Tuesday, November 19, 2019

FOMC RAISES RATES BY 1/4%/YIELD CURVE INVERTS SIGNALLING POLICY FAILURE/GOLD/SILVER REBOUNDS ON THE NEWS

by Harvey Organ, Harvey Organ Blog:

AT COMEX CLOSING GOLD UP $2.20 TO $1297.80/SILVER UP 11 CENTS TO $16.87/IN ACCESS MARKET GOLD FINISHED A TOUCH BELOW 1300.00 DOLLARS AND SILVER AT $17.04/IN A ACTIVE DELIVERY MONTH THE GOLD COMEX HAS BEEN TOTALLY COMATOSE WITH HARDLY ANY GOLD ENTERING OFFICIAL VAULTS: JUNE IS A VERY ACTIVE MONTH AND STILL NO GOLD HAS ENTERED THESE PREMISES//ZTE CRASHES AND THEN TRUMP WILL INITIATE MORE SANCTIONS AGAINST CHINA/ANOTHER BIG STORY: CHINESE SHADOW BANKING SECTOR COLLAPSES AND THIS WILL WITHOUT A DOUBT HURT GLOBAL TRADE NUMBERS/IN EUROPE BANK RUNS FROM THE SOUTHERN COUNTRIES TO THE NORTHERN ONES/SAUDI ARABIA AND ALLIES STORM THE LAST OPEN PORT IN YEMEN THAT HAS ACCESS TO THE OUTSIDE WORLD/MORE SWAMP STORIES FOR YOU TODAY

Merrill Lynch Fine Renews the Question: Can You Trust Your Broker?

by Pam Martens and Russ Martens, Wall St On Parade:

Yesterday the Securities and Exchange Commission (SEC) quietly dropped a bomb on the relationship that the behemoth Wall Street firm Merrill Lynch has with its institutional clients. For those willing to skip past the timid press release from the SEC and dig carefully through the Administrative Proceeding Order, there was this startling revelation: Merrill Lynch had charged obscene markups (profits for the house) on bond trades over a three and a half-year period that were in two cases cited 23 times and 3 times the industry prescribed legal limit of less than 5 percent.

Merrill Lynch agreed to settle the charges by paying $10.5 million in disgorgement to its ripped-off customers and to pay penalties of $5.2 million to the SEC.

John Rubino – Pimping the US Economy 101

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by Kerry Lutz, Financial Survival Network:

John Rubino is back for another weekly installment… There’s an established pimp running for the Nevada legislature, but Wall Street has been pimping itself out for years. Just look at the array of so-called financial products that can help you get higher yields in a low yield environment. But at what cost? Now, more and more sub-prime auto bonds are finding their way downstream. This is going to have a negative impact upon many people who can least afford it. And best of all, according to John, we’re heading into the peak seasonal precious metals buying in Sept-December.

Click HERE to Listen

Inflation Is Back, Part 7: Just Check Out This Chart

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by John Rubino, Dollar Collapse:

Monthly economic readings tend to be full of noise and are therefore unreliable. So it’s best to save the excited assertions for established trends.

The US Consumer Price Index appears to have reached that point:

As most readers probably know, the CPI is widely believed to understate the true rate of inflation because of statistical tricks like hedonic adjustment and substitution. So when this index starts rising you know the real action is even more extreme.

G7 Globalist Fear Trump Trade Reset

from BATR:

President Trump has announced that the U.S. piggy bank will no longer subsidize or be sucked dry to finance a pack of ungrateful allies. Keeping the Socialist EU afloat and putting up with backstabbers like Canada or allowing Japan to roll up massive trade surpluses must stop. The latest rumblings out of the UK are that all efforts are working overtime to nix the will of the Brit public from the Brexit vote. As for corporatists within the United States, the bulwark of opposition to Trump’s push to demand reciprocal treatment from “so called” trading partners means an end to the gravy train of plundering American workers and ripping off a viable domestic economy.

The business press has followed the pseudo political news reporting to trash all things Trump. The unbearable whining from the likes of ‘Free Traders’ Dagen McDowell and Charlie Gasparino on Fox business illustrates that fair and balanced distorts the value of understanding the core reason why our jobs were systematically moved overseas. Such globalists are not reporters. They are sycophants for their corporate masters.

The most successful investor in modern history is selling… here’s what it means for you

by Simon Black, Sovereign Man:

It’s typically pretty hard to find anything exciting to say about drywall.

Yes, drywall… as in, the building material that’s used for interior construction.

Drywall, also known as wallboard, is manufactured from rehydrated gypsum to produce a calcium sulfate plaster, that’s later mixed with mildew-resistant foaming agent. . . hello? Are you still there?

Seriously, though, in this particular case, drywall is a big deal.

Texas Bullion Depository Open for Business; Sets the Stage to Challenge Federal Government’s Monopoly on Money

by Peter Schiff, Schiff Gold:

The Texas Bullion Depository officially opened for business this week. The creation of the facility represents a power-shift away from the federal government and sets the foundation to undermine the Federal Reserve’s monopoly on money.

Countries that stockpile gold create a foundation of stability for their monetary systems. This is precisely why China, Russia, Turkey and several over countries are increasing their gold holdings. But it’s not just countries looking to gold to provide political clout and economic power. Texas recently laid the groundwork for its own gold depository. The reason? To wrest some economic power from the Federal Reserve by bringing some monetary autonomy to the Lone Star State.

WHO’S THE SUCKER?

by Jim Quinn, The Burning Platform:

The two charts below reveal what is going on in the boardrooms of corporate America and on Wall Street, where those in the know are doing what they do best – screwing average American families. The Trump tax cuts are taking full effect. Corporations will pay $60 billion less in taxes this year. It appears they are taking all $60 billion in savings, borrowing another $80 billion from Wall Street, and buying back their own stock at near all-time high prices.

If you thought the narrative about corporations using their tax savings to invest in new facilities and hiring thousands of new employees was going to happen, you haven’t been paying attention to how things work in the real world. Even though corporate GAAP profits have been flat for the last few years, the stock buybacks, funded by low interest debt provided by the Fed, increase the EPS of mega-corporations thereby pumping up the salaries and bonuses of top corporate executives.