Monday, June 14, 2021

Market Report: Half-Year Blues

by Alasdair Macleod, GoldMoney:
Gold and silver prices were hit on Monday by a $2bn sale of Comex gold futures at about 0400 hrs EST, when US traders were not around to challenge it. Rumours of a “fat finger” appear wide of the mark. More likely it was a too-big-to-fail bank taking out all the stops to window-dress its books ahead of the half-year accounting deadline.

Derivative markets in gold and silver are generally directionless, so it is a good time for this sort of operation. Consequently, gold is down $13 from last Friday’s close, and silver off about five cents, in early European trade this morning (Friday). Since 31st December, gold is up 8.25{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} and silver 4.65{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528}. Silver’s underperformance is notable, though it appears to be finding a base.

Janet Yellen Just Said The Most Ridiculous Thing We’ve Heard All Year!

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by Jeff Berwick, The Dollar Vigilante:
Of all people, the last person you should ever ask about what is going to happen in the economy is a central banker or a Keynesian economist.

They are, after all, communists trying to centrally plan the economy. Commies are always clueless about economics.

And, their track record of predicting the economic future is almost perfect in that they almost always say “this time things are different” just moments before another crash happens.

Yellen’s Dewey Moment

by James Corbett, The International Forecaster:
… why listen to the nattering nabobs of negativity out in the blogosphere with their endless litany of facts and details when we have the pronouncements of the Oracle in Washington herself to base our judgement on?

It’s official, folks: You don’t have to worry about a financial crisis ever again! I mean, your children might, but you are in the clear!

How do I know this? Why, the Emperess of the Economy herself, the venerable Janet Yellen, chair of the High and Mighty Federal Reserve Board of Governors has dribbled this gem of wisdom from the heights of Mount Olympus onto our lowly heads:

Many European Banks Would Collapse Without Regulators’ Help: Fitch

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by Don Quijones, Wolf Street:
Only two things keep these banks alive: “a State willing to support them and a regulator that does not declare them insolvent.”

Dozens of Greek, Italian, Spanish and even German lenders have volumes of troubled assets higher or similar to that of Spain’s fallen lender Banco Popular. They, too, are at risk of insolvency. This stark observation came from Bridget Gandy, director of financial institutions for Fitch Ratings, who spoke at a conference in London on Thursday.

The troubled banks include:

Banks Begin To Mutiny Against The Fed: “If We Are Right, Central Banks Will Be Wrong”

from ZeroHedge:
It has been a trying time for the world’s central bankers, who for decades have been used to the “high finance” community’s adulation, derived from the deliverance of policy wrapped in so much opacity, gibberish and contradictions, that neither the central bankers, nor the markets, had any idea what was going on (see the Greenspan tenure), or dared to admit it was all meaningless drivel, resulting in phases during which the market was on “autopilot” and culminating with a bubble and subsequent crash, “rescued” by an even greater asset bubble and even greater crash, etc.

However, after generations of largely uncontested and unquestioned monetary policy where only the occasional “tinfoil” fringe blog dared to say that central banker emperors are not only naked and clueless but are also the cause of the world’s biggest problems, more and more voices are emerging to both challenge the prevailing monetary religious dogma, as well as daring to do something unprecedented: tell the truth.

Keiser Report: ‘Oligarchic America’ (E1091)

from RT:

In the second half, Max interviews economist and columnist, Alejandro Nadal, about Trump’s wall and exiting from the Nafta trade deal.

The Looming Energy Shock

by Chris Martenson, Peak Prosperity:
There will be an extremely painful oil supply shortfall sometime between 2018 and 2020. It will be highly disruptive to our over-leveraged global financial system, given how saddled it is with record debts and unfunded IOUs.

Due to a massive reduction in capital spending in the global oil business over 2014-2016 and continuing into 2017, the world will soon find less oil coming out of the ground beginning somewhere between 2018-2020.

Because oil is the lifeblood of today’s economy, if there’s less oil to go around, price shocks are inevitable. It’s very likely we’ll see prices climb back over $100 per barrel. Possibly well over.

The only way to avoid such a supply driven price-shock is if the world economy collapses first, dragging demand downwards.

Not exactly a great “solution” to hope for.

What Will You OWN When The Music Stops? — David McAlvany

by SGT, SGT Report:
What will you actually OWN when the music stops playing?

If you think the US stock market looks a bit toppy, as valuations hit new all time highs… If you think the nearly $1,000 price for one share of Amazon stock seems a bit lofty… If you think the rise of the crypto currencies as an alternative to the US Dollar is an important story, and if you think that the quantifiable manipulation of the gold and silver markets by criminal international banks is a clear sign of why OWNING precious metals in PHYSICAL form is so important, then this is the interview for you.

June 30, 2017 – Weekly Wrap-Up with Eric Sprott

from Sprott Money:
Eric Sprott discusses the global economy and the first half of 2017 performance of the precious metals.

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