Sunday, October 20, 2019

CENTRAL BANKERS ARE FREAKING OUT AS Bitcoin Barrels Above $16,000 – Greenspan: “It’s Not Rational”

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from Zero Hedge:

Bitcoin just surpased $16,000…   For those keeping track, this is how long it has taken the cryptocurrency to cross the key psychological levels:

  • $0000 – $1000: 1789 days
  • $1000- $2000: 1271 days
  • $2000- $3000: 23 days
  • $3000- $4000: 62 days
  • $4000- $5000: 61 days
  • $5000- $6000: 8 days
  • $6000- $7000: 13 days
  • $7000- $8000: 14 days
  • $8000- $9000: 9 days
  • $9000-$10000: 2 days
  • $10000-$11000: 1 day
  • $11000-$12000: 6 days
  • $12,000-$13,000: 17 hours
  • $13,000-$14,000: 4 hours
  • $14,000-$15,000: 10 hours
  • $15,000-$16,000: 5 hours

In the last 36 hours, Bitcoin has blasted through $12,000, $13,000, $14,000, and now $15,000 levels in an unprecedented 28% surge…

With a market cap of around $250 billion, Bitcoin is bigger than Proctor & Gamble and approaching the size of Wal-Mart as the 12 biggest ‘company’ in the S&P 500.

As CoinTelegraqph reports, the price is likely being driven by news of the imminent launch of Bitcoin futures trading. CBOE will be launching their futures market this coming Sunday, December 10, with CME Group following on December 18. Nasdaq plans to launch futures trading in the summer of 2018 and Japan’s Tokyo Financial Exchange is preparing to launch futures trading as well.

Bloomberg has announced that brokerage firms TD Ameritrade and Ally Invest will be offering Bitcoin futures trades to their clients. Even J.P. Morgan Chase may follow suit, despite CEO Jamie Dimon’s infamous views on the digital currency.

GDAX, Coinbase’s digital currency exchange, has been leading the rally all day. The price on GDAX is currently about $500 ahead of other Western Bitcoin exchanges. The likeliest – and most bullish – explanation is that Coinbase is the easiest way for new Bitcoin investors to get involved. Consequently, when GDAX leads the charge as it has today, it probably means new “retail” investors are fueling the rally.

Meanwhile, as CoinDesk reports, Ron Paul wants to know: would you take $10,000 in bitcoin, cash or something else?

The former U.S. Congressman from Texas is currently holding a poll on his official Twitter account that asks in which form they would take $10,000 from a “wealthy person”. The catch: you can’t get rid of it for 10 years.

Paul – who earlier this year called for the U.S. government to “stay out” of bitcoin – put the question to his more than 650,000 followers, asking if they would take $10,000 in the form of bitcoin, dollars, gold or 10-year U.S. Treasury Bonds. The result thus far – one hour remains in the poll at press time – indicate that of the more than 70,000 responses, 54 percent expressed support for bitcoin.

Gold took the second-highest amount with 36 percent, followed by a mere 8 percent for the 10-year bonds. Just 2 percent indicated that they would take the Federal Reserve Notes if offered.

Read More @ ZeroHedge.com

Mount Vesuvius Anyone?

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by Dave Kranzler, Investment Research Dynamics:

“In the face of a shock, investors may be surprised to find themselves jammed running for the exit.” That quote is from Paul Tudor Jones, who was one of the pioneers of the modern hedge fund and is considered a brilliant investor and trader. He went on to say that things are “on the verge of a significant change” and that the current market reminds him of 1999.

The current market reminds me of the demise of Pompeii, which was destroyed by the massive volcanic eruption of Mt Vesuvius in 79 AD. Pompeii was a prosperous city of the Roman Empire on the coast of southwest Italy. It sits at the base of Mt. Vesuvius, a volcano that had been dormant for a long time. Earthquakes and seismic activity, scientists believe, began to “warn” the population of Pompeii roughly 17 years before the big eruption, when a massive earthquake largely leveled Pompeii. Shortly before the eruption more signs began occurring, hinting that something wasn’t right. Though some people evacuated the area, most of Pompeii’s populace was not worried. The rest is history.

Though there are many warning signs, similar to the citizens of Pompeii living at the base of an active volcano, the American public does not seem the least worried
about having their money in the stock market.  Retail margin debt, at 100% of market capitalization, is at its highest ever. The percentage of U.S. household wealth (not including home equity) invested in stocks in some form is in its 94th percentile. This is the highest allocation to equities since just before the tech bubble popped in 2000. In other words, despite the numerous warnings for those paying attention, investors have piled most of their savings/wealth into the stock market with complete disregard to the growing probability of a down-side accident.

Last Wednesday the tech stocks were clobbered, with the Nasdaq 100 index down 1.7% and the Nasdaq composite down 1.3%. The SOX semiconductor index was down 4.4%. The famed FANG stocks (Facebook, Amazon, Netflix and Google) lost a combined $60 billion in market cap. Interestingly, I could not find any specific event catalyst that triggered the sell-off. As I commented last week, while everyone is looking for a specific “black swan” event to take down the stock market, it’s quite probable that there will not be an specific event that causes the next stock market accident. Perhaps this was a warning “earthquake?”

This graphic shows the degree to which the “smoke” coming from the stock market should not be ignored:  

Both graphs are from John Hussman, the highly respected contrarian money manager and one of few remaining market bears (along with me and SSJ subscribers). The graph on the left is a monthly plot of SPX futures from 1998 to present. The graph on the right is Hussman’s margin-adjusted Shiller CAPE ratio chart, which shows the SPX PE at an all-time high.  In the absence of meaningful real economic growth to justify the current level of the stock market relative to the two previous bubbles, the only logical conclusion is that the eventual stock crash will be twice as brutal as the last two.

Another plume of smoke billowing from the stock market is the market “breadth.” The number of stocks that are moving higher as the major indices hit new record highs almost daily continues to decline. Currently, 38% of the stocks in the S&P 500 are below their 50 dma and 30% are below their 200 dma. At the beginning of the year, only 20% of the S&P 500 components were below their 50 dma. In the Nasdaq, 40% of the stocks are below their 50 dma and 35% are below their 200 dma. At the beginning of 2017, less than 20% below their 50 and 200 dma’s.

The declining breadth reflects the fact that “investors” continue to chase velocity – i.e. blindly throw money at the fastest moving stocks. This is why the FANGs + AAPL and MSFT represent an absurdly disproportionate percentage of the total move higher in the stock market. Furthermore, the declining breadth of the market is now a function of the “greater fool theory.” This is an economic theory that states that the price of a stock is determined by irrational beliefs and expectations (e.g. “it’s different this time”) rather than fundamental valuation. The price paid for a stock is justified by the believe that someone else will be willing to pay a higher price.

Read More @ InvestmentResearchDynamics.com

Catalonia’s Post-“Independence” Economic Hangover Sets In

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by Don Quijones, Wolf Street:

Uncertainty, threats, and counter-threats.

Catalonia’s recent declaration of independence may have been a largely symbolic act but the economic hangover it has left in its wake is very real. Last month the number of unemployed in the region rose by 7,391 — the highest rise in a month of November since 2009. During the same period the number of people registered with social security fell by 4,038 — the sharpest fall since November 2013.

The economic pain is already taking a psychological toll. According to a new poll published by Spain’s Center for Sociological Research (CIS for its Spanish acronym), the number of households that fear that their economic situation will worsen in the next six months surged from 14.2% in August to 22.2% in October. By contrast, in Spain as a whole there was hardly any change, with the rate barely budging from 15.1% to 15.6%.

Almost 3,000 firms have shifted the registered address of their headquarters outside Catalonia since the banned referendum on October 1, many to Madrid. Although the exodus has slowed in recent weeks, every day dozens of Catalan companies continue to change their registered office, despite the express appeal of Spain’s Prime Minister, Mariano Rajoy, to stop doing so after the activation of Article 155 of the Constitution.

The Catalan exodus has so far been purely administrative, with companies effectively shifting domiciles, the ‘brass plate’ of the business, to avoid legal and tax complications rather than moving staff or operations, which would have huge cost and logistical implications.

Many of the companies worry that secession would leave them outside the Eurozone and exposed to the unpredictable policies and possible tax grabs of a new republic burdened with heavy debts. Such fears were compounded last week when Catalonia’s deposed president Carles Puigdemont suggested that the region may be better off outside not just Spain, but also the European Union.

“Perhaps there are not many people who want to form part of this EU…so insensitive to the abuse of human rights, of the democratic right of a part of its territory only because a post-Franco right wants it to be that way,” he told Israeli state broadcaster Kan.

Puigdemont’s comments, ironically made from Brussels, provoked a fierce backlash from both Spanish and Catalan politicians, as well as companies based in the region. They included the Volkswagen-owned SEAT group, which warned that if a new government in Catalonia called another referendum on secession from Spain and the European Union, it would not only change its headquarters, but would close the bulk of its facilities in Catalonia, including the Martorell plant. Those facilities directly support some 14,500 local jobs.

Together with the Nissan plant in the Zona Franca district of Barcelona, SEAT’s Martorell plant accounts for almost 20% of the total automotive production in Spain (555,000 vehicles out of a total of 2.8 million). The two factories underpin one of the most important industrial sectors in Catalonia, providing jobs for over 90,000 people as well as 7% of Catalonia’s Gross Domestic Product.

If SEAT or Nissan were to shut their facilities in Catalonia, it would be a massive blow for the region. In the short-to-medium term, it would also hurt Spain’s economy, since it would take the companies up to two years to relocate their production facilities to other parts of Spain. In the interim they would probably shift production to other plants in Europe with excess capacity. In other words, Spanish exports would sharply decline, at least temporarily.

This underscores a vital point (and one that is all too often ignored by people in other parts of Spain): what is bad for Catalonia’s economy is not necessarily good for the rest of Spain, especially given the large role Catalonia plays in Spain’s export economy.

Although Catalonia makes up only 16% of Spain’s population, its four provinces – Barcelona, Gerona, Lleida and Tarragona – account for 25% of its exports. Barcelona, of course, is the dominant region, accounting for $56 billion of Spain’s total exports in 2016 ($277 billion) — almost double what Spain’s second biggest exporting province, Madrid, generated during the same period ($30.5 billion).

Read More @ WolfStreet.com

In January 2017 Bitcoin Was Selling For $1,000, And Now It Is Selling For $13,000

by Michael Snyder, The Economic Collapse Blog:

I have never seen anything quite like this in my entire life.  As 2017 began, Bitcoin was selling for about $1,000, and many were optimistic about what the new year would bring.  But nobody could have imagined this.  When Bitcoin hit $5,000 in October, it made headlines all over the world, but it has continued to rise at an exponential rate since then.  My friend Joseph told me that Bitcoin would hit $10,000 “by December”, and it actually happened.  This week, the euphoria has hit an entirely new level, and as I write this article the price of Bitcoin is sitting at an eye-popping $13,899.50.

The price of Bitcoin is going up so fast that it is difficult to keep up with it.  Just check out this chart.  Bitcoin hit $12,000 on Tuesday night, and it could very well be above $14,000 by the time this article gets to you.  The following is how CNBC summarized the price movements that we have been witnessing over the past few days…

Bitcoin climbed above $13,000 Wednesday afternoon after topping $12,000 Tuesday night.

The volatile digital currency leaped 11 percent to hit a record high of $13,017.96 and was last trading near $13,000, according to CoinDesk. Bitcoin topped $12,000 Tuesday night in a rapid recovery from a 20 percent drop last week.

I have been writing a lot about Bitcoin lately, and I will probably be writing about it a lot more in the months ahead.  We are in uncharted territory, and the financial community is having a difficult time coming to terms with what is happening.  In all my years, I have never seen this sort of exponential growth over an extended period of time…

Just in the year 2017, Bitcoin, in particular, has seen unprecedented increases in value relative to the U.S. dollar. On January 1, 2017, the price of Bitcoin had just topped $1,000 per coin. Fast-forward to December 1, 2017, and the price of Bitcoin blew right on past $10,000 per coin.

So how high could Bitcoin ultimately go?

At this point it seems like the euphoria will never end, and some analysts are predicting a price of 1 million dollars by the year 2020.  Books with titles such as “Mastering Bitcoin For Dummies” are starting to pop up all over the place, and there is no shortage of people that are willing to teach the finer points of trading Bitcoin (for a fee of course).

But there are trouble signs on the horizon as well.

For example, on Wednesday we learned that “the largest crypto-mining marketplace” in the entire world has been hacked

As Bitcoin explodes higher on what now appears to be constant demand out of South Korea, there were unconfirmed (at least until recently) reports that Nice Hash, the largest crypto-mining marketplace, has been hacked with over 4,000 bitcoins worth over $50 million stolen.

50 million dollars is a lot of money.  If Bitcoins can be stolen this easily, will investors really feel safe having so much money tied up in cryptocurrencies?

This hack is one of the biggest news stories in the world right now, and NiceHash has put out a lengthy statement about this incident.  The following is an excerpt from that statement

Unfortunately, there has been a security breach involving NiceHash website. We are currently investigating the nature of the incident and, as a result, we are stopping all operations for the next 24 hours.

Read More @ TheEconomicCollapseBlog.com

GOLD HOLDS: UP $1.45 TO $1263.95/SILVER IS STILL HELD UNDER WATER AT $15.96 DOWN 10 CENTS

by Harvey Organ, Harvey Organ Blog:

COMEX HAS OVER 21,000 GOLD EFP TRANSFERS TO LONDON (OVER 2.1 MILLION OZ)/SILVER EFP OVER 4400 CONTRACTS OR 22.2 MILLION OZ/ BITCOIN RISES ABOVE $13,000/LARGEST BITCOIN MINER EXCHANGE HAS ALL OF ITS BITCOIN STOLEN ($50 MILLION DOLLARS WORTH) AND THESE CANNOT BE REPLACED; OWNERS LOSE THEIR INVESTMENT/TRUMP RECOGNIZES JERUSALEM AS ISRAEL’S CAPITAL AND WILL MOVE EMBASSY IN 6 MONTHS OR SO/ THERESA MAY WITNESSES THE POUND DROP AS THERE MAY BE A MUTINY IN HER PARTY

GOLD: $1263.95  UP $1.45

Silver: $15.96 DOWN 10 cents

Closing access prices:

Gold $1263.70

silver: $15.97

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: $1272.97 DOLLARS PER OZ

NY PRICE OF GOLD AT EXACT SAME TIME: $1266.07

PREMIUM FIRST FIX: $6.90

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SECOND SHANGHAI GOLD FIX: $1274.72

NY GOLD PRICE AT THE EXACT SAME TIME: $1267.70

Premium of Shanghai 2nd fix/NY:$7.02

SHANGHAI REJECTS NY /LONDON PRICING OF GOLD

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LONDON FIRST GOLD FIX: 5:30 am est $1268.55

NY PRICING AT THE EXACT SAME TIME: $1268.70

LONDON SECOND GOLD FIX 10 AM: $1263.20

NY PRICING AT THE EXACT SAME TIME. 1264.71???

For comex gold:

DECEMBER/

 NUMBER OF NOTICES FILED TODAY FOR DECBER CONTRACT:  2981 NOTICE(S) FOR 298,100 OZ.

TOTAL NOTICES SO FAR: 5995 FOR 599,500 OZ (18.646 TONNES)

For silver:

DECEMBER

137 NOTICE(S) FILED TODAY FOR

685,000 OZ/

Total number of notices filed so far this month: 5147 for 25,735,000 oz

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

Bitcoin: BID $12,612/OFFER $12,673, up $987 (morning) 

BITCOIN : BID $13,152 OFFER: $13,212 // UP $1527 (CLOSING)

end

Let us have a look at the data for today

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In silver, the total open interest ROSE BY HUGE 2915 contracts from 190,005 RISING TO 192,970 DESPITE YESTERDAY’S HUGE 28 CENT FALL IN SILVER  AND NOW WELL BELOW THE HUGE $17.25 SILVER RESISTANCE.   WE HAD SURPRISINGLY NO  COMEX LIQUIDATION AS WE WERE AGAIN NOTIFIED THAT WE HAD ANOTHER GIGANTIC NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE :  4432 EFP’S FOR MARCH (AND ZERO FOR DEC AND OTHER MONTHS) AND THUS TOTAL ISSUANCE OF 4452 CONTRACTS.   I GUESS WHAT THE CME IS STATING IS THAT THERE IS NO SILVER (OR GOLD) TO BE DELIVERED UPON AT THE COMEX AS THEY MUST EXPORT THEIR OBLIGATION TO LONDON. YESTERDAY WITNESSED 2881 EFP’S FOR SILVER ISSUED.

ACCUMULATION FOR EFP’S/SILVER/ STARTING FROM FIRST DAY NOTICE/FOR MONTH OF DECEMBER:  15,454 CONTRACTS (FOR 4 TRADING DAYS TOTAL 15,454 CONTRACTS OR 77.27 MILLION OZ: AVERAGE PER DAY: 3,863 CONTRACTS OR 19.31 MILLION OZ/DAY)

RESULT: A HUGE SIZED RISE IN OI COMEX DESPITE THE 28 CENT FALL IN SILVER PRICE.  HOWEVER  WE HAD ALL OF OUR COMEX LONGS WHICH EXITED OUT OF THE SILVER COMEX  TRANSFERRED THEIR OI TO LONDON THROUGH THE EFP ROUTE:  FROM THE CME DATA 4432 EFP’S  WERE ISSUED TODAY  FOR A DELIVERABLE CONTRACT OVER IN LONDON WITH A FIAT BONUS. IN ESSENCE THE  DEMAND FOR SILVER PHYSICAL INTENSIFIES GREATLY. WE REALLY GAINED 7347 OI CONTRACTS i.e. 4432 open interest contracts headed for London (EFP’s) TOGETHER WITH A INCREASE OF 2915 OI COMEX CONTRACTS. AND ALL OF THIS INCREASED DEMAND  HAPPENED WITH THE FALL IN PRICE OF SILVER BY ANOTHER 28 CENTS WITH A LOW CLOSING PRICE OF $16.06 YESTERDAY. YET WE STILL HAVE A MASSIVE AMOUNT OF SILVER STANDING AT THE COMEX.

In ounces AT THE COMEX, the OI is still represented by just UNDER 1 BILLION oz i.e. 0.964 BILLION TO BE EXACT or 138% of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT DECEMBER MONTH/ THEY FILED: 137 NOTICE(S) FOR 685,000 OZ OF SILVER

In gold, the open interest FELL BY A TINY 611 CONTRACTS DOWN TO 472,795  DESPITE THE HUGE FALL  IN PRICE OF GOLD  YESTERDAY ($12.50).  HOWEVER,  THE TOTAL NUMBER OF GOLD EFP’S ISSUED TUESDAY FOR WEDNESDAY  TOTALED ANOTHER GIGANTIC 21,484 CONTRACTS OF WHICH THE MONTH OF DECEMBER SAW 0 CONTRACTS AND FEB SAW THE ISSUANCE OF 21,484 CONTRACTS. The new OI for the gold complex rests at 473,438. DEMAND FOR GOLD INTENSIFIES GREATLY AS WE WITNESS THE HUGE NUMBER OF EFP TRANSFERS TOGETHER WITH THE MASSIVE AMOUNT OF GOLD OUNCES STANDING FOR DECEMBER. EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK  TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD.  THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX  HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER AND ON TOP OF THAT IT IS TAKING A FURTHER 13 WEEKS TO OBTAIN PHYSICAL FROM THE POINT WHEN FORWARDS BECOME DUE. IN ESSENCE WE HAVE A NET GAIN OF 20,905 OICONTRACTS: 611 OI CONTRACTS LEFT THE  COMEX  BUT  21,484 OI CONTRACTS NAVIGATED OVER TO LONDON. THE CME HAS BEEN VERY TARDY IN THEIR REPORTING OF EFP ISSUANCE.  THEY ARE IMMEDIATELY REMOVING COMEX OPEN INTEREST NUMBERS BUT DELAYING RELEASE OF EFP’S FOR 24 HOURS OR GREATER AS NO DOUBT THEY ARE NEGOTIATING WITH THE LONGS FOR A FIAT BONUS.

YESTERDAY, WE HAD 11,033 EFP’S ISSUED.

ACCUMULATION OF EFP’S/ GOLD(EXCHANGE FOR PHYSICAL) FOR THE MONTH OF DECEMBER STARTING WITH FIRST DAY NOTICE:  63,752 CONTRACTS OR 6.375 MILLION OZ OR 198 TONNES (4 TRADING DAYS AND THUS AVERAGING:15,938 EFP CONTRACTS PER TRADING DAY OR 1.594 MILLION OZ)

Result: A SMALL SIZED INCREASE IN OI  WITH THE HUGE SIZED FALL IN PRICE IN GOLD YESTERDAY ($12.50). WE  HAD A HUMONGOUS  NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 21,484. THERE OBVIOUSLY DOES NOT SEEM TO BE MUCH PHYSICAL GOLD AT THE COMEX AND YET WE REACHED THE HUGE DELIVERY MONTH OF DECEMBER. I GUESS IT EXPLAINS THE HUGE ISSUANCE OF EFP’S…THERE IS HARDLY ANY GOLD PRESENT AT THE GOLD COMEX FOR DELIVERY PURPOSES.  IF YOU TAKE INTO ACCOUNT THE 21,484 EFP CONTRACTS ISSUED, WE HAD A NET GAIN OPEN INTEREST OF 20,905  contracts:

21,484 CONTRACTS MOVE TO LONDON AND 611 CONTRACTS LEFT THE  COMEX. THE NET GAIN IN OZ: 2.091 MILLION OZ AND IN TONNES: 65.04 TONNES

we had:  2981  notice(s) filed upon for 298,100 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 at the GLD/

Inventory rests tonight: 845.47 tonnes.

SLV

TODAY WE HAD  NO CHANGES IN SILVER INVENTORY AT THE SLV:

INVENTORY RESTS AT 321.713 MILLION OZ

end

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

1. Today, we had the open interest in silver SURPRISINGLY ROSE BY A HUMONGOUS 2915 contractsfrom 190,055 UP  TO 192,970 (AND now A LITTLE FURTHER FROM THE NEW COMEX RECORD SET ON FRIDAY/APRIL 21/2017 AT 234,787) DESPITE THE HUGE LOSS IN PRICE OF SILVER PRICE AND CONTINUAL BOMBARDMENT (A FALL OF 28 CENTS ). HOWEVER,OUR BANKERS  USED THEIR EMERGENCY PROCEDURE TO ISSUE ANOTHER HUGE  4432  PRIVATE EFP’S FOR MARCH (WE DO NOT GET A LOOK AT THESE CONTRACTS AS IT IS PRIVATE BUT THE CFTC DOES AUDIT THEM).  EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  WE HAD ZERO COMEX SILVER COMEX LIQUIDATION. IF WE TAKE THE OI GAIN AT THE COMEX (2915 CONTRACTS)   TO THE 4432 OI TRANSFERRED TO LONDON THROUGH EFP’S  WE OBTAIN A NET GAIN OF  7347 OPEN INTEREST CONTRACTS, ON TOP OF THE HUGE AMOUNT OF SILVER OUNCES THAT ARE STANDING FOR METAL IN DECEMBER (SEE BELOW). THE NET GAIN IN OZ: 36.73 MILLION OZ!!! 

RESULT: A HUGE SIZED INCREASE IN SILVER OI AT THE COMEX WITH THE 28 CENT FALL IN PRICE (WITH RESPECT TO YESTERDAY’S TRADING).  BUT WE ALSO  HAD ANOTHER 4432 EFP’S ISSUED TRANSFERRING  COMEX LONGS OVER TO LONDON . TOGETHER WITH THE HUGE AMOUNT OF SILVER OUNCES STANDING FOR DECEMBER, DEMAND FOR PHYSICAL SILVER INTENSIFIES.

(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 MONDAY night/TUESDAY morning: Shanghai closed DOWN 9.71 points or .29% /Hang Sang CLOSED DOWN 618.00 pts or 2.34% / The Nikkei closed DOWN 445.34 POINTS OR 1.97%/Australia’s all ordinaires CLOSED DOWN 0.45%/Chinese yuan (ONSHORE) closed DOWN at 6.6150/Oil DOWN to 56.89 dollars per barrel for WTI and 62.20 for Brent. Stocks in Europe OPENED MOSTLY IN THE RED .    ONSHORE YUAN CLOSED DOWN AGAINST THE DOLLAR AT 6.6150. OFFSHORE YUAN CLOSED DOWN AGAINST  THE ONSHORE YUAN AT 6.6180 //ONSHORE YUAN WEAKER AGAINST THE DOLLAR/OFF SHORE WEAKER TO THE DOLLAR/. THE DOLLAR (INDEX) IS SLIGHTLY STRONGER AGAINST ALL MAJOR CURRENCIES. CHINA IS NOT  HAPPY TODAY.(MARKETS VERY  WEAK)

Read More @ Harvey Organ Blog:

GOLD: Another Tradable Low Coming

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by Turd Ferguson, TF Metals:

The divergence from the USDJPY correlation illuminates The Bullion Bank effort to smash price below the 200-day MA and flush out as many Spec longs as possible before the next rise. We saw this is May and in July and we are seeing it again now.

I have no doubt that what you are about to read is correct.

Since last Monday, when the USDJPY was forcibly rallied from below 111, the total change in this all-important HFT driver is 130 “pips”…from 110.90 to 112.20. After discovering and then closely following the yen-gold correlation for over three years, we’ve learned that a one point move in the USDJPY generally correlates to a $10-12 move in the price of Comex Digital Gold.

The current 130 pip move should thus translate into roughly a $15 drop in Comex gold. Considering that price was $1298 last Monday, the current price should be around $1283. Instead, I have a last of $1267. Why the 2X difference?

It’s simple. Over the past several days there has been a concerted and coordinated effort to rig price below the 200-day moving average. And why have The Banks taken this action? In order to engender the same type of Spec long liquidation seen in May and July of this year and displayed on the chart below from October 24:

The CoT survey of last Tuesday gave two alarms that allowed The Banks to trigger this current action.

  1. The Large Spec NET long position in Comex gold had reached 224,417 contracts. This was the highest level in 90 days.
  2. The Large Spec GROSS short position fell to just 62,967 contracts. This was the lowest seen since 9/6/16 and thus the second-lowest level seen since 2012.

Judging that the CoT was ripe to be flushed, The Banks took action, striking yesterday at 9:07 am EST. Note the 12,000 contract dump that finally shoved price well-below the 200-day. The selling action that took price another $10 lower in the three hours that followed was brought upon by Spec long liquidation upon seeing price fall below this critical technical indicator.

Read More @ TFmetals.com

Are We Counting Down The Hours Towards ‘Two Meals And 24 Hours Away From Barbarism’ In America?

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by Stefan Stanford, All News Pipeline:

If NKorea ‘Cascades Out Of Control’, It’ll Be Far Too Late To Prepare By Then

In the story over at the Daily Mail that Steve Quayle linked to on his website on Sunday they reported that according to President Trump’s National Security Adviser, each North Korean missile launch brings the world closer to war with the possibility of nuclear war increasing every day. 

Telling Fox News’ Bret Baier that “we’re in a race to be able to solve this problem”, HR McMaster also warned “there’s not much time left” as each time that North Korean dictator Kim Jong Un fires an ICBM into space, “he gets better at it”

And while many have warned that McMaster is a ‘deep state’ intruder into President Trump’s cabinet and that we should stay aware, McMaster warns that Kim’s rogue regime poses the greatest immediate threat to the United States and to the world that we face. Of great concern to us was this overlooked sentence from that story on Kim’s recent ICBM launch: 

The ballistic missile fired last week did not survive re-entry into the atmosphere – it broke up. 

And while that might sound like ‘a win’ for America and a sign that Kim’s nuclear program in North Korea still has a way to go to be able to go up against us, as Mike Adams reported back on Natural News back on November 30th, a nuclear warhead wouldn’t NEED to survive re-entry into the atmosphere if it was detonated at a height of between 30 and 400 kilometers over the United States, nearly instantly sending our nation back to the dark ages. 

As Adams reports as also heard in the 1st video below, such a strike could easily end up culling 90% or more of the US population, with a single warhead strike, after the total breakdown of our society that would be caused once the electrical grid goes down. 

And while the US military and citizen radio operators across America recently took part in exercises that would simulate such an attack upon America that would take down not only the grid but all communications, Americans in general are TOTALLY unprepared for such an attack and all of the chaos and madness that would come along with it. 

Within this new story from over at WND titled “ASTRONOMICAL LOSS OF LIFE IN POTENTIAL U.S. WAR WITH N. KOREA – ‘It is a race because he’s getting closer and closer, and there’s not much time left’ they report what a war with North Korea would likely look like according to military experts, and it’s horrifying.:

“We will see a horrible loss of human life. Probably 300,000 to 400,000 in the first week, civilian and military,” they said. “Probably over 2 million by the time three weeks is up.”

While North Korea has reserves of about 6 million forces and has the 6th largest Army in the world, they only have about a two- to three-week supply of food, ammunition, fuel, etc. So all of Kim’s military goals would have to be met within that small window. Yet if Kim’s goal is to send America back to the dark ages, he wouldn’t need anywhere near that much time. 

Is America just one EMP attack away from near-extinction? It has been said that all civilizations are only two meals and 24 hours awayfrom barbarism.  

Read More @ AllNewsPipeline.com

Bitcoin Explodes Above $14,000 – Korean PM Fears “Serious Pathological Phenomena”

from Zero Hedge:

Well that escalated quickly…

Just a few hours ago, Bitcoin surged above $13,000 and now, on notable volume, it has reached the stunning $14,000 level… up 20% today…

For those keeping track, this is how long it has taken the cryptocurrency to cross the key psychological levels:

  • $0000 – $1000: 1789 days
  • $1000- $2000: 1271 days
  • $2000- $3000: 23 days
  • $3000- $4000: 62 days
  • $4000- $5000: 61 days
  • $5000- $6000: 8 days
  • $6000- $7000: 13 days
  • $7000- $8000: 14 days
  • $8000- $9000: 9 days
  • $9000-$10000: 2 days
  • $10000-$11000: 1 day
  • $11000-$12000: 6 days
  • $12,000-$13,000: 17 hours
  • $13,000-$14,000: 4 hours

As Bitcoin has soared, it appears traders have sold other cyrptocurrencies to chase it as Ether has dropped in sync..

 

One of the regions in the world with the most active Bitcoin community is South Korea where so many Koreans have embraced bitcoin that the prime minister recently warned that cryptocurrencies might corrupt the nation’s youth.

As Bloomberg reports, while neighboring Japan hosts more transactions by some measures, Korea punches far above its weight: In the 24-hour period through Wednesday evening in Seoul, about 21 percent of the world’s bitcoin trades on fee-charging venues involved the Korean won, according to Coinmarketcap.com. The country accounts for about 1.9 percent of the world economy.

As Korean policy makers grow increasingly worried that the mania has gone too far, the nation could become a focus for bitcoin traders around the world. Korea’s top financial watchdog, which briefly roiled cryptocurrency markets with its ban on initial coin offerings in September, said this week that it has “grave concerns” about overheated speculation and has formed a task force with other government bodies to increase supervision.

Read More @ ZeroHedge.com

The Most Important Function of Bitcoin – Insider Trading

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from ITM Trading:

We are now in the tenth week in the corporate sector buying pattern shift. Consumer Services leads with a whopping Buy/Sell Ratio at $213.36 of selling for every $1 of buying, though Basic Industries and Business services are not far behind with $196.16 and $188.63 respectively. Intel Corp is the individual stock examined this week. There has be zero insider stock buying over the last three months.