Thursday, June 4, 2020

INDIA IMPORTS A HUGE 71 TONNES OF GOLD LAST MONTH AND THIS DOES NOT INCLUDE SMUGGLED GOLD

by Harvey Organ, Harvey Organ Blog:

GOLD UP $15.00 TO $1478.60//SILVER UP 25 CENTS TO $17.17//QUEUE JUMPING RETURNS FOR BOTH GOLD AND SILVER AT THE COMEX//TRUMP ON THE WARPATH TODAY ATTACKING FRANCE FOR THEIR INTRODUCTION OF A DIGITAL TAX//TRUMP SAYS THAT THERE WILL NOT BE A DEAL WITH CHINA UNTIL AFTER THE USA ELECTION//UK RETAIL SALES COLLAPSE//CHINA WILL NOT ALLOW USA WAR SHIPS TO HARBOUR AT HONG KONG//SHALE INDUSTRY IN TROUBLE WITH HUGE NUMBER OF BANKRUPTCIES//INDIA IMPORTS A HUGE 71 TONNES OF GOLD LAST MONTH AND THIS DOES NOT INCLUDE SMUGGLED GOLD

Get Ready For Potential Bitcoin And Freedom Killer: IMF To Launch A Global Currency

from Humans Are Free:

The International Monetary Fund (IMF) is headquartered in Washington D.C., and it consists of 189 countries that are working to foster global cometary cooperation and secure financial stability.

The IMF says that they want to facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty all over the world.

What Has the Age of Quantitative Easing Gotten Us? Ron Paul Explains (Video)

by Peter Schiff, SchiffGold:

When the housing bubble popped in 2007, the Federal Reserve went to work to reinflate the bubble. It quickly pushed interest rates to zero, and in December 2008, the Fed launched the first of three rounds of quantitative easing. The virtual money printing lasted for five years.

So, what did we ultimately get for the billions of dollars created by these Federal Reserve programs? As Ron Paul explains in a special episode of the Liberty Report, more numerous and bigger bubbles, and another crisis waiting to happen. 

The housing bubble is back along with subprime loans. There’s an auto financing bubble encouraged by subprime loans for many customers. The stock market is in a bubble waiting to be pricked. The bond market is in a huge bubble as a result low or negative interest rates.”

The Fed wasn’t alone in its interventionist monetary policy. Central banks around the world followed the same prescription. All in all, the central banks of the world increased their balance sheets by $8.3 trillion, with only $2.1 trillion worth of GDP growth to show for it.

This left $6.2 trillion of excess liquidity in the banking system that did not go where the economic planners had hoped. Central banks now own $9.7 trillion of negative interest-yielding bonds. The financial system has been left with a bubble mania, financed by artificial credit and unsustainable debt. The national debt in 2007 was $8.9 trillion; today it’s $20.5 trillion. Rising interest rates will come and that will be deadly for the economy and the federal budget.”

This is exactly what Peter Schiff predicted would happen. He talked about it in a recent podcast.

It’s not a mortgage crisis, it is a dollar crisis. That is the only place we are headed. In fact, this is the exact crisis that I have been forecasting since the very beginning, because it is a byproduct of the monetary mistakes that I knew the Federal Reserve was going to make in the aftermath of the ’08 financial crisis – to reflate, or attempt to reflate, the stock market bubbles and the housing bubbles that they had created but that had popped.”

Peter said the central bankers succeeded in reinflating the bubbles even beyond his wildest imagination. But that’s not good news.

So, they have inflated the mother of all bubbles, and when the air comes out, or in order to prevent the air from coming out, they have to crash the dollar.”

Peter has been saying that the central bankers have reached the end of their rope. There isn’t enough stimulus or interest rate tinkering left in the tank to reinflate the bubbles the next time they burst. That’s why he’s predicting a currency crisis in the future. Ron Paul is equally pessimistic about the Fed’s ability to save the economy again. He said we ultimately need radical monetary reform.

We’re at the point where another QE inflationary binge will not tide us over in the next economic downturn. We’re fast approaching the time when true monetary reform will be required to deal with the ‘sin’ of living beyond our means. If that is not done, expect a long period of economic chaos, inner city violence, and political warfare.”

Paul said gold will likely play an important role in monetary reform.

Though currently, there is a lackadaisical interest in gold compared to crypto-currencies, I believe gold is in the early stage of the third major bull market since 1971, which started two years ago when gold was $1050/oz. If history is of any benefit, gold will be used in the coming monetary reform, whether it’s accomplished by the government or the market. But if the choice of a monetary unit turns out not related to something tangible, it will prove to be a first in history. Just because our current money is now a total fiat dollar, it can’t be used to justify a market developed fiat currency. We must remember that the dollar was originally defined as a weight of silver or gold. The destructive nature of the monetary event of Aug. 15, 1971, was a consequence of our government refusing to maintain the dollar’s relationship to something tangible, thus making it a fiat currency. This explains why we’re in such a mess. A fiat currency developed in the market, won’t solve the current financial crisis the world faces … All paper or fiat money self-destructs and has limited lifespans. Gold currencies last until governments debase them into a fiat currency. The fiat dollar today, for many nefarious reasons, is constantly being destroyed by counterfeiters posing as politicians and central bankers. The day is fast approaching when the fiat dollar standard will need a major overhaul. The age of quantitative easing is ending.”

Read More @ SchiffGold.com

War Gaming Your Silver Exit Strategy (For If Or When The Time Comes To Sell That Stack)

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from Silver Doctors:

Investing isn’t always about just buying. When the time comes, or when it becomes necessary, having a good exit strategy is critical. Here’s an example…

by Matt Orloff

There will come a time perhaps soon, perhaps not that soon when it will come time to sell out of our silver positions.

Over the past 18 years Silver has ranged in price from as low as $4.00 an ounce to as high as $50 an ounce.  It has spent probably about 70% of that time at a price less than $20/ounce including most of the last 4 years.   It would not be inconceivable assuming you had a decent income, dollar cost averaged down on the dips, and lived a minimalist lifestyle to have accumulated 10000 ounces.

For Economic Truth Turn To Michael Hudson

by Paul Craig Roberts, Paul Craig Roberts:

Readers ask me how they can learn economics, what books to read, what university economics departments to trust. I receive so many requests that it is impossible to reply individually. Here is my answer.

There is only one way to learn economics, and that is to read Michael Hudson’s books. It is not an easy task. You will need a glossary of terms. In some of Hudson’s books, if memory serves, he provides a glossary, and his recent book “J Is for Junk Economics” defines the classical economic terms that he uses. You will also need patience, because Hudson sometimes forgets in his explanations that the rest of us don’t know what he knows.

Watch Out America: China and Russia Are Coming After the Dollar

by Peter Schiff, Schiff Gold:

We’ve reported extensively on the central bank gold-buying spree that has been going on for nearly two years. Russia and China have led the way, along with several other countries including Turkey, Kazakstan, India and Poland.

Central banks are buying gold to diversify reserves and minimize exposure to the dollar. This has been the mainstream narrative and it’s true. But China and Russia have a bigger geopolitical objective. They want to undermine dollar hegemony and reduce the United States’ ability to weaponize the dollar as a foreign policy tool.

Reopening Isn’t About Haircuts, It’s About Relieving Human Suffering

by Randy Hicks, Inside Sources:

Georgia recently began the long process of reopening its economy in the wake of what it is hoped will be the worst of the COVID-19 pandemic.

Beginning in late April, certain categories of businesses were allowed to open in Georgia, including restaurants and barber shops. The encouraging news is that infection rates have not spiked and, instead, are flattening and even declining.

Many are concerned that we’re moving too early, too fast — and that safety will take a back seat. That worry is understandable. The toll of the virus in suffering and loss of life is indescribable, as thousands of families are affected in ways they will never forget.

America First? No: Billions First, Americans Never

by Karl Denninger, Market Ticker:

Now we get a bit of truth out of this entire mess over in Pensacola NAS.

Of course we had Jihadi Joe go on a shoot-em-up and the night before he had a little party where he showed all sorts of jihadi videos and such — documenting terrorism.

Not one of his classmates and others who were there said one word to NAS personnel.  If they had the attack probably wouldn’t have happened, seeing as they would have raided his place, found his gun, and then the questions would have started.

Are you prepared for the contagion? – Bill Holter

by Bill Holter, Miles Franklin:

We have been harping on the question “are you prepared?” for years. We have asked if you were prepared financially, mentally, physically, and with your maker? The potential boogeyman as we suggested could come from anywhere or any angle but the end result would affect the economy and thus finance (credit) and would then spill over socially.

I have to admit, a “pandemic” was low on my list of possible sparks, but after thinking it through, a pandemic is a financial disaster. Yes it is a human disaster and many will die, but the odds of dying from the virus are and will remain quite low. The real problem is what the human response will be. I say this because we live in a world of just in time inventory AND production. We also live in a financial world with more debt and financial leverage (and thus monthly debt service) than ever before. So much so that even a small hiccup (which this does not appear to be) where business slows and contracts will be enough to quickly default some credits. The problem is not the initial defaults, rather, it is the “contagion” throughout the system because our world is so inter connected (globalism).

The End of Markets, Part III – Jeff Nielson

by Jeff Nielson, Sprott Money:
We no longer have markets, not in the sense of international exchanges for human commerce. What we have, instead, is a 24/7 computerized price-rigging operation – which has hijacked all of our market infrastructure.

The entity responsible for this enormous systemic crime is very familiar to regular readers: the One Bank . Part II of this series ended with a pledge to provide readers with evidence. Not evidence of (mere) manipulation. Such evidence exists in abundance, and a considerable amount of evidence was presented in the first two installments of the serial manipulation of the silver market.