Sunday, August 18, 2019

CHRONIC CRISES NEXT FOR YELLEN AND THE FED

by Egon Von Greyerz, Gold Switzerland:
“The report of my death has been grossly exaggerated” are words that Janet Yellen is likely to utter within the next few years. It was of course Mark Twain who said it over 100 years ago, before the Fed even existed. Yellen has recently stated that there won’t be another financial crisis in her lifetime and she will most likely have to eat those words in coming years. We know that the Fed’s record of economic forecasting has been abysmal. They have never forecast or anticipated a single economic downturn. Here is what Greenspan said in 2010: “We didn’t forecast better because we can’t”.

Well there we have it from the master himself of both Fedspeak and gobbledygook. For over a century the Fed has not anticipated any of the major economic or financial events that have plagued the world. Instead of predicting these events, the Fed has actually caused most of the economic downturns or financial crashes.

US Being Isolated, Petrodollar Ending, + Viewer Questions! | Jim Willie

from FinanceAndLiberty:

A trade conflict is brewing between the U.S. and Germany, Dr. Jim Willie says. “The United States is now a fascist nation.” Fascists cut across party lines and make up 75 percent of the government, Willie says. He says fascists have a tendency to alienate and defraud their allies, and the U.S. is no different. The United States is imposing sanctions on German companies working on a pipeline between Germany and Russia. Willie says these actions have crossed the line for Germany and a trade conflict is ahead. Germany will move East, he forecasts. This will further the United States’s isolation and the destruction of the U.S. dollar.

July 7, 2017 – Weekly Wrap-Up with Eric Sprott

from Sprott Money:
This week, Eric Sprott discusses the latest economic news as well as the ongoing Central Bank market interventions.

Our Ask The Expert interviewer Craig Hemke began his career in financial services in 1990 but retired in 2008 to focus on family and entrepreneurial opportunities. Since 2010, he has been the editor and publisher of the TF Metals Report found at TFMetalsReport.com, an online community for precious metal investors.

Click HERE to Listen

CME Stays Silent on Cause of COMEX Silver Price Glitch

by Ronan Manly, BullionStar:
Silver futures prices on the COMEX futures trading platform briefly plummeted at approximately 7:06am Singapore time yesterday, with the price for the front month (most active) September silver contract falling from a US$16.06 quote down to a low of US$14.34 all within a 1 minute interval. The futures price then recovered nearly all of its losses in the subsequent 2-3 minute period. High to low, this COMEX silver futures contract saw its price fall by just over 10.7{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528}, before rebounding nearly 11{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528}.

During this time when the COMEX price crashed, there was nothing fundamentally happening in the wider financial markets, or indeed in the physical silver market, to justify these price gyrations in COMEX silver futures prices. Which all goes to show that the COMEX ‘paper’ futures silver prices is completely detached from the physical silver market, and that COMEX silver futures prices have no anchoring in the real silver market.

JULY 7/RAID!!

GOLD: $1210.40 DOWN $13.40 Silver: $15.43 DOWN 53 cent(s)
from Harvey Organ:

In silver, the total open interest SURPRISINGLY ROSE BY A TINY 344 contract(s) UP to 207,805 WITH THE SMALL RISE IN PRICE THAT SILVER DELIVERED WITH YESTERDAY’S TRADING (UP 8 CENT(S) ON TOP OF THE CONSTANT TORMENT THESE PAST FEW WEEKS including today.

In ounces, the OI is still represented by just OVER 1 BILLION oz i.e. 1.0390 BILLION TO BE EXACT or 149{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT MAY MONTH/ THEY FILED: 292 NOTICE(S) FOR 1,460,000 OZ OF SILVER

In gold, the total comex gold SURPRISINGLY ROSE BY A HUGE 9974 CONTRACTS DESPITE THE TINY RISE IN THE PRICE OF GOLD ($3.40 with YESTERDAY’S TRADING). The total gold OI stands at 472,831 contracts.

we had 3 notice(s) filed upon for 300 oz of gold.

Read More @ Harveyorganblog.com

A Tale of Two Gold Markets

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by Jim Rickards, DailyReckoning:
In the early morning hours of Monday, June 26, gold fell about 1{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528}, from $1,254 per ounce to $1,242 per ounce, in a matter of seconds.

And that the equivalent of 1.8 million ounces of gold were sold at once. The 1.8 million ounce amount is equivalent to about 59 metric tons of gold. That’s about 2{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} of the entire gold mining production of the world for a full year. No one sells that amount of physical gold.

Besides, mining output is almost 100{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} pre-sold these days, meaning that if you wanted to buy that much gold directly from a mine, you couldn’t do it, because it’s already committed to fulfill existing contracts.

Forget about getting gold elsewhere too.

Bob Moriarty: Who, What and Here’s Why – Maurice Jackson

by Maurice Jackson, Sprott Money:
Bob Moriarty, the founder of 321gold and 321energy, sits down with Maurice Jackson of Proven and Probable to share his thoughts on politics, geopolitics, junior mining companies and precious metals. Bob is legendary in the industry for sharing his no nonsense approach and acumen for identifying deep value propositions overlooked by the speculators. Highlights: Geopolitics, Global Debt, Gold, Silver, Platinum, Palladium, Rhodium, and 3 Exclusive Issuers that have Bob’s attention.

Jim Grant Explains the Gold Standard

by Peter Schiff, Schiff Gold:
The following article by Ryan McMaken was originally published on the Mises Wire and is reprinted with permission

Earlier this month in the Wall Street Journal, James Grant explored the latest academic attack on the gold standard — this time in the form of One Nation Under Gold by financial journalist James Ledbetter.

Not that the establishment economics profession needs another book trashing gold. Among the university- and government-employed PhDs who hand down their wisdom about economics from on high, few have anything but disdain for the yellow metal.

Here’s What “Stupid Cheap” Looks Like: The Inflation-Adjusted Silver Price

by Jeff Clark, GoldSilver:
A lot of readers liked the inflation-adjusted gold price chart we highlighted last month. It showed how dramatically undervalued it is, as well as how high it could reach when using the 1980 inflation formula.

Many of you asked to see the same chart in silver. Well, we aim to please. And what you’ll see below shows that silver’s undervaluation is even greater than gold’s.

Why We Must Adjust For Inflation

When trying to put the price of a particular asset into perspective, you have to adjust it for inflation. If you don’t, the long-term view is distorted and can lead to erroneous conclusions. It’d be akin to preparing your income taxes using 1980 forms.

Time for a New Gold Standard for Asia

by Alasdair Macleod, GoldMoney:
Over half the world’s population, living in the Eurasian land mass, understands that gold is money. The leaders of the Asian nations also know that this is true as well. The leaders of the security and economic alliance of the Shanghai Cooperation Organisation, which now incorporates most of these peoples, also know that to become independent of Western hegemony and to forge their own way, they must abandon Western financial systems and markets, replacing them with a new monetary order, serving their own needs. This is demonstrated in the establishment of parallel multinational financial institutions, duplicating and replacing dollar-centric development banks and settlement organisations.