since late January, the movement to squeeze The Banks has consistently gained momentum, and I’ve been asked on multiple occasions to compile a list of all the posts I’ve written for public distribution through Sprott Money since 2016. So, here’s the list. Please feel free to sort through, read, and forward as many as possible.
Of course, the length of the list would be much longer if I included everything I’ve written at TF Metals Report since 2010. It would be impossible to compile, too, since we discuss the price manipulation nearly every day. For now, though, let’s just start with the earliest I can find and work forward.
And for good measure, here’s one more link. I can’t find where I ever submitted it to Sprott Money, so I think it was only published to the TFMR site. When you have the time, you should DEFINITELY read this:
Anyway, I hope that all of this has been helpful over the years. The fight against the criminal forces that control the precious metal pricing scheme continues, and it is still far from over. However, if we can continue to apply pressure to The Banks through physical metal acquisition, a forced deleverage is coming. When that finally happens, you can be certain that the price discovered through a system that is more based in physical reality will not be $27 per ounce.
It has been a long ten years, but it seems that the investing world is finally beginning to realize that the globally-recognized prices of gold and silver are managed and manipulated by the Bullion Banks, which operate as market makers within the fraudulent fractional reserve and digital derivative pricing scheme.
Actually, if you understand this, then the price action often makes sense. If you view the price charts from the perspective of a bullion bank trader, then you can see where technical analysis is used against you, the regular trader/investor. At my site TF Metals Report, we call this “Manipulation Analysis”, and it serves us all quite well. Let’s take recent action as your latest example.
The price of COMEX gold broke out to new all-time highs last August but has since been managed lower within a well-defined downtrend by the market-controlling Banks. And why do they do this? To keep the trend and sentiment moving downward for as long as possible in the hope of managing and covering their massive short positions.
On the chart below, the purple arrow is the upper boundary of the widely-followed “bull flag” on the weekly and monthly charts. It is imperative that The Banks keep price below this line for as long as possible, for any breakout—like the kind that was severely beaten back in early January—will be quickly recognized by traders, and price will begin a new and accelerating uptrend. Be sure to notice that every subsequent rally that has dared tap that flag line has been immediately crushed backward.
But also note the parallel red arrow below it. This line was initially enforced as resistance all through the fourth quarter of 2020, only now it serves as support—most recently on Tuesday, the 16th. The Banks have tried to smash the red arrow, too, but the current rush toward physical metal is prohibiting it. In the end, ALL trends are broken and it’s just a matter of time before this one is, too.
But, anyway, this post is not about COMEX gold. Instead, it’s about COMEX silver and the ongoing, grassroots effort to squeeze the Banks through the acquisition of physical metal. This movement has generated such momentum that The Banks are getting nervous…as plainly evident by the actions of both JPMorgan and Aberdeen in regards to their allegedly “fully backed and allocated” ETFs.
Now SIVR (Aberdeen Silver ETF 1140 MT AG) has changed its Prospectus 2 Feb, panicking that “an online campaign intended to harm hedge funds & large banks is encouraging retail investors to purchase silver and shares of Silver ETPs to intentionally increase prices” #silversqueezepic.twitter.com/WyEg7sL7pq
As an aside, ask yourself why the fund manager Aberdeen would feel the need to voice a concern regarding an “online campaign intended to harm large banks”. What the heck does that have to do with their supposedly fully-allocated silver fund? But I digress…
Since late January, the movement to squeeze The Banks has consistently gained momentum, and I’ve been asked on multiple occasions to compile a list of all the posts I’ve written for public distribution through Sprott Money since 2016. So, here’s the list. Please feel free to sort through, read, and forward as many as possible.
Of course, the length of the list would be much longer if I included everything I’ve written at TF Metals Report since 2010. It would be impossible to compile, too, since we discuss the price manipulation nearly every day. For now, though, let’s just start with the earliest I can find and work forward.
And for good measure, here’s one more link. I can’t find where I ever submitted it to Sprott Money, so I think it was only published to the TFMR site. When you have the time, you should DEFINITELY read this:
Anyway, I hope that all of this has been helpful over the years. The fight against the criminal forces that control the precious metal pricing scheme continues, and it is still far from over. However, if we can continue to apply pressure to The Banks through physical metal acquisition, a forced deleverage is coming. When that finally happens, you can be certain that the price discovered through a system that is more based in physical reality will not be $27 per ounce.
As always, prepare accordingly.
About Sprott Money
Specializing in the sale of bullion, bullion storage and precious metals registered investments, there’s a reason Sprott Money is called “The Most Trusted Name in Precious Metals”.
Since 2008, our customers have trusted us to provide guidance, education, and superior customer service as we help build their holdings in precious metals—no matter the size of the portfolio. Chairman, Eric Sprott, and President, Larisa Sprott, are proud to head up one of the most well-known and reputable precious metal firms in North America. Learn more about Sprott Money.
![Live 24 hours gold chart [Kitco Inc.]](http://www.kitco.com/images/live/gold.gif)
Former UN official Ric Grenell was awesome as the “acting” Director of National Intelligence. If only President Trump had nominated Grenell from the outset, instead of that insufferable DC insider from the Senate Select Committee on Intelligence, Dan Coats, things would have been so much better.
![Live 24 hours gold chart [Kitco Inc.]](https://www.kitco.com/images/live/gold.gif?0.2924175530478188){kind=small}
![Live 24 hours silver chart [ Kitco Inc. ]](https://www.kitco.com/images/live/silver.gif)
COMMENT
Aug 08, 2022
Ban JPM morgan from the gold and silver market
Aug 07, 2022
So sick of JP Morgan manipulating the silver market and getting a tiny tap on the wrist when caught! BAN THEM FROM THE DAMN MARKET COMPLETELY!!!!
Aug 05, 2022
No more banksters
Jul 31, 2022
This needs to be stopped Morgan’s actions are criminal !
Jul 28, 2022
No JP Morgan Deutsche Bank wells Fargo Bank all the Lagecy banks that are involved in the Market Manipulation of precious metals and others Commeditties should not be allowed to participate they can advise there clients but the company and it’s top 5 Teri’s of mangment should not be able to participate they have made enough money More then they should by Courption of the FED Jerome Powell SEC Courption, it’s very sad these individuals need to have assets seized under Rico and all Charged with Tax Evasion just like Al Capone. All the corrupt politicians who had lobbyist with them as well RICO the whole Dam Government if it comes down to it.
Jul 26, 2022
If it were any other person or business they wouldn’t see the light of day
Jul 25, 2022
JP MORGAN IN JAIL!
Jul 22, 2022
This travesty should be meted
Jul 19, 2022
stop the rigging
Jul 16, 2022
I am convinced that J.P. Morgan should be banned from any involvement in the gold or silver markets.
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