Wednesday, February 26, 2020

The Brexit chicken game

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by Alasdair Macleod, GoldMoney:

At last, there are signs a sense of reality is dawning on the EU’s negotiators about the futility of trying to force the UK to agree to a divorce settlement before talking about trade. However, there are still vestiges of a hope that Britain won’t leave the EU after all. Donald Tusk, the current European Council President, indicated it was still an option as recently as this week, but these hopes are wishful thinking.

It has taken thinly-veiled threats from the UK to leave without a deal, unless actual trade talks commence by next month. You can be certain the point has been made more forcefully to EU leaders in private, as well as at the negotiating table, than admitted in public. The EU’s problem is Brussels desperately needs Britain’s annual net contribution of €8bn, which is almost the entire annual cost of running the Brussels establishment. Brexit is nothing short of a disaster for the EU’s finances, and the EU is desperate for Britain’s money. Therefore, negotiations from the EU’s side have been frozen and unable to move onto the subject of trade. Impasse. A game of chicken, to be lost by the first to panic.

The British negotiators have deliberately presented themselves as willing to be helpful. They have insisted Britain will meet her legal requirements, though they must be itemised and justified. And that will not include funding the broader EU budget, amounting to €238bn on commitments incurred but not paid for, which is the basis of Brussels’ claim on Britain. Nor will it fund Brussel’s own budget shortfall, which is most likely where any money paid over will go first.

Brussels foolishly has made no contingency plans over its finances. Theresa May in Florence offered a transition period of two years, intended to alleviate Brussels’ insolvency problem. There was no mention of a divorce settlement by the British in Florence, because Britain’s legal advice is that there is no basis for such a claim. An offer of a transition period could be delivered by Mrs May, but a settlement without a legal basis for it is out of the question.

The EU’s negotiating position reflects a belief that Britain is considerably worse off without a trade deal. It seems the EU team still didn’t get the message in Florence, so now EU member states are being shown by Britain she is prepared to walk away from a trade deal, and rely on WTO rules. Contingency plans are now being openly discussed in the UK, and even being planned. The effect on 58 different business sectors is being assessed, not on terms set by the Remainers, but more constructively regarding the true situation. These are likely to be released in due course, at a time set by the negotiations. Lobbyists are liable to be side-lined, in favour of more positive messages.

Only this week, it appeared that hard-pressed dairy farmers are finding new export markets for fresh milk in Qatar and China. According to a farmer interviewed by the BBC, he was told by the Chinese it is far easier to negotiate trade with one country than with twenty-seven. While this subtle change in emphasis is taking place, the British strategy is to continue to stress the damage the EU does to itself without free trade with Britain post-Brexit, and that she will continue to work constructively to prevent this outcome. It is likely to be followed next year by a drip-feed of trade agreements with other countries provisionally agreed and ready to be signed.

The success of the British strategy has muted criticism in Westminster from the Remainers. This is obvious in Parliamentary debates, where the House listens to David Davis and finds it hard to criticise his approach without appearing foolish. Sir Kier Starmer, Labour’s Shadow Secretary of State for exiting the EU, has a particularly difficult task leading for the Opposition.

It must be exasperating for committed Europhiles, whose vision for Britain’s future in Europe have been frustrated. This week, a cross-party delegation consisting of arch-Remainers Nick Clegg, Ken Clarke and Lord Adonis, of the Liberal-Democrats, Conservatives and Labour respectively, made the journey to Brussels to meet the EU’s negotiators. They will have been told of the damage that Britain is doing to Europe by leaving. But that’s not an argument easy to sell in Westminster, when the obvious rejoinder is these staunch Remainers care more about the EU than the UK.

The British negotiators have sensibly played down the damage to the EU’s finances in public. They have been careful not to react to provocations from the other side. They are holding their nerve in this game of chicken. The Westminster luvvies have been critical of Mrs May’s botched election and the weakness of her position as Prime Minister, and have unsuccessfully tried to drive wedges between the Remainers and Brexiteers in the Cabinet. What we have witnessed so far is a reasonably successful management of public expectations, which will continue to the point where the British public understands no agreement is an acceptable outcome.

Where do we go from here?

The EU’s problems became magnified by the recent German elections, which reduced Angela Merkel’s authority. It had been assumed by everyone that Germany would make up for much of the loss of revenue after Britain’s leaving, but that must now be in doubt. Increases in the French contribution might be restricted in turn if Germany hesitates.

Reducing costs is not something the EU is familiar with either. Therefore, it seems likely that Britain’s contribution to Brussel’s spending will have to be made up by all the other 27 members, as well as Britain’s share of the EU’s €238bn spending commitments in the member states, which before the Brexit referendum were assumed would be paid.

However, that is no longer Britain’s problem.

The strength of the British position should encourage her negotiators to be patient, relying on signals and avoiding ultimatums. One such signal could well be the delay of the third reading of the EU Withdrawal Bill. The third reading of a bill is the debate over the details in a bill before it passes into law, and over 300 amendments on this one have been tabled so far.

There are two broad purposes behind the bill: the first is to replace EU legislation, so that British consumers and businesses continue to be bound by existing EU regulations after Brexit, and the second is to signal to the EU that trading and manufacturing standards will be maintained to EU standards. Therefore, there should be no practical impediment to free trade with the EU. Delaying the third reading is likely to be projected at the negotiating table as giving Britain the option of amending the Bill in its current form, as a contingency for no deal, to give British manufacturers a competitive advantage in global markets. After all, compliance with regulations in foreign countries is the business of exporters, not governments.

In this game of chicken, it is unlikely the British will back down, and tensions will therefore increase. As Brussels stares into the abyss of insolvency, the British await the detailed invoice for her alleged obligations to be presented. There isn’t one, so it won’t be. Brussels is likely to escalate the war of words in frustration, while the Brits remain cool and upbeat. And the more this process goes on, Brussels will make fools of themselves in the eyes of British voters, and public support for a clean Brexit could move towards totality.

That support will not be restricted to the voting public, but to businesses as well. Manufacturers based on the continent, with lucrative UK markets and supply chains to boot, will urge their governments and Brussels towards a tariff-free deal. The City of London is already changing its view. Banking will remain in London. If you want to distribute investments in the EU, you set up an EU-based subsidiary in Dublin or Luxembourg to do so. And as for EU threats to move euro clearing out of London, they are likely to remain that and no more, because it is market users, not governments, who determine these things.

Read More @ GoldMoney.com

Stock and Awe, Bears in Bondage

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by David Haggith, The Great Recession Blog:

The Trump Rally pushed ahead relentlessly through a summer full of high omens and great disasters, all which it swatted off like flies. Even so, all was not perfect in the market as nerves began to jitter midsummer beneath the surface even among the most longtime bulls. Wall Street’s fear gauge (the CBOE Volatility Index) lifted its needle off its lower post to a nine-month high after President Trump’s comments about “fire and fury” if North Korea didn’t toe the line. (Mind you, the high wasn’t very far off the post because of how placid the previous nine months had been.)

As volatility stirred languidly over the threat of nuclear war, stock prices took a little spill with all major stock indices seeing their biggest one-day drop since May. The SPX fall amounted to a 1.4{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} drop in a day — nothing damaging. The Dow dropped about 1{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} in a day. But beneath the surface, the market is looking different and shakier.

For example, trading narrowed to fewer players as more stocks in the Nasdaq 100 finally moved below their fifty-two week lows than moved above them. Likewise in the S&P. This phenomenon is known as the “Hindenburg omen,” and tends to precede major crashes.

It’s a serious signal that highlights times of decoupling within an index or an exchange. The S&P hasn’t suffered five signals so tightly clustered since 2007 and 2000…. This year the pattern has been popping up more often in all four indexes … 74 omens so far in 2017, second only to 78 recorded in November 2007…. That they are manifesting in several indexes and forming so frequently are good reasons to brace for weakness. (MarketWatch)

Long credit cycles like the current one always end with a crash. But first they deteriorate. The headline numbers remain positive while under the surface a growing list of sectors start to falter. It’s only when the latter reach a critical mass that market psychology turns dark. How far along is this process today? Pretty far, it seems, as some high-profile industries roll over: ‘Deep’ Subprime Car Loans Hit Crisis-Era Milestone…. Used Car Prices Crash To Lowest Level Since 2009 Amid Glut Of Off-Lease Supply…. Junk Bonds Slump…. The worst is yet to come for retail stocks, says former department store executive Jan Kniffen…. U.S. Stock Buybacks Are Plunging…. “Perhaps over-leveraged U.S. companies have finally reached a limit on being able to borrow simply to support their own shares.” (–John Rubino, The Daily Coin)

The fact is that the market is breaking down beneath the shrinking number of Big Cap stocks and levitating averages. This has all set-up a severe downside shock within the coming weeks. As to the market’s weakening internals, consider that there are 2,800 stocks on the New York Stock Exchange (NYSE). Back in early 2013 when the bull market was still being super-charged with massive QE purchases by the Federal Reserve, 85{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} or 2,380 of them were above their 200-DMA. By contrast, currently only 1,050 of them (37.5{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528}) are above that level, meaning that the bull is getting very tired. (–David Stockman, The Daily Reckoning)

Trading shifted this summer from the major players (often called the “smart money”) buying to smaller buyers trying to jump in, which is also the typical final scenario before a crash where the smart money escapes by finding chumps who fear missing some of the big rush that has been happening. And buybacks seem to be slumping as corporations hope for a new source of cash from Trump’s corporate tax breaks.

In spite of those underlying signs of stress, the market easily relaxed back into its former stupor, with the fear gauge quickly recalibrating, from that point on, to absorb threats and disasters with scarcely a blip as the new norm. The market now yawns at nuclear war, hurricanes and wildfires, having established a whole new threshold of incredulity or apathy, so the fear gauge stirs no more.

With the New York Stock Exchange eclipsed by the larger number of shares that now exchange hands inside “dark pools” — private stock markets housed inside some of Wall Street’s biggest casinos (banks) where the biggest players trade large blocks of stocks in secret during overnight hours —  the average guy won’t see the next crash when it begins to happen. He’ll just awaken to find out it has happened … just like much of the nation woke one Monday to find out that northern California had gone up in flames over the weekend.

Bulls starting to sound bearish

While concern over these national catastrophes never came close to letting the bears out of their cages, it did change the dialogue at the top as if something was beginning to smell … well … a little dead under the covers. Perhaps these slight and temporary tremors in the market are all the warning we can expect in a market that is now almost entirely run by robots and inflated by central bank largesse.

While the bearish voices quoted above can be counted on to sound bearish, many of the big and normally bullish investors and advisors became more bearish in tone as summer rolled into fall. For the first time in years, Pimco expressed worries about top-heavy asset valuations, particularly in stocks and junk bonds, advising its clients in August to trim risk from their portfolios. Pimco argued that that the new central bank move toward reversing QE could leave equities high and dry as the long high tide of liquidity slowly ebbs. Pimco’s former CEO said much the same:

Bill Gross … perhaps the preimminent bond market analysts/ trader/ investor of the age… has gone on record as stating only just recently that the risks of equity ownership are as high as they were in ’08, and that at this point when buying weakness “instead of buying low and selling high, you’re buying high and crossing your fingers.” (Zero Hedge)

Goldman Sachs even took the rare position that the stock market had a 99{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} chance that it would not continue to rise in the near future, and places the likelihood of a bear market by year’ send at 67{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528}, prompting them to ask “”should we be worried now?” The last two times Goldman’s bear market indicator was this high were right before the dot-com crash and right before the Great Recession. In fact, there has only been one time since 1960 when it has been this high without a bear market following within 2-3 months. Of course, everything is different under central-bank rigging, but some central banks are promising to start pulling the rug out from under the market in synchronous fashion, starting last month. (Though, as of the Fed’s own latest balance sheet shows, they have failed to deliver on their promise, cutting only half as much by the close of October as they said they would.)

Morgan Stanley’s former chief economist said at the start of fall that the combination of high valuations and rising interest rates is about to reck havoc in the market. He claimed the Fed’s commitment to normalization should have come much earlier, as the market now looks as frothy as it did just before the Great Recession.

Citi now calculates the odds of a major market correction before the end of the year at 45{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} likelihood. Even Well’s Fargo now predicts a market drop of up to 8{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} by year’s end.

Speaking of big banks, their stocks look particularly risky. Two years ago, Dick Bove was advising investors to buy major banks stocks aggressively. Now, he’s taken a strikingly bearish tone on the banks:

A highly-respected banking stock guru warns that financial storm clouds loom for Wall Street’s bull rally. The Vertical Group’s Richard Bove “warns that the overall market is just as dangerous as the late 1990s,and he cites momentum — not fundamentals — as what’s driving bank stocks to all-time highs,” CNBC.comexplains. “If we don’t get some event in the economy or in politics or in somewhere that is going to create more loan volume and better margins for the banks, then yes, they would come crashing down,” Bove told CNBC. “I think that the risk in these stocks is very high at the present time,” he said. (NewsMax)

It’s a taxing wait for the market

These are all major institutions and people who are normally quite bullish. Some of the tonal change is because of concern about the Fed’s Great Unwind of QE, while much is because enthusiasm over Trump’s promised tax cuts has become muted among investors deciding to wait and see, having been burned by a long and futile battle on Obamacare. In fact, the market showed more interest in Fed Chair Yellen’s suggestion of a December interest-rate hike than in Trump’s release of a tax plan.

Retiring Republican Senator Bob Corker predicts the fighting over tax reform will make the attempt to rescind Obamacare look like a cakewalk, and he intends to lead the fight as one of the swing voters to make sure it is not a cakewalk now that he and Trump are political enemies.

Read More @ TheGreatRecessionBlog.com

“Janet Yellen Powell Puts” On Some Pants And A Tie

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by David Stockman, Lew Rockwell:

It can’t get any worse than this. Jerome Powell is a Wall Street-coddling Keynesian and Washington lifer who passes for a Janet Yellen replica – that is, save for his tie and trousers and his as yet underdeveloped capacity to whine pedantically.

During his years on the Fed since May 2012, Powell has voted approximately 44 times to drastically falsify interest rates and to recklessly and fraudulently monetize trillions of the public debt. That is, Powell has been all-in for a destructive central banking regime that is literally asphyxiating capitalist prosperity in America.

We will get to the latter in more detail momentarily, but just consider the plight of bank account savers during the 65 months “Jay” has served on the Federal Reserve Board. They have been continuously savaged by negative real interest rates averaging -1.8{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} per year. That cumulates to a 9{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} confiscation of inflation-adjusted principal during that five and one-half year period, but this purported Republican dissented not a single time.

And now he is being appointed Fed Chairman by a purported Republican President!

At this point, therefore, it can be well and truly said that Wall Street owns the nation’s central bank and that the Republican party has morphed into a gang of dutiful handmaidens. Any semblance of fidelity to sound money and free market capitalism – of the type, for instance, so brilliantly articulated by Treasury Secretary Bill Simon during Ford’s time and George Humphreys during the Eisenhower era – has been lost in the fog of history.

Not only did Republican presidents appoint the scourges of Greenspan and Bernanke, but the GOP standard bearers thereafter have essentially embraced more of the same monetary central planning. During the 2008 campaign, for example, Senator McCain’s chief economic advisory was Mark Zandi of Moody’s – a Fed sycophant and Keynesian “stimulus” devotee if there ever was one. And Mitt Romney’s top economic advisor in 2012 was professor R. Glenn Hubbard of Columbia, who averred at the time that Bernanke was doing a swell job.

Yes, we know that the Donald came to the Oval Office with a giant disability on the matter of sound money.

To wit, he claims to be a billionaire and perhaps is. But if so, it wasn’t owing to the genius and business acumen domiciled in Trump Tower; it was solely and completely due to the fact that the Donald’s 40-year career as a leveraged real estate developer was flattered beyond measure by the cheap debt and serial bubbles that have been the essence of central bank policy since Volcker was fired in 1987.

So we did take his campaign attack on the Fed’s “big, fat, ugly bubble” with several grains of salt, and knew that his self-characterization as a “low interest man” did not bode well for his approach to filling the raft of vacancies at the Fed.

Still, the choice of Powell is a shocker. This guy is so deep in the tank for the speculative classes and such a mechanical Keynesian that there is really no hope at all that the era of Bubble Finance will end – that is, voluntarily and without a thundering financial crash.

Indeed, Powell is so mired in Fed group think with respect to the ridiculous fixation on 2.00{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} inflation and the utterly discredited Phillips Curve and DSGE (dynamic stochastic general equilibrium) models that you might well think he was Charlie McCarthy to Janet Yellen’s Edgar Bergen.

Thus, in almost identical words to Yellen’s blathering at her last presser, Powell has been mystified by an alleged inflation shortfall and gums at will about too much slack in his bathtub model of the US economy:

“Inflation is a little bit below target, and it’s kind of a mystery,” he told CNBC in August. “You would have expected, given that we’re getting tighter labor markets, that we’d have a little higher inflation. I think that what that gives us is the ability to be patient.”

The relationship between slack and inflation has weakened substantially over the years,” Powell said in June 2016. “In addition, inflation depends importantly on the inflation expectations of workers and firms. A widely shared view among economists today is that, unlike during the 1970s, expectations are no longer heavily influenced by fluctuations in inflation, but are fairly constant, or anchored. For both these reasons, inflation has become less responsive to cyclical changes in the economy.”

“While inflation expectations seem to me to remain reasonably well anchored, it is essential that they remain so,” he said. “The only way to assure that anchoring is to achieve actual inflation of 2 percent, and I am strongly committed to that objective.”

Folks, that’s just the group think voodoo economics that has metastasized in the Eccles Building for the last several decades. Indeed, the latter now sits at ground zero in the Swamp, and the Donald didn’t even bother to look beyond its walls to fill a job that in many ways is more crucial and powerful than his own.

As the Donald would tweet it, SHAME!

Read More @ LewRockwell.com

‘Lord, What Fools These Mortals Be…’

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by Hugo Salinas Price, Plata:

Money, in its highest manifestation, is gold. However, silver can also be money, though not as aptly as gold.

Money is, has always been, and always will be a commodity. Bitcoins, as well as Dollars and all other currencies today, are not and cannot be money, because they are not commodities.

In trade, all commodities exhibit what is called a “declining marginal utility”, with one notable exception.

Carl Menger (1840-1921, Vienna) illustrated the phenomenon of declining marginal utility by the example of a farmer who owns a wheat field. Suppose he only gets one sack of wheat from a crop. This is the most valuable, and he will use the wheat to feed his family. Each successive sack of wheat obtained by the farmer is devoted to progessively less valuable applications; finally, there comes a point where the farmer uses the last incoming sack of wheat to feed his pet canary.

Thus, as we own more of a given good, the less valuable to us is the last good. The “marginal utility” of a good declines as we have more of that good.

Gold is a commodity: we can make jewelry and ornaments out of it, and it has some industrial applications, and gold is also money because if we are to receive a payment, we will apply virtually no discount on the value of the gold we receive, no matter how great the sum is. We will value the last coin received just as highly as the first. It is the exceptional commodity in this respect.

The “declining marginal utility” of gold is, for all practical purposes, non-existent. That is why it is money, as well as a commodity.

Bitcoins and Dollars – and all currencies – are not “commodities”; they are nothing but numbers and have no substance.

Ever since August 15, 1971, when President Richard M. Nixon ceased to deliver gold to the holders of Dollars who had been promised gold in exchange for their Dollars, the world has not been enjoying the use of money. Instead, it has been using simple numbers, and those numbers are now in the trillions upon trillions.

What took place in 1971 was a deadly disconnect between the rational faculty of humanity and the reality of the physical world.

The rational faculty of humanity / “false money” / the reality of the physical world: false money stands between us, and the physical world in which we live.

Humans can act effectively to achieve their subsistence when they approach the problems of the physical world through the medium of money, i.e. gold and to a lesser extent, silver.

Humanity today is struggling to maintain and further the industrial and commercial activity of the world that was established when gold was money. To realize that what we have today is total chaos, all we have to do is to read the daily papers. This chaos prevails because humanity is no longer in contact with the realities of the physical world: rational human activity is disconnected from those realities, by the false money i.e. the numbers, which lie between us and the physical world upon which we must act according to reason.

When we are no longer in contact with reality, we are diagnosed with mental illness; in other words, we are crazy. Thus, the world can be said to be crazy, because it can no longer act rationally upon the physical world due to the intermediation of false money – numbers – through which it has a falsified access to Reality.

The existence of a mental block, consisting of numbers used as “money”, between reasoning humanity and the physical world is a matter of paramount concern.

The success of Bitcoin is a good illustration of the intellectual confusion of crowds. The Bitcoin is a digit, a number. The only special characteristic of this number is that it moves about the Internet within a carefully controlled system which prevents unauthorized access to it. Only the owner of the Bitcoin digit, can dispose of it by sending it to someone else. The Bitcoin is enjoying a spectacular rise in “value” against the Dollar, because people are paying Dollars to own a Bitcoin; and people are paying ever more Dollars to own a Bitcoin, because – people are paying ever more Dollars to own a Bitcoin. Is this reasonable? Humans are not behaving reasonably because the false monetary system has blocked their thinking. (Probably, some Bitcoin speculators – and I suspect there are a great many of them – know that the whole thing is going to break down, but think they can leave the game before it craters.)

Another curious manifestation of the intellectual effects of this “numbers money” mental block is the support given, in all seriousness, on the part of important people to lunatic projects such as the establishing of a human colony on Mars. There is another lunatic project to control the world’s climate. Humanity has lost touch with Reality, due to false money, and the list of lunacies is endless. Perhaps the sanest people in the world inhabit the jungles of New Guinea and the remote Amazon river basin – they use no money at all.

The final manifestation of the consequences of the presence of a mental block between human action and the reality of the physical world, will be, inevitably, a total, absolute breakdown of conditions in our present world, which as I have said, is struggling in vain to maintain and further industrial and commercial activity as it existed prior to the banishment of gold as money, in 1971. Shades of “Atlas Shrugged”!

And if, by some almost miraculous change, gold should come back into use as the world’s money, we have to consider how a totally confused world might cope with that change: could it be, perhaps, by opting for a wholesale, suicidal destruction of the human race, rather than an adaptation to new habits, new employments and reordering of priorities which the rational understanding of the world will require, once the mental block of “numbers-money” is removed?

Read More @ Plata.com.mx

GOLD REBOUNDS NICELY UP $11.25 TO $1280.15 BUT THE STAR OF TODAY IS SILVER UP 37 CENTS CLOSING AT $17.22

by Harvey Organ, Harvey Organ Blog:

SHANGHAI PREMIUMS TO NY PRICING IS $23.08/TROUBLE IN CHINA’S SHADOW BANKING SECTOR/CHAOS SUPREME REIGNS OVER SAUDI ARABIA AND THIS MAY LEAD TO A MIDDLE EAST WAR/BILL HOLTER..A MUST READ FOR TONIGHT/SENSELESS TERROR YESTERDAY IN TEXAS/TAX REFORM LEGISLATION IS ALREADY DEAD ON ARRIVAL IN THE SENATE

GOLD: $1280.15  UP $11.25

Silver: $17.22 UP 37  cents

Closing access prices:

Gold $1282.00

silver: $17.22

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: $1291.77 DOLLARS PER OZ

NY PRICE OF GOLD AT EXACT SAME TIME:  $1269.00

PREMIUM FIRST FIX:  $22.77(premiums getting larger)

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SECOND SHANGHAI GOLD FIX: $1291.58

NY GOLD PRICE AT THE EXACT SAME TIME: $1268.50

Premium of Shanghai 2nd fix/NY:$23.08 PREMIUMS GETTING HUGE)

CHINA REJECTS NEW YORK PRICING OF GOLD!!!!  

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LONDON FIRST GOLD FIX:  5:30 am est  $1271.60

NY PRICING AT THE EXACT SAME TIME: $1271.60

LONDON SECOND GOLD FIX  10 AM: $1270.90

NY PRICING AT THE EXACT SAME TIME. 1271.80 ??

For comex gold:

NOVEMBER/

NOTICES FILINGS TODAY FOR OCT CONTRACT MONTH: 27 NOTICE(S) FOR  2700  OZ.

TOTAL NOTICES SO FAR: 856  FOR 85,600 OZ  (2.662TONNES)

For silver:

NOVEMBER

 

 10 NOTICE(S) FILED TODAY FOR

 

50,000  OZ/

Total number of notices filed so far this month: 856 for 4,280,000 oz

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

Bitcoin:  $7361 bid /$7368 offer up $138.00  (MORNING)

BITCOIN CLOSING;$7099 BID:7124. OFFER  down $124.00

end

Let us have a look at the data for today

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In silver, the total open interest SURPRISINGLY FELL BY A SMALL SIZED 1130 contracts from 206 ,068 DOWN TO 204,938 DESPITE  FRIDAY’S  TRADING IN WHICH SILVER FELL BY A CONSIDERABLE  27 CENTS.  THE CROOKS NO DOUBT ARE PULLING THEIR HAIR AS THEY ARE STILL HAVING AN AWFUL TIME TRYING TO COVER THEIR MASSIVE SILVER SHORTS.  THEY TRY TO CONTINUE WITH THEIR TORMENT LIKE THE RAID ON FRIDAY.  A FEW NEWBIE SPEC LONGS LEFT THE SILVER ARENA AND THUS WE HAVE A VERY TINY BANKER SHORT COVERING. 

RESULT: A SMALL SIZED FALL IN OI COMEX  DESPITE THE  CONSIDERABLE 27 CENT PRICE LOSS.  OUR BANKERS COULD HARDLY COVER ANY OF THEIR HUGE SHORTFALL DESPITE THE MANIPULATED CRIMINAL BANKER RAID WHICH HAD THEIR OBJECT OF THE EXERCISE TO CAUSE AS MANY SILVER LEAVES TO FALL FROM THE SILVER TREE. AS WE HAVE WITNESSED ON COUNTLESS OCCASIONS WITH RESPECT TO SILVER, IT FAILED MISERABLY. 

 In ounces, the OI is still represented by just OVER 1 BILLION oz i.e.  1.025 BILLION TO BE EXACT or 146{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT OCT MONTH/ THEY FILED: 10 NOTICE(S) FOR 50,000  OZ OF SILVER

In gold, the open interest FELL BY A LESS THAN EXPECTED 4,347 CONTRACTS WITH THE GOOD SIZED FALL IN PRICE OF GOLD ($8.65) WITH FRIDAY’S TRADING .  The new OI for the gold complex rests at 529,124. NEWBIE LONGS EXITED THE ARENA TO WHICH THE BANKERS COVERED. 

NO EFP’S WERE ISSUED FOR THE NOVEMBER CONTRACT MONTH.

Result: A GOOD SIZED  DECREASE IN OI WITH THE FALL IN PRICE IN GOLD ($8.65). WE HAD SOME BANK SHORT COVERING AS SOME OF OUR NEWBIE LONGS GOT STOP LOSSED OUT OF THEIR CONTRACTS. 

we had: 27 notice(s) filed upon for 2700  oz of gold.

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

GLD:

A tiny change in gold inventory at the GLD/ a withdrawal of .29 tonnes to pay for fees  and insurance

Inventory rests tonight: 845.75 tonnes.

SLV

TODAY WE HAD NO CHANGE IN SILVER INVENTORY AT THE SLV

INVENTORY RESTS AT 319.018 MILLION OZ

 

end

.

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

1. Today, we had the open interest in silver FELL  BY A TINY  1130 contracts from 206,068  UP TO 204,938 (AND now A LITTLE FURTHER FROM THE NEW COMEX RECORD SET ON FRIDAY/APRIL 21/2017 AT 234,787) DESPITE THE CONSIDERABLE FALL IN SILVER PRICE (FALL OF 27 CENTS).  OUR BANKERS WERE AGAIN UNSUCCESSFUL IN THEIR ATTEMPT TO COVER MUCH OF THEIR SILVER SHORTS. NEWBIE LONGS IN SILVER EXITED THE ARENA TO WHICH THE BANKERS WERE DUTIFULLY COVERED.

RESULT:  A TINY SIZED DECREASE IN SILVER OI AT THE COMEX DESPITE THE 27 CENT FALL IN PRICE  (WITH RESPECT TO FRIDAY’S RAID). OUR BANKER FRIENDS WERE UNSUCCESSFUL IN THEIR ATTEMPT TO COVER MUCH OF THEIR HUGE BURGEONING SILVER SHORTS . .NO EFP’S WERE ISSUED FOR THE UPCOMING NOVEMBER CONTRACT.  HOWEVER THE CRIMINAL BANKERS COVERED A TINY AMOUNT OF THE SHORTS AS NEWBIE LONGS GOT STOP-LOSSED OUT OF THEIR LONGS. 

(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 SUNDAY night/MONDAY morning: Shanghai closed UP 16.43 points or .49{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} /Hang Sang CLOSED DOWN 6.81 pts or 0.02{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} / The Nikkei closed UP 9.23 POINTS OR .04{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528}/Australia’s all ordinaires CLOSED DOWN 0.05{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528}/Chinese yuan (ONSHORE) closed DOWN  at 6.633/Oil UP to 55.94 dollars per barrel for WTI and 62.54 for Brent. Stocks in Europe OPENED  RED  .  ONSHORE YUAN CLOSED DOWN AGAINST THE DOLLAR AT 6.633. OFFSHORE YUAN CLOSED WEAKER TO THE ONSHORE YUAN AT 6.635  //ONSHORE YUAN  WEAKER AGAINST THE DOLLAR/OFF SHORE WEAKER TO THE DOLLAR/. THE DOLLAR (INDEX) IS WEAKER AGAINST ALL MAJOR CURRENCIES. CHINA IS NOT VERY HAPPY TODAY

Read More @ HarveyOrganBlog.com

THE U.S. STOCK MARKET: Highly Inflated Bubble To Super-Charged Tulip Mania

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by Steve St. Angelo, SRSrocco:

Investors need to be concerned that the U.S. Stock Market is well beyond bubble territory as it has now entered into the final stage of a Super-Charged Tulip Mania.  Not only are stock prices inflated well above anything we have ever seen before, but valuations are also reaching heights that are totally unsustainable.  Unfortunately, these highly inflated share prices and insane valuations seem normal to investors who are suffering from brain damage as years of mainstream propaganda have turned the soft tissue in their skulls to mush.

Also, we are way beyond “Boiling Frogs” now.  Yes, we passed that stage a while back.  Today, the typical U.S. investor has been fried to death.   Investors now resemble a super-crisp chicken-wing with very little meat on it but at least will offer, one hell of a crunch.  Please realize I don’t mean to be harsh about my fellow investor.  However, when I look around and see what 99{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} of the market is doing, it reminds me of a famous line from the movie Aliens.  The star of the movie, after being found lost in deep space for many years, said the following in a meeting, “Did IQ’s drop sharply while I was away?”

We find out in the rest of the movie that the so-called Mainstream experts were totally wrong about their assessment of the situation.  However, billions of dollars were still spent and many lives lost because Brain-Damaged high-level individuals (in the Aliens Movie) even controlled the shots.  No different than today… LOL.

Regardless, the U.S. Stock Market has entered into the last stage, which I call the Super-Charged Nose-Bleed Tulip Mania.  In this stage, it wouldn’t matter if the North Koreans launched a nuclear missile and declared war on the rest of the world, the universe and all Aliens floating around in space.  By God, the Dow Jones Index would look at this as a motivation to reach the next important psychological level of 25,000 points.  Reaching that new level wouldn’t really be that hard as the Fed would just have to hire a few dozen more trading geeks and provide an endless supply of Hot Pockets and Starbucks.  Easy-peasy.

Okay… it’s time to get serious.  Here are a group of charts that show just how insane the markets and valuations have become today.

JP MORGAN & CATERPILLAR:  Exponential Share Price Increase & Insane Valuation

Let’s take a look at two of the companies listed in the Dow Jones Index.  JP Morgan Chase has benefited immensely from the U.S. Government bailout of the garbage assets such as Mortgaged Back Securities after the housing and banking collapse in 2008.  JP Morgan has seen its share price surge four times from $25 in 2012 to over $100 currently:

Furthermore, if an investor was lucky enough to buy a bunch of JP Morgan stock back in 1983 at $2.50 a share, he or she wouldn’t be complaining a bit today.  JP Morgan’s stock price is up a stunning 3,933{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} over the past 34 years.  If we look this chart, we can see that the share price moving is now moving up in an exponential trend.  All exponential trends never last.  While they may continue higher a bit longer, all will collapse sooner or later.

Read More @ SRSrocco.com

China’s Strategic Economic Planning versus America’s Failed Capitalism

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by Prof. James Petras, Global Research:

US journalists and commentators, politicians and Sinologists spend considerable time and space speculating on the personality of China’s President Xi Jinping and his appointments to the leading bodies of the Chinese government, as if these were the most important aspects of the entire 19th National Congress of the Communist Party of China (October 18-24, 2017).

Mired down in gossip, idle speculation and petty denigration of its leaders, the Western press has once again failed to take account of the world-historical changes which are currently taking place in China and throughout the world.

World historical changes, as articulated by Chinese President Xi Jinping, are present in the vision, strategy and program of the Congress.  These are based on a rigorous survey of China’s past, present and future accomplishments.

The serious purpose, projections and the presence of China’s President stand in stark contrast to the chaos, rabble-rousing demagogy and slanders characterizing the multi-billion dollar US Presidential campaign and its shameful aftermath.

The clarity and coherence of a deep strategic thinker like President Xi Jinping contrasts to the improvised, contradictory and incoherent utterances from the US President and Congress.  This is not a matter of mere style but of substantive content.

We will proceed in the essay by contrasting the context, content and direction of the two political systems.

China:  Strategic Thinking and Positive Outcomes

China, first and foremost, has established well-defined strategic guidelines that emphasize macro-socio-economic and military priorities over the next five, ten and twenty years.

China is committed to reducing pollution in all of its manifestations via the transformation of the economy from heavy industry to a high-tech service economy, moving from quantitative to qualitative indicators.

Secondly, China will increase the relative importance of the domestic market and reduce its dependence on exports.  China will increase investments in health, education, public services, pensions and family allowances.

Thirdly, China plans to invest heavily in ten economic priority sectors.  These include computerized machinery, robotics, energy saving vehicles, medical devices, aerospace technology, and maritime and rail transport.  It targets three billion (US) dollars to upgrade technology in key industries, including electrical vehicles, energy saving technology, numerical control (digitalization) and several other areas.  China plans to increase investment in research and development from .95{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} to 2{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} of GDP.

Moreover, China has already taken steps to launch the ‘petro-Yuan’, and end US global financial dominance.

  China has emerged as the world’s leader in advancing global infrastructure networks with its One Belt One Road (Silk Road) across Eurasia. Chinese-built ports, airports and railroads already connect twenty Chinese cities to Central Asia, West Asia, South-East Asia, Africa and Europe.  China has established a multi-lateral Asian Infrastructure Investment Bank (with over 60 member nations) contributing 100 billion dollars for initial financing.

China has combined its revolution in data collection and analysis with central planning to conquer corruption and improve the efficiency in credit allocation.  Beijing’s digital economy is now at the center of the global digital economy.  According to one expert, “China is the world leader in payments made by mobile devices”, (11 times the US). One in three of the world’s start-ups, valued at more than $1 billion, take place in China (FT 10/28/17, p. 7).  Digital technology has been harnessed to state-owned banks in order to evaluate credit risks and sharply reduce bad debt. This will ensure that financing is creating a new dynamic flexible model combining rational planning with entrepreneurial vigor (ibid).

As a result, the US/EU-controlled World Bank has lost its centrality in global financing.  China is already Germany’s largest trading partner and is on its way to becoming Russia’s leading trade partner and sanctions-busting ally.

China has widened and expanded its trade missions throughout the globe, replacing the role of the US in Iran, Venezuela and Russia and wherever Washington has imposed belligerent sanctions.

While China has modernized its military defense programs and increased military spending, almost all of the focus is on ‘home defense’ and protection of maritime trade routes.  China has not engaged in a single war in decades.

China’s system of central planning allows the government to allocate resources to the productive economy and to its high priority sectors. Under President Xi Jinping, China has created an investigation and judicial system leading to the arrest and prosecution of over a million corrupt officials in the public and private sector.  High status is no protection from the government’s anti-corruption campaign: Over 150 Central Committee members and billionaire plutocrats have fallen.  Equally important, China’s central control over capital flows (outward and inward) allows for the allocation of financial resources to high tech productive sectors while limiting the flight of capital or its diversion into the speculative economy.

As a result, China’s GNP has been growing between 6.5{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} – 6.9{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} a year – four times the rate of the EU and three times the US.

As far as demand is concerned, China is the world’s biggest market and growing.  Income is growing – especially for wage and salaried workers.   President Xi Jinping has identified social inequalities as a major area to rectify over the next five years.

The US:  Chaos, Retreat and Reaction

Read More @ GlobalResearch.ca

Brick-and-Mortar Meltdown Sinks Property Prices

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by Wolf Richter, Wolf Street:

Other sectors are weak too, but one sector is hot.

Commercial real estate prices soared relentlessly for years after the Financial Crisis, to such a degree that the Fed has been publicly fretting about them. Why? Because US financial institutions hold nearly $4 trillion of commercial real estate loans. But the boom in most CRE sectors is over.

The Green Street Property Price Index – which measures values across five major property sectors – had soared 107{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} from May 2009 to the plateau that began late last year, and 27{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} from the peak of the totally crazy prior bubble that ended with such spectacular fireworks. But it has now turned around, dragged down by a plunge in prices for retail space.

The CPPI by Green Street Advisors dropped 1.1{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} in October from September. In terms of points, the 1.4-point decline was the largest monthly decline since March 2009. The index is now below where it had been in June 2016:

This phenomenal bubble, as depicted by the chart above, has even worried the Fed because US financial institutions hold nearly $4 trillion of CRE loans, according to Boston Fed governor Eric Rosengren earlier this year. Of them, $1.2 trillion are held by smaller banks (less than $50 billion in assets). These smaller banks tends to have a loan book that is heavily concentrated on CRE loans, and these banks are less able to withstand shocks to collateral values.

Rosengren found that among the root causes of the Financial Crisis “was a significant decline in collateral values of residential and commercial real estate.”

But the CRE bubble isn’t unraveling as gently as the chart suggests. Some sectors are still surging, while others are plunging. According to the report, the index, which captures the prices at which CRE transactions are currently being negotiated and contracted, “was pushed down by falling mall valuations.”

Which sector is plunging, and which is soaring?

Brick-and-mortar retail space is getting crushed. The index for strip retail fell 5{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} year-over-year. And the index for mall prices plunged 6{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} in just the month of October from September – a huge move in one month – and are down 11{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} from a year ago.

The self-storage sector, formerly the hottest sector of them all, having surged 180{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} since the trough of the Financial Crisis, has turned cold, and prices are down 3{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} year-over year.

Lodging took a 12{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} plunge that started in 2015, and it never recovered. It has remained essentially flat since, currently with a 1{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} gain over the beaten-down levels last year. Lodging has been under attack from a structural shift to home-sharing rentals, such as Airbnb, and even at its peak in 2015, the index barely hit its peak before the Financial Crisis, before dropping again. It is now down about 10{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} from its 2007 peak.

The industrial sector is hot. The index jumped 10{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} year-over-year in October. Industrial includes warehouse space for “fulfillment centers,” as Amazon calls them. They are in hot demand, not only from Amazon, which has been leasing them around the country, but also from other logistics and retail companies involved in the online retail boom.

The apartment sector is still hanging on by its fingernails, with prices up a measly 1{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} from a year ago, but down from their peak.

The office sector index rose 3{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} year-over-year. While price growth has slowed, there has been no significant decline in recent months.

Healthcare is still rising, up 4{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} year-over-year, as the industry takes up an ever larger slice of the US economy.

The CPPI is based on estimates of private-market value for REIT portfolios across the five major property sectors with an aggregate asset value of $600 billion, according to Green Street Advisors. Since REITs own high-quality properties, the index measures the value of institutional-quality commercial real estate.

Read More @ WolfStreet.com

The Federal Reserve Has Just Given Financial Markets The Greatest Sell Signal In Modern American History

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by Michael Snyder, The Economic Collapse Blog:

Why have stock prices risen so dramatically since the last financial crisis?  There are certainly many factors involved, but the primary one is the fact that the Federal Reserve has been creating trillions of dollars out of thin air and has been injecting all of that hot money into the financial markets.  But now the Federal Reserve is starting to reverse course, and this has got to be the greatest sell signal for financial markets in modern American history.  Without the artificial support of the Federal Reserve and other global central banks, there is no possible way that the massively inflated asset prices that we are witnessing right now can continue.

The chart below comes from Sven Henrich, and it does a great job of demonstrating the relationship between the Fed’s quantitative easing program and the rise in stock prices.  During the last financial crisis the Fed began to dramatically increase the size of our money supply, and they kept on doing it all the way through the end of October 2017…

Unfortunately for stock traders, the Federal Reserve has now decided to change course, and that means that the process that has created these ridiculous stock prices is beginning to go in reverse.  In fact, according to Wolf Richter this reversal just started to go into motion within the past few days…

On October 31, $8.5 billion of Treasuries that the Fed had been holding matured. If the Fed stuck to its announcement, it would have reinvested $2.5 billion and let $6 billion (the cap for the month of October) “roll off.” The amount of Treasuries on the balance sheet should then have decreased by $6 billion.

And that’s what happened. This chart of the Fed’s Treasury holdings shows that the balance dropped by $5.9 billion, from an all-time record 2,465.7 billion on October 25 to $2,459.8 billion on November 1, the lowest since April 15, 2015

Does anyone out there actually believe that the immensely bloated balance sheet that the Fed has accumulated can be unwound without having an enormous negative impact on Wall Street?

And even more frightening is the fact that central banks all over the planet appear to be acting in coordinated fashion.  I really like how Brandon Smith made this point…

An observant person, however, might have noticed that central banks around the world seem to be acting in a coordinated fashion to remove stimulus support from markets and raise interest rates, cutting off supply lines of easy money that have long been a crutch for our crippled economy.  The Bank of England raised rates this past week, as the Federal Reserve indicated yet another rate hike in December.  The Europeans Central Bank continues to prep the public for coming rate hikes, while the Bank of Japan has assured the public that “inflation” expectations have been met and no new stimulus is necessary.  If all of this appears coordinated, that is because it is.

When interest rates are low and central banks are injecting money directly into the financial system, that tends to promote economic activity.

But when they raise interest rates and pull money out of the financial system, the exact opposite is true.

At this point Americans are more optimistic about the stock market than they have ever been before, and it is at this exact moment that the Fed is pulling the financial markets off of life support.

Read More @ TheEconomicCollapseBlog.com

The Plan Comes Together? – Bill Holter

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by Bill Holter, JS Mineset:

My original thought was to write further about the left turning on and eating each other. The volume of news, “who” and the timing seemed to indicate something very big coming down. However, another story broke out of the blue this morning from Saudi Arabia that supersedes (though very well may have connections to) the feeding frenzy.

Crowned Prince Mohammed bin Salman had 11 princes and 38 current and former senior officials arrested on corruption and money laundering charges. http://www.reuters.com. Prince Alwaleed bin Talal being the most notable arrested. The thought process of “why” becomes scattered after the initial and obvious thought MBS is consolidating his power after being named as next in line back in June.
Adding to the confusion is this news of an offer of arms to the Saudis from Donald Trump https://www.bloomberg.com/news/articles/2017-11-05/trump-tells-king-salman-he-supports-more-saudi-arms-purchases I would also point out I do not believe there is any coincidence at all the move was undertaken in Saudi Arabia at the same time Mr. Trump is arriving in Asia. Of additional note was a surprise tweet from Mr. Trump “lobbying” for the IPO of Aramco to be undertaken on the NYSE (by the way, the Chinese have expressed a 5{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} interest in this offering). There are other, smaller clues but I think we have enough here to see what may be taking place.

It is my opinion, the Saudis are now triggering a move to accept yuan for oil. Those arrested can be seen as players “with” the deep state and aligned with “Hillary’s crew” for a lack of better term. Alwaleed is a major shareholder of Citi and Twitter, a Trump basher and financial supporter of Hillary’s campaign. A look at the others arrested show long time support of “the U.S.” and the petrodollar. One might think Prince Salman undertook these arrests with a “lean” toward the West, based on who was arrested I highly doubt it but we will soon see. Remember, Prince Salman has recently met with both Mr. Xi and Mr. Putin. Saudi Arabia also announced the purchases of S400 weapons from Russia (I asked at the time if this was not a very bad sign for Saudi Arabia’s allegiance to the West?).

I believe Mr. Trump very well may find out a deal is already done and nothing he can do will stop it. I also believe had Hillary been elected, this move would have happened much sooner but we will never know. The next week(s) could be breathtaking. The likely scenario in my opinion will look like this; Saudi Arabia announces they will accept yuan for oil. Mr. Trump will be informed of this, not by the Saudis but likely from the Chinese/Russians. I believe he will be told this deal is already consummated and not to interfere with “trade”.

The Chinese and Russians know exactly how crooked and fraudulent the U.S. has been in business dealings these past years … they also know of the human horrors (do you remember Mr. Putin calling back ALL Russian school children a while back?) Mr. Trump also knows and can have no rebuttal. They and he also know how levered and insolvent the dollar system has become. Whether the Chinese want to move toward an SDR based as some speculate (I don’t think so), yuan based or anything else I do not know. What we do know is they have publicly since 2009 said the “dollar system is not fair” and that the reserve currency must be stable …and that the dollar is not. And remember, the New Silk Road will include and represent over 40{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} of the world’s population, it will only grow from here!

Read More @ JSMineset.com