from Lauren Southern:
by Sarah Benali, Kitco:
(Kitco News) – A rare visit occurred Monday, and it wasn’t the Solar Eclipse.
Instead, it was U.S. Treasury Secretary Steven Mnuchin’s visit to the country’s gold hoard at Fort Knox.
On Twitter, the former Hollywood producer reassured the American people that all the gold – and all $200 billion worth of it — was still there.
— Steven Mnuchin (@stevenmnuchin1) August 21, 2017
He is the third Treasury Secretary to visit the depository with the last visit dating back 69 years.
The Fort Knox vault, which was created in 1936 by President Franklin D. Roosevelt, is at the centerpiece of many conspiracy theories claiming the vault is empty and doesn’t contain any gold. But, the former Hollywood executive turned politician is shutting down those theories.
“We have approximately $200 billion of gold at Fort Knox,” Mnuchin said as reported by Bloomberg. “The last time anybody went in to see the gold, other than the Fort Knox people, was in 1974 when there was a congressional visit. And the last time it was counted was actually in 1953.”
At current prices, that would mean there are about 154 million ounces of gold held in the Kentucky depository.
Read More @ Kitco.com
by Kery Lutz, Financial Survival Network:
John Rubino joined us today. His take is that as the middle class disappears so does the middle point in our political debate, thereby leaving just the extremes. Obviously not a good thing. But attempting to wipeout or forget about our history is not the way to solve our problems. Rather history has proven to be the best teacher and an angry task master. Get ready for those who would attempt to rewrite or obliterate it. COT – Commitment of traders report has turned very bearish towards precious metals. This measure has worked continually over the past 10 years and shows no signs of quitting now. Will it be a down quarter for precious metals?
Click HERE to listen.
Read More @ FinancialSurvivalNetwork.com
by Mish Shedlock, Mish Talk:
Trump is bound and determined to have his way in NAFTA negotiations whether or not anyone agrees with him. Ironically, not even the auto manufacturers do. The first round of negotiations, now underway, has hit a snag already. The meaning of “substantial” is in play.
The Wall Street Journal reports U.S., Canada and Mexico Wrap Up Nafta First Round.
Opening-round talks to remake the North American Free Trade Agreement revealed early fissures dividing the U.S. from Mexico and Canada, including a Trump administration proposal to require a “substantial” portion of autos and auto parts produced under the pact be made in the U.S.
The renegotiation of the trade deal, which was one of President Donald Trump’s main campaign promises and a key pillar of his “America First” agenda aiming to revive U.S. manufacturing and reduce the country’s trade deficit, is likely to face many hurdles. Auto makers in all three nations generally oppose the stricter rules floated by the U.S. negotiator, and pro-business lawmakers in Congress don’t want to see the pact significantly altered.
Early tensions over areas such as the so-called rules of origin—a major issue for the automotive industry—signaled the tough bargaining that lies ahead as the three nations try to wrap up a deal by early next year.
The chief U.S. negotiator, Robert Lighthizer, came into the talks Wednesday saying the U.S. would insist on tightening the rules of origin, and adding a provision covering U.S. production, an idea quickly dismissed as unworkable by Mexican and Canadian officials.
At this early stage of the talks, it is difficult to measure the depth of the disagreement. Opening rounds generally set the tone and schedule for negotiations. The U.S. has yet to release specifics on some of its most controversial positions, including measures to reduce the U.S. trade deficit, prevent currency manipulation, favor U.S. companies in government contracts, known colloquially as Buy America, and rework rules governing arbitration panels.
The U.S. feels that its most significant leverage in the talks is Mr. Trump’s threat to withdraw from Nafta if the U.S. doesn’t get the changes it wants. North American trade is far more significant to the Canadian and Mexican economies than it is for the U.S.
Mexican negotiators say they are prepared to scrap Nafta rather than accede to demands they consider harmful to their economy.
What’s the Best That Can Happen?
That’s a softball question. The best thing that can possibly happen is the trade talks collapse and Trump backs down on his promise to revoke the deal.
Nearly as good would be minor tweaks that don’t really do anything. One might even argue this is a better alternative as it would allow Trump to save face while bragging about nothing.
What’s the Worst That Can Happen?
The worst is the trade talks collapse, Trump abandons NAFTA and starts a global trade war.
Read More @ MishTalk.com