Monday, October 21, 2019

Bitcoin & All Cryptocurrencies Are Collapsing! We Are Witnessing The End of Blockchain!

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by Jeff Berwick, The Dollar Vigilante:
Just kidding, again.

We are continuing to see bitcoin and most other cryptocurrencies sell-off, however, just as we said they should and would do after such a parabolic spike higher in the last few months.

Bitcoin has fallen the least of the major cryptocurrencies… again, just as we said it would.
It has fallen 26{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} from its high 34 days ago.

July 14, 2017 – Weekly Wrap-Up with Eric Sprott

from Sprott Money:
This week, Eric Sprott discusses the latest economic news and the impact this has on gold and silver prices.

Our Ask The Expert interviewer Craig Hemke began his career in financial services in 1990 but retired in 2008 to focus on family and entrepreneurial opportunities. Since 2010, he has been the editor and publisher of the TF Metals Report found at TFMetalsReport.com, an online community for precious metal investors.

Click HERE to Listen

Global Currency Reserve at Risk – Jim Willie

by Jim Willie, Gold Seek:
Within the US borders, the population remains largely ignorant of the true significance of the global currency reserve concept. It is of paramount importance, yet almost never discussed in the financial press. The public within the United States simply assumes the country operates with the USDollar as its currency, with near blindness to its global role in trade and banking. The end of an era is coming, as the change will be powerful in its effect. The shock wave could hit this year in some form, in a manner to highlight its importance.

Reasons Emerge for Worst Chain-Restaurant Slump since 2009

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by Wolf Richter, Wolf Street:
Six quarters in a row of year-over-year declines.

Foot traffic at chain restaurants fell 3{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} in June year-over-year. Same-store sales fell 1{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528}, the 16th month in a row of year-over-year declines, completing the sixth quarter in a row of sales declines, the longest downturn since 2009.

Food sales were down, alcohol sales were down. The only thing that was up was prices, but it wasn’t enough to make up for the decline in guest count: the average amount per check rose just 2{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} in June.

2.5{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528}-Nuff Said, Part lll-Why Rates Will Never Be “Allowed” To Rise

by Andy Hoffman, Miles Franklin:
It’s Friday morning, on what could be a key inflectionary day in monetary history. Which is quite the extraordinary statement, when considering that mere minutes ago, I was, for once, having trouble formulating the day’s principal message. That said, when I looked through my notes – of the past 24 hours’ articles; and comments I jotted down about various topics; two charts caught my eye – which subsequently, catalyzed the revelation of why rates will never be “allowed” to rise. That is, until the bond vigilantes inevitably arrive to overwhelm government “monetizers”; in the same manner that soaring physical gold and silver demand will inevitably – and likely, simultaneously, overwhelm the naked paper shorters.

First, a chart depicting the U.S government’s record monthly outlay in June – of a whopping $429 billion, yielding a $90 billion monthly deficit. Which, I might add, was attributed to “higher subsidy costs for student loans; and to a lesser extent, housing guarantees.”

POOR CPI NUMBERS COUPLED WITH POOR RETAIL SALES SENDS GOLD AND SILVER NORTHBOUND WITH THE DOLLAR SINKING

TURKEY TURNS ITS BACK ON THE WEST: PURCHASES DEFENSE MISSILES FROM RUSSIA
from Harvey Organ:

TURKEY WILL NOT LET GERMANY VISIT ITS FORCES AT INCIRLIK

In silver, the total open interest FELL BY 2121 contract(s) DOWN to 206,358 WITH THE FALL IN PRICE THAT SILVER TOOK WITH YESTERDAY’S TRADING (DOWN 18 CENT(S). WITH THE DATA TODAY, THE ONLY EXPLANATION IS THE COMMERCIALS CONTINUED AS THE SUPPLIER OF THE SHORT PAPER AND COVERED SOME OF THEIR SHORTS. THE SPECULATORS PITCHED SOME OF THEIR LONG SIDE PAPER

In ounces, the OI is still represented by just OVER 1 BILLION oz i.e. 1.033 BILLION TO BE EXACT or 148{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT MAY MONTH/ THEY FILED: 8 NOTICE(S) FOR 40,000 OZ OF SILVER

In gold, the total comex gold FELL BY A RATHER TAME 3,841 CONTRACTS WITH THE FALL IN THE PRICE OF GOLD ($1.50 with YESTERDAY’S TRADING). The total gold OI stands at 487,597 contracts. AGAIN, THE COMMERCIALS SUPPLIED THE SHORT PAPER TO WHICH THE SPECULATORS DECIDED TO LIGHTEN UP A BIT ON THEIR LONGS TO WHICH SOME OF THE COMMERCIALS COVERED THEIR SHORT POSITION.

we had 2 notice(s) filed upon for 200 oz of gold.

Read More @ Harveyorganblog.com

National Debt Too High, Silver Price Too Low

Silver currently sells around $16, which would be sensible if the U.S. national debt was much less than its current $20 trillion.
by Gary Christenson, Deviant Investor:

Given the massive national debt and 100 years of experience, silver prices could easily be double or triple their current prices, and far higher in a panic.

WHY?

Examine over a century of official national debt data graphed on a log scale. Official debt in 1913 was $3 billion. Since then it has risen 8{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} to 9{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} every year to reach $20 trillion or $20,000 billion. Debt will continue rising as long as politicians spend and bankers lend.

Proof: Name the Senators, Representatives, Presidents, military contractors, pharmaceutical companies, and Medicare recipients who wish to see the government reduce expenses.

“Financial Crisis” Coming By End Of 2018 – Prepare Urgently

by Mark O’Byrne, Gold Core:
“Financial Crisis Of Historic Proportions” Is “Bearing Down On Us”

John Mauldin of Mauldin Economics latest research note, Prepare for Turbulence, is excellent and a must read warning about the coming financial crisis. Mind refreshed from what sounds like a wonderful honeymoon and having had the time to read some books outside his “comfort zone” he has come to the conclusion that we are on the verge of  a “major financial crisis, if not later this year, then by the end of 2018 at the latest.”

Faced With Rampant Inflation, Argentines Turn to Barter

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by Peter Schiff, Schiff Gold:
Instead of selling his soybeans for devalued pesos, Gustavo Tione exchanged 30 tons of soy for about 8,000 liters of diesel from the state-run oil company. This is just one example of a growing barter economy in Argentina as a 24{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} inflation rate rapidly erodes the value of the country’s currency.

As Bloomberg reports, the rise of barter is simple economics. Commodities hold their value better than than cash.
So, why bother with fiat currency if you don’t have to?

Barter is the most basic economic transaction. You give me something I want or need. In exchange, I give you something you want or need.

The Logic of a Modern Gold Standard

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by Alasdair Macleod, GoldMoney:
In last week’s Insight, I analysed the current geopolitical situation and concluded that it was now in the interest of the Shanghai Cooperation Organisation to break from the US dollar completely, by establishing a new monetary and banking systemi. By linking the yuan and rouble to gold, the SCO’s principal currencies would be insulated from manipulation by means of dollar currency rates, and their use as a weapon to undermine the Sino-Russian partnership. This article addresses some of the practical difficulties of establishing such a sound monetary system.

A return to sound money will require a radical reform of financial markets, as well as the laws and regulations under which banks and investment houses work. The weaknesses of the current fiat-money system must be identified and understood by reforming governments. It also amounts to no less than discarding the entire evolution of mainstream economic thinking that has evolved in the welfare-states since the 1930s.