Thursday, November 14, 2019

Greg Weldon: Gold is a “coiled spring… the breakout is here, fundamentals are in place, technicals are compelling”

by Mike Gleason, Money Metals:

Coming up we’ll hear a wonderful interview with Greg Weldon of Weldon Financial and author of the book Gold Trading Boot Camp. Greg gives us his thoughts on the dangerous scenario that could ensure if a selloff drives everyone out of stocks all at the same time, shares his opinion on Bitcoin and also tells us why he views gold as a coiled spring waiting to release. Make sure you stick around for my conversation with Greg Weldon, coming up after this week’s market update.

Downside volatility hit financial markets on Thursday as concerns grow about the political path forward for the White House. President Donald Trump again finds himself under heavy criticism from the media and also from a growing chorus of establishment Republicans. More on that in a moment…

Click HERE to listen.

Read More @ MoneyMetals.com

STEVE BANNON OUSTED/BREITBART PROMISES “THERMONUCLEAR WAR”

by Harvey Organ, Harvey Organ Blog:

GOLD DOWN 35 CENTS/SILVER DOWN 4 CENTS ON 7TH CONSECUTIVE RAID/DEBORAH WASSERMAN SCHULTZ’S AIDE CHARGED.

GOLD: $1286.15  DOWN $0.35

Silver: $17.02  DOWN 4 cent(s)

Closing access prices:

Gold $1284.50

silver: $16.99

SHANGHAI GOLD FIX:  FIRST FIX  10 15 PM EST  (2:15 SHANGHAI LOCAL TIME)

SECOND FIX:  2:15 AM EST  (6:15 SHANGHAI LOCAL TIME)

SHANGHAI FIRST GOLD FIX: $1291.88 DOLLARS PER OZ

NY PRICE OF GOLD AT EXACT SAME TIME:  $1287.95

PREMIUM FIRST FIX:  $3.93

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SECOND SHANGHAI GOLD FIX: $1298.42

NY GOLD PRICE AT THE EXACT SAME TIME: $1287.40

Premium of Shanghai 2nd fix/NY:$9.02

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LONDON FIRST GOLD FIX:  5:30 am est  $1295.25

NY PRICING AT THE EXACT SAME TIME: $1295.85 

LONDON SECOND GOLD FIX  10 AM: $1295.50

NY PRICING AT THE EXACT SAME TIME. $1297.65 ????

For comex gold:

AUGUST/

NOTICES FILINGS TODAY FOR APRIL CONTRACT MONTH: 0 NOTICE(S) FOR  nil  OZ.

TOTAL NOTICES SO FAR: 4581 FOR 458,100 OZ  (14.248 TONNES) 

For silver:

AUGUST

 

 51 NOTICES FILED TODAY FOR

 

255,000  OZ/

Total number of notices filed so far this month: 1051 for 5,255,000 oz

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

 

end

Today for the 7th consecutive day we had a raid on both gold and silver.

 

Late at night after I received the preliminary data which gives me a good idea of where we are heading for the next day…..

 

I wrote this to my friends:

“my goodness!!……

I will be shocked if we do not have another raid for the 7th consecutive trading day.

the Oi for gold is just too high..

let us see.”

with gold ready to puncture $1300.00 and silver $17.25, you could sense that the bankers had to cool both of our precious metals. The fact that silver lagged behind gold was a good sign that a raid was called upon as well as the weak close of the gold/equity stocks.

The most important aspect of today’s data is in silver. In the COT report, the bankers did not increase their massive shortfall position in silver because they are aware of the acute shortage of metal in London. The COT report shows a huge increase in commercial short position in gold but not silver.

The bankers needed a good positive close at the Dow and Nasdaq with the Bannon firing. After the Dow initially rose past 50 points, it closed down 75 points on the day….expect huge weakness again once the new week begins.

Let us have a look at the data for today

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In silver, the total open interest  ROSE BY 1,565 contracts from 188,247 up to 189,812 with THE RISE IN THE PRICE THAT SILVER UNDERTOOK WITH  YESTERDAY’S TRADING (UP 11 CENTS) . THE BANKERS AGAIN PROVIDED THE SHORT PAPER TO INITIATE ANOTHER RAID YESTERDAY (6TH CONSECUTIVE DAY OF TORMENT). THAT FAILED IMMEDIATELY AS SILVER STARTED TO ADVANCE IN PRICE.  NEWBIE SPEC LONGS REALIZING ANOTHER FAILED RAID, JUMPED ONTO THE BANDWAGON WITH PURCHASES.  HOWEVER THE COMMERCIALS WERE STILL LOATHE TO SUPPLY THE SHORT CONTRACTS. THUS A HUGE ADVANCE IN PRICE WITH A SMALLER THAN GOLD GAIN IN OI. 

 In ounces, the OI is still represented by just UNDER 1 BILLION oz i.e.  0.949 BILLION TO BE EXACT or 136{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT MAY MONTH/ THEY FILED: 51 NOTICE(S) FOR 255,000OZ OF SILVER

In gold, the open interest ROSE by A MONSTROUS 10,722 WITH THE GOOD SIZED RISE in price of gold ($13.45 GAIN YESTERDAY.). The new OI for the gold complex rests at 493,127. A raid was called upon yesterday by the bankers and it failed. The bankers initiated the raid with short paper but newbie longs entered the arena with reckless abandon with the lower price of gold . Thus the bankers were not successful in covering their shorts but they did supply the necessary short paper to our newbie spec longs.  The result: increase in open interest with a higher price for gold.

we had: 0 notice(s) filed upon for nil oz of gold.

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With respect to our two criminal funds, the GLD and the SLV:

GLD:

Today, no changes in gold inventory:

Inventory rests tonight: 795.44 tonnes

IN THE LAST 25 TRADING DAYS: GLD SHEDS 41.53 TONNES YET GOLD IS HIGHER BY $53.15 . 

SLV

Today:  WE HAD NO CHANGES IN SILVER INVENTORY TONIGHT:

INVENTORY RESTS AT 334.407 MILLION OZ

 

end

.

First, here is an outline of what will be discussed tonight:

1. Today, we had the open interest in silver RISE BY 1565 contracts from 188,247 up to 189,812 (AND now A LITTLE CLOSER TO THE NEW COMEX RECORD SET ON FRIDAY/APRIL 21/2017 AT 234,787) WITH THE  RISE IN SILVER PRICE (11 CENTS). THE INITIAL RAID THURSDAY MORNING WAS REBUFFED IMMEDIATELY BY A HUGE INFLUX OF NEWBIE LONGS ENTERING THE SILVER COMEX CASINO.  BUT THIS TIME IT WAS GOLD THAT WAS IN THE LEAD AND SILVER LAGGED BEHIND. THE BANKERS STILL HAD A HARD TIME COVERING DUE TO THAT RISE IN PRICE.  YOU CAN CLEARLY VISUALIZE BANKER CAPITULATION AS THEY TRY DESPERATELY TO EXIT SOME OF THEIR ENORMOUS SHORTS.. NEWBIE LONGS ENTERED ONCE THEY SAW THE FAILED RAID, WITH THE SUPPLY COMING FROM OLD SPECS EXITING FOR A PROFIT.  RESULT: HIGHER PRICE WITH A SMALLER OI GAIN.

(report Harvey)

.

2.a) The Shanghai and London gold fix report

(Harvey)

 

2 b) Gold/silver trading overnight Europe, Goldcore

(Mark O’Byrne/zerohedge

and in NY:  Bloomberg

3. ASIAN AFFAIRS

 i)Late THURSDAY night/FRIDAY morning: Shanghai closed UP 0.29 POINTS OR 0.01{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528}   / /Hang Sang CLOSED DOWN 296.65 POINTS OR 1.08{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} The Nikkei closed DOWN 232.22 POINTS OR 1.18{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528}/Australia’s all ordinaires CLOSED DOWN 0.49{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528}/Chinese yuan (ONSHORE) closed UP at 6.6722/Oil UP to 47.18 dollars per barrel for WTI and 51.02 for Brent. Stocks in Europe OPENED DEEPLY IN THE GREEN , Offshore yuan trades  6.6807 yuan to the dollar vs 6.6722 for onshore yuan. NOW THE OFFSHORE IS WEAKER  TO THE ONSHORE YUAN/ ONSHORE YUAN STRONGER (TO THE DOLLAR)  AND THE OFFSHORE YUAN IS STRONG TO THE DOLLAR AND THIS IS COUPLED WITH THE WEAKER DOLLAR. CHINA IS HAPPY TODAY

Read More @ HarveyOrganBlog.com

Cryptocurrencies: The Unfolding Fiat Digital Scheme

from The Daily Coin:

The feature image (on the left) is a depiction of Satoshi Nakamoto. We think it’s the person in the middle, because he looks “active” but we’re not sure which image was tied to “him” so we just used several. You can decide which image actually represents Satoshi.

When I wrote the  three part series detailing how the banksters could potentially unleash the next level of enslavement through cryptocurrencies I hadn’t even discovered ACChain. Two months later we find out that ACChain is unfolding right now – it is here and it is growing, daily. Quantum computing is here.

Now we find that some of the most respected voices in the alternative economic/financial analyst space are turning towards a new type of illusory, fiat wealth and proclaiming it will “save us from the banksters”. The magic bullet has arrived and we should all jump on board. Sounds like something a bankster would hope we would do with their latest pile of derivatives nonsense.

A ghost, “named” Satoshi Nakamoto developed bitcoin – no one knows if this is a person, a tadpole, a group of people, a space alien or an NSA/CIA operative, but, it is accepted, on blind-faith, that it is a person, a man of Japanese origin. This story, which is akin to a fairy-tale because it is only a story since no one has ever seen this “person” or provided any photographic evidence or any published works outside of the bitcoin illusion. I am suppose to believe “he” gave us the keys to the kingdom that will “save us from the banksters”. Is this the story that I am suppose to believe and place my families wealth and security in this mechanism? Seriously?

Andy Hoffman, during a recent interview stated he “will never do another interview with people that believe in conspiracy theories” while he, and all the other bitcoin fans, believe in the fairy-tale spelled out above. Never mind the fact the NSA, in conjunction with MIT, produced a white paper in 1996, spelling out how an anonymous cryptographic currency could circumvent the current cash system. This was a full 12 years ahead of Sat-on-sushi’s white paper explaining bitcoin. Never mind the fact, as The Daily Economist pointed out, Sat-on-sushi’s white paper just happened to hit the wire during the 2008-2009 economic meltdown, actually being released on Halloween 2008. Personally, I gave up on coincidences decades ago.

In 1996 the NSA (that’s right, a government agency) published a White Paper titled, HOW TO MAKE A MINT: THE CRYPTOGRAPHY OF ANONYMOUS ELECTRONICCASH.  And in this white paper, analysts and researchers laid out the entire breadth and scope of replacing cash and other fiat currencies with a completely digital one, based on anonymous cryptocurrencies.

And they did this 12 years before the anonymous ‘Satoshi Nakamoto’ published his/her White Paper on the very eve of the financial collapse. Source

Stating that a fellow analyst’ work is  “a dime a dozen” [at the 28:20 mark] doesn’t really shine an appropriate light on the alternative economic/financial analyst community. Most everyone is doing the best they can to present factual, alternative viewpoints and analysis that dispel the continual stream of lies, deceit and propaganda we are sold as truth by the mainstream media. Not really a confidence builder when we are discussing our wealth and the financial security of our families. To attack one is to attack all, including the one speaking. I feel the work I do is worth far more than a dime-a-dozen.

One of the more disturbing revelations over the past several months is how once tried and true hard asset advocates have suddenly become a voice for a new digital illusion of wealth. Cryptocurrencies “value” are derived from the fiat currencies of financial enslavement like the Federal Reserve Note, Japanese Yen and Euro. I must have missed something along the way as I have been under the impression these were completely worthless scripts, printed out of thin air and backed by nothing more than “faith and credit” – translation – “faith means you believe in something that can not be proven and credit is the ability to take on more debt”. Dave Kranzler explained this to me one day and it seems to fit pretty nicely.

The first question Sean ask during the interview is – “What is our cause?” For me, this is an extremely important question. One that each of us should ask ourselves everyday, especially, the people discussing economics, finance, money and currency with a wider audience.

I am so sick of FUD [fear, uncertainty, doubt]. I am so sick of conspiracy theory. I am so sick of BS that goes on. It stops the ability for people to save themselves with honest money and the same goes with bitcoin. I’m not proselytizing. I’ve been the one bridge between precious metals and bitcoin. I follow the bitcoins saga for; I’ve been an owner for two years and learned as much about bitcoin as I have about precious metals and I understand how it works. I don’t need to watch a video to know it’s ridiculous [refering to the interview with SGTReport and Lynette Zang about ACChain].

If a person builds a financial bridge, a safety-net, and one pillar of this bridge is a digital illusion, backed by faith and credit and the other is money – actual money, not fiat currency, how stable will that bridge be once it is complete? Gold is money and everything else – everything else – is credit. “Everything else” would include bitcoin or any other cryptocurrency not backed with physical gold and even gold-backed cryptocurrencies, in my opinion, are suspect.

Read the rest of the article @ TheDailyCoin.org

RISK ON: WAR, ECONOMY, DEBT, DOLLAR – RISK OFF: GOLD

by Egon von Greyerz, Gold Switzerland:

Totally irresponsible policies by Governments and Central Banks have created the most dangerous situation that the world has ever experienced. Risk doesn’t arise quickly as the result of a single action or event. No, risk of the magnitude that the world is experiencing today is the result of many years or decades of economic mismanagement.

Cycles are normal in nature and in the world economy. And cycles that are the result of the laws of nature normally play out in an orderly fashion without extreme tops or bottoms. Just take the seasons, they go from summer to autumn, winter and spring with soft transitions that seldom involve drama or catastrophe. Economic cycles would be the same if they were allowed to happen naturally without the interference of governments. But power corrupts and throughout history leaders have always hung on to power by interfering with the normal business cycle. This involves anything from reducing the precious metals content of money from 100{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} to nothing, printing money, leveraging credit, manipulating interest rates, taking total taxes to 50{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528}+ today from nothing 100 years ago, etc, etc.

GOVERNMENTS DOING GOD’S WORK

Governments will always fail when they believe that they are gods. But not only governments believe they perform godly tasks but also hubristic investment bankers like the ex-CEO of Goldman Sachs who proclaimed that the bank was doing God’s work. It must be remembered that Goldman, like most other banks, would have gone under if they and JP Morgan hadn’t instructed the Fed to save them by printing and guaranteeing $25 trillion in 2008. Or maybe that was God’s hand too?

We now have unmanageable risks at many levels – politically, geopolitically, economically and financially.

This is a RISK ON situation that is extremely dangerous and will have very grave consequences. There is one very small but important silver lining which I will return to later.

1. RISK ON – US POLITICAL SITUATION AND WAR

When there are numerable risks that can all cause the collapse of the world economy, they all have equal relevance. However, the political situation in the USA is very dangerous for the world. This the biggest economy in the world, albeit bankrupt with debt growing exponentially and real deficits every year since 1960. Before the dollar has collapsed, the US will still be seen as a powerful nation although a massive economic decline will soon weaken the dollar and the country, burdened by debt at all levels, government, state, and private.

What makes the US particularly dangerous today is that the President is a lame duck. Both political parties are working against him and are trying every trick in the book to get him impeached. The Elite or powers that be are obviously also doing what they can to outmanoeuvre Trump and make him ineffective. But Trump is a fighter and will not give up easily. As he is virtually paralysed when it comes to any political or economic decision, what remains is military actions or war. As commander in chief, he has the ultimate say in pressing the nuclear button. He, like most of us, understands the catastrophic consequences of nuclear war. And we are not talking about just the US and North Korea. We would see China, Russia and many other countries involved. Wars are often started by an impulsive and power-hungry leader, which we certainly have in Kim and Trump.

Real power in the US comes from major sectors such as defence, energy, big pharma and investment banks. Their “contributions” to virtually all politicians is where the real power lies. When a leader is under major political pressure on the home front, starting a war quickly diverts the attention from domestic problems. And Trump would of course get total support from the military since their whole raison d’étre is war.

For Trump, a war would mean that he takes total control and all domestic squabbling is forgotten. He would be the king war maker and the “saviour” of the US.

Except for all the extreme consequences of a nuclear war, there will of course be serious economic implications such as stock and bond market collapses, dollar fall etc. There would also be massive money printing.

Hopefully it won’t come to this and Kim and Trump will realise the global catastrophe nuclear war would involve. But the risk is extremely high.

2. RISK ON – GLOBAL STOCK MARKETS

Stock markets worldwide are all in bubble territory. With volatility at historical lows and valuation at historical highs, stock market investors are displaying a total disregard for risk and reason. No trees grow to heaven even if it looks like it right now. Yes, bubbles can grow even bigger like the Nasdaq in 1998-2000. But investors should not worry about missing the last few points on the way up when the subsequent fall is 80{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} as happened to the Nasdaq 2000-2.

Virtually every stock market around the world is vulnerable. Below are monthly charts of the Nasdaq, TSX – Canada Nifty- India and Dax- Germany. All are showing a similar picture. They are severely overextended and have made new highs with bearish divergence. This means that the new highs are not confirmed by momentum indicators which are showing weakness. Other technical indicators are confirming that we are seeing long term tops in all stock markets and that the next major move will be a vicious and sustained fall. Thus, stocks are very high risk today medium to long term.

Read More @ GoldSwitzerland.com

India Bans Gold Exports “Without a Valid Reason”

by Mish Shedlock, Mish Talk:

In addition to its crackdown on cash, India stepped up its attack on gold. The aim is to cut down on gold imports. India does that in a roundabout way, by cracking down on exports.

Bloomberg reports India Bans Gold Exports Above 22 Carats to Plug Trade Loopholes.

India has banned the export of gold products with purity above 22 carats with immediate effect, a move that the industry sees as a way of curbing irregularities in the trade.

The Directorate General of Foreign Trade issued a notice limiting shipments of jewelry, coins and medallions to 22 carats or below, without giving a reason.

“The move may be to reduce round-tripping of jewelry and coins, wherein a trader can import the gold coins or jewelry at a lower import tax because of trade agreements with some countries and re-export the same stock without any value addition,” said Ketan Shroff, joint secretary of the India Bullion and Jewellers Association Ltd. The exporters would benefit from not paying the 10 percent import tax currently levied on most inbound shipments of gold, he said.

Indian imports are said to have more than doubled last month from a year ago partly due to a jump in purchases from South Korea, with which India has a free-trade agreement. Importers have previously used free-trade treaties with countries such as Thailand and Indonesia to escape the import duty.

Round-Trip Nonsense

The stated round-trip reason is nonsense. If a vendor imported gold then immediately exported it, there would be no gain to the vendor other than random price fluctuations.

Prior to this announcement, a vendor could purchase gold and hold it until he had a profit, betting either on a price rise in gold, or a plunge in the Indian Rupee.

The new rule is not a crackdown on gold exports, it’s a crackdown on gold period. India wants to punish those who trade in gold.

Read More @ MishTalk.com

A STAND UP GUY: Bix Weir Makes Amends With Lynette Zang

0

from RoadtoRoota:

“Can’t We All Just Get Along?!” (Bix Weir quoting Rodney King)

Here’s how a few government pension funds are trying to close their $7 trillion funding gap

by Simon Black, Sovereign Man:

There may perhaps be no other group of investors that’s more DESPERATE today than pension funds.

Pensions, of course, are the giant funds responsible for paying out retirement benefits to workers.

The idea is that both the employer and the employee typically contribute a set percentage of the employee’s salary throughout his or her career with the promise that, upon retirement, he or she will receive a fixed monthly payment.

Many state and local governments rely on these ‘defined benefit’ pension pension plans, as do a handful of large corporations.

The reason that these pension fund are so desperate is that the vast majority of them are underfunded.

We talk a lot of about how Social Security is rapidly running out of money.

But according to Credit-rating agency Moody’s, state, federal and local government pension plans are also $7 trillion short in funding.

And corporate pension funds are underfunded by $375 billion.

The reason is simple: investment returns are too low.

Pension fund managers invest in various assets– stocks, bonds, real estate, etc. with the hope of generating safe investment returns.

And that’s precisely the problem.

With interest rates still hovering near the lowest levels they’ve ever been in 5,000+ years of recorded human history, it’s very difficult to achieve a significant investment return without taking on substantial risk.

Most pension funds require a minimum annual investment return of between 7{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} to 8{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} in order to stay solvent and be able to pay out their beneficiaries over the long-term.

California Public Employee’s Retirement System (CalPERS), for example, is one of the largest pension funds in the world.

And over the last 10 years CalPERS’ investment return has averaged just 5.1{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528}. They need 7{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} to stay afloat.

SAFELY earning 7{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} is a difficult task today: government bonds in the US yield around 2{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528}. Even junk bonds, which are ultra-risky, yield just 5{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528}.

Real estate returns are also falling, with the average apartment building yielding between 3-4{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} according to the National Association of Real Estate Investment Trusts.

In fact the biggest apartment-focused real estate investment trust, Equity Residential, earns less than 3{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528}.

Bottom line, it’s EXTREMELY difficult for very large funds to safely earn 7-8{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528}.

And this matters… because they’re responsible for YOUR retirement.

I write a lot about the need to have a good ‘Plan B’… a backup plan in case the primary option doesn’t work out.

Well, considering that most federal, state and local pensions are VASTLY underfunded AND consistently fail to meet their investment targets, it seems pretty obvious that Plan A for retirement isn’t going to work out.

Having a retirement Plan B means getting creative and taking matters into your own hands.

Part of this includes setting up a better retirement structure.

For instance, a self-directed SEP IRA and solo(k) both allow contributing nearly 10x more each year for your retirement than a conventional structure.

Moreover, the right retirement structure provides far greater flexibility in where you can invest your savings.

Instead of being tethered to overpriced stocks, bonds, and mutual funds, a good retirement structure allows investment in alternative assets like international real estate or cryptocurrency.

One type of asset to consider for your retirement is royalties.

A royalty is money that other people pay you in order to use an asset that you own.

For example, inventors who own patents receive royalties whenever big companies use their ideas.

Songwriters collect royalties whenever their music is streamed on Spotify or used in a TV commercial.

Investors who own mineral rights on a property collect royalties whenever a mining company pulls gold or silver out of the ground from that property.

Warren Buffett compares a royalty to owning a tollbooth: after you make an initial investment to build the toll road, the upkeep is minimal.

But you collect cash forever as vehicles pay you to use it.

Read More @ SovereignMan.com