Tuesday, July 14, 2020

Trade Is a Matter of Survival for China


by Jim Rickards, Daily Reckoning:

Many investors are familiar with the fact that President Franklin Roosevelt closed all of the banks in America and confiscated all of the privately-owned gold by executive order in the early days of his administration, which began in 1933.

Presidents since then have seized assets from countries such as Iran, Syria, North Korea and Cuba and imposed sanctions on Russia and many other countries by executive order.

Yet, relatively few are familiar with the statutory authority for these orders.

The president does not need an act of Congress to support such extreme actions. The laws have already been passed and the president has standing authority to act like a dictator with regard to financial assets.

Mueller was set to deliver highly enriched uranium to the Russians in 2009, under Hillary Clinton’s orders

by Shepard Ambellas, Intellihub:

Clinton-Mueller Russian uranium ties surfaced in Wikileaks release

Former Secretary of State Hillary Clinton facilitated the transfer a highly enriched uranium (HEU) previously confiscated by the U.S. Department of Energy (DOE) during a 2006 “nuclear smuggling sting operation involving one Russian national and several Georgian accomplices,” a newly leaked classified cable shows.

So-called “background” information was provided in the cable which gave vague details on a 2006 nuclear smuggling sting operation in which the U.S. government took possession of some HEU previously owned by the Russians.

World’s Most Wanted Bank Whistleblower Was Just Arrested, for the Worst Possible Reason

by Wolf Richter, Wolf Street:

For a prisoner exchange between Switzerland and Spain?

Hervé Falciani, the French-Italian former HSBC employee who blew the whistle on HSBC and 130,000 global tax evaders in 2008, has been arrested in Madrid on Tuesday in response to an arrest warrant issued by Switzerland for breaking the country’s bank secrecy laws.

He lives in France, which rarely extradites its own citizens. But when Spanish authorities learned that he was in town to speak at a conference ominously titled, “When Telling the Truth is Heroic,” they made their move. If he is extradited to Switzerland he could face up to five years in prison.

Two Mines Supply Half Of U.S. Silver Production & The Real Cost To Produce Silver

by Steve St. Angelo, SRSRocco Report:

Just two mines supply the United States with half of its silver production, and both are located in Alaska. It’s quite amazing that Alaska now produces half of the silver for the U.S. when only 30 years ago total mine supply from the state was less than 50,000 oz per year. The silver produced in Alaska comes from the Greens Creek and Red Dog Mines. One is a primary silver mine and the other a zinc-lead base metal mine.

Even though Hecla’s Greens Creek Mine is labeled as a primary silver mine, 56% of its revenues come from its gold, zinc, and lead metal sales. However, Teck Resources that runs the Red Dog Mine doesn’t even list its silver production in its financial reports. Because Red Dog produces one heck of a lot of zinc and lead, their silver production doesn’t amount to much in the way of revenues.

It’s The Trump Slump—But Don’t Blame The Donald!


by David Stockman, David Stockman’s Contra Corner:

The are few snarkier defenders of the current rotten financial status quo than Ben White of Politico’s Money Morning. So it’s not surprising that he is out this AM with the latest Trumb-o-phobe meme from Swamp Dweller’s Central.

To wit, the renewed stock market swoon is purportedly all the Donald’s fault owing to his unhinged tweet storms, protectionist trade initiatives and attacks on the casino’s sacred cow of the moment, Amazon:

WELCOME TO THE TRUMP SLUMP – President Donald Trump is killing his own stock market rally. The president’s tweet storm attacking Amazon and his protectionist trade actions against China and other nations helped crush the stock market on Monday with the Dow falling over 700 points in late afternoon trade before closing down 458, or close to 2 percent.

“This Is The Breaking Point” – Manhattan Home Sales Plunge Most Since 2009


from ZeroHedge:

For much of the past year, we’ve been carefully monitoring developments in the high-end of the world’s ritziest property markets – cities like New York, London and Hong Kong as well as tony suburbs like Greenwich, Conn. – for warning signs that America’s torrid post-crisis real-estate rally could be nearly exhausted.

As US home prices have rocketed to within a hair’s breadth (1%) of their highs from 2006, we’ve pondered the question of whether this is a “market top” or a “breakout.” The high end, ultimately, could be the final piece of this puzzle.

APRIL 4/AN ABSOLUTE JOKE!!!!!!!!!!!!!!!!!

by Harvey Organ, Harvey Organ Blog:



Closing access prices:

Gold $1333.30

silver: $16.32

For comex gold:

Today’s Markets Show the Need to Return to Defined Benefit Pension Plans


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

The 401(k) was never a genuine plan to help Americans better prepare for retirement. Like everything else that Wall Street spends hundreds of millions of dollars to lobby for each year, the 401(k) was a wealth-transfer mechanism to enrich the denizens of Wall Street while transforming the mindset of the rank and file worker into shareholder capitalists. The fantasy expanded as the “ownership society,” during the George W. Bush administration.

The Wall Street implosion of 2008-2009, which devastated the 401(k)s of most Americans and led to stress, anxiety and health issues for millions of hardworking citizens, should have been the wake up call to Congress on the need to return to corporate-funded pension plans known as Defined Benefit plans because they “define” a monthly payment that will be made at retirement age. The 401(k) promises no guaranteed monthly payment but simply lets workers roll the dice in the stock market or bond market while mutual fund fees drain the bulk of the return.

Could a Trade War Jump-Start a Breakout in Gold?

by Peter Schiff, Schiff Gold:

The trade war is heating up. Could it jump-start a breakout in gold?

Some analysts think so.

China fired a salvo in what could become a full-blown trade war on Monday. The Asian nation slapped tariffs of up to 25% on 128 US products including frozen pork, wine and steel pipes in retaliation for US tariffs levied on Chinese steel and aluminum.

Meanwhile, the US plans to impose more tariffs on China – this time targeting tech goods. The Trump administration will reportedly release a list of advanced technology imports targeted for tariffs totaling $50 to $60 billion. According to a Reuters report, “The tariffs are aimed at forcing changes to Chinese government policies that USTR says results in the ‘uneconomic’ transfer of US intellectual property to Chinese companies.”