Thursday, October 17, 2019

Afraid of Debate at Home Pentagon Keeps a Vast Network of Foreign Bases off the Books

from Russia Insider:

The U.S. military is finally withdrawing (or not) from its base at al-Tanf. You know, the place that the Syrian government long claimed was a training ground for Islamic State (ISIS) fighters; the land corridor just inside Syria, near both the Iraqi and Jordanian borders, that Russia has called a terrorist hotbed (while floating the idea of jointly administering it with the United States); the location of a camp where hundreds of U.S. Marines joined Special Operations forces last year; an outpost that U.S. officials claimed was the key not only to defeating ISIS, but also, according to General Joseph Votel, the commander of U.S. forces in the Middle East, to countering “the malign activities that Iran and their various proxies and surrogates would like to pursue.” You know, that al-Tanf.

Trump Pulls The Trigger: Begins Process Of Raising Tariffs On All Remaining $300 Billion China Imports

from ZeroHedge:

In an unexpected Friday development – President Trump began the process of raising tariffs on all remaining imports from China, valued at approximately $300 billion. The move follows a Friday tariff increase on Chinese imports from 10% to 25% effective just after midnight.

US Trade Representative Robert Lighthizer issued a Friday statement – after market hours of course – which reads:

Large Earthquakes Cause Tall Buildings In Mexico City And Manila To Sway Back And Forth

by Michael Snyder, End Of The American Dream:

When skyscrapers start moving back and forth, that definitely is not a a good sign.  In recent months, there has been a tremendous amount of seismic activity along the “Ring of Fire”, and a couple of significant earthquakes on Monday got a lot of attention because they happened in very heavily populated areas.  Fortunately the damage was fairly limited and only a few people died, but scientists assure us that it is only a matter of time before a killer quake hits a major city.  And considering the fact that hundreds of millions of people live along the perimeter of the Pacific Ocean, when a killer quake does strike we could potentially be talking about a disaster unlike anything we have ever seen before.

Switzerland Opens Door To Bitcoin Asset-Management Business

0

from ZeroHedge:
Bitcoin and other cryptos have fallen sharply over the past month in a shakeout that saw some of the early longs decide to take their winnings and walk away. But a 20{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} drop from the all-time highs hasn’t done much to temper wealthy investors interest in bitcoin and other cryptocurrencies as alternative investments potentially worthy of diversification. And with the Greyscale Bitcoin Investment Trust still trading at a ridiculous premium, and the chances of the SEC approving a bitcoin ETF in the US looking increasingly remote, it’s unsurprising that “private wealth managers” and trying to scoop up wealthy customes who have expressed an interest in bitcoin.

But while regulators in the US and in many other part of the developed world have been hesitant to embrace bitcoin, Switzerland may have just given the world’s private-wealth specialists the opening they needed.

CIBC, A Huge Canadian Bank, Was Offline All Day, Proving Again The Dangers of a Cashless Society

by Daisy Luther, The Organic Prepper:

Yesterday, CIBC reported a “systems issue” that prevented customers from logging in to their accounts online for the entire business day. CIBC, the Canadian Imperial Bank of Commerce, is one of the five biggest banks in Canada. Yesterday just happened to be the day that people receiving welfare, unemployment benefits, social insurance payments (like American social security), Canada Pension payments, and disability payments landed in the accounts of recipients.

Customers could still use ATMs and Point of Sale features but were unable to log into their accounts to check balances, transfer money, or make online payments. The sentiments of normally patient Canadians online were … tense.

Macron Says Trump May Reverse US Pullout From Paris Climate Accord

0

from Sputnik News:
Following a meeting between Emmanuel Macron and Donald Trump, the French president asserted that the US leader may rescind his intention to leave the global Paris Climate Accord.

French President Emmanuel Macron, following a meeting with US President Donald Trump, asserted in a Sunday report by Le Journal du Dimanche that the American leader may walk back a previous declaration to withdraw his country from the historic 2015 Paris accord.

Keiser Report: Will Interest Rates Ever Rise Again? (E1373)

from RT:

In the second half, Max interviews Wolf Richter of WolfStreet.com about interest rates, property markets, Uber’s IPO and the future outlook for Amazon and Netflix.

Quotes, Gloats, and Anecdotes from the Silver & Gold Summit

by Jeff Clark, GoldSilver.com:

I attended the Silver & Gold Summit in San Francisco November 20 and 21. It was great connecting with the many people I know in the industry, but I will tell you that a) attendance was low, and b) crypto promoters were out in force. It turned out to be more of a gold and crypto conference than anything else. Some of the more lively sessions were the gold vs. crypto debates, and one company offered “free bitcoin!” if you opened an account with them.

I talked to many exhibitors and speakers and attendees, and it seemed the first question on most investor’s minds was how high bitcoin will go, and when the bubble will pop—not if it will pop. Most seemed to believe bitcoin is in a bubble, with the only outstanding question how high the price goes.

But the low attendance and focus on an alternative asset reminded me a lot of when I attended a similar conference in the spring of 2007. Interest in gold was flat, the Dow was roaring, and uranium was the flavor of the day. Of course 18 months later the Dow was crashing, the uranium market was obliterated, and gold and silver were on the cusp of beginning a historic run-up. The “low interest” in precious metals ended up serving as a signal for one of the greatest buying opportunities. I have a feeling we’re at a similar juncture now.

Without further ado, here are some of the more interesting quotes, gloats, and anecdotes from the conference you might find interesting (for the most part I’m paraphrasing from my notes)…

Rick Rule, Chairman of Sprott Resources: “Gold’s biggest competitor is not bitcoin but the 10-year government bond, which is near the end of a 35-year bull market.”

Doug Casey, Casey Research: “Bitcoin is in a bubble, but it’s going to get bigger before it blows up.” Doug stated he has 7 figures invested in the stocks of crypto companies, but said he plans to sell out of most positions at some point. He also reconfirmed his view that gold will be the next great bubble, and gold stocks the next super-bubble.

Jim Rickards: “The shoeshine boy has said to buy cryptos: an elderly lady in a small coffee shop in my tiny New England town asked me if she should buy bitcoin.”

“I’ll never sell one bitcoin—ever!” Bitcoin newsletter writer. (I almost wanted to point out to him that the Nasdaq still hasn’t recovered from the tech wreck of the late 1990s.)

Cryptos panel, when asked for their short and long-term outlook for the market: most said crypto prices are headed higher in the short term (1-2 years) but not in the long-term (3 years or more), except the guy who said he’ll never sell a bitcoin.

Frank Holmes, Chairman of HIVE Blockchain Technology: “Most bubbles pop due to excessive leverage.” At this statement a few panelists pointed out that the CME is starting a bitcoin futures contract, which will allow both shorting and leverage.

Jim Rickards: “Cryptos will never replace gold. And government intervention is a certainty once they go after the terrorists and child pornographers that use them.”

“There will be no Merry Christmas if you don’t own gold, silver, and bitcoin. There will be a major disruptive event the first week of December, and that’s when a major shift into precious metals begins.” Bo Polny, Gold 2020 Forecast.

Rob McEwen, CEO McEwen Mining: ”A prolonged period of cheap money and the shift of investor focus to gold as a haven from geopolitical and financial risk could boost the price of gold to over $5,000 an ounce within five years—if that happens there is going to be a tsunami of money looking for a place to go.”

Bud Conrad, former chief economist of Casey Research: “The biggest buyer of US stocks has been the companies themselves—the stock market is a bubble.”

Bud’s not exaggerating. In fact, share buybacks have almost perfectly tracked the price of the S&P 500 for the past decade, until lately.

 

Read More @ GoldSilver.com

Switzerland – A Once-in-a-Lifetime Chance to spreading Positive Banking News to the World

by Peter Koenig, The Saker:

It’s called “Vollgeld Initiative” – in German, meaning more or less “Referendum for Sovereign Money”. What is “Sovereign Money”? – Its money produced only by the Central Bank, by the “Sovereign”, the government, represented by its central bank. Money created in accordance with the needs of the economy, as contrasted to the profit and greed motives of the banking oligarchy – wat it is today; money creation at will, by private banking.

The people of Switzerland are called to vote on 10 June 2018 whether they want to stop the unlimited, unrestrained money-making by the Swiss private banking system, and to return to the “olden days”, when money was made and controlled only by the Central Bank; and this not just in Switzerland, but in most countries around the globe. Switzerland is one of the few sovereign countries within the OECD, and possibly worldwide, that has the Right of Referendum written into her Constitution. With 100,000 valid signatures anybody can raise a referendum to amend or abolish a law, or to create a new one. – This is a huge privilege to Right a Wrong.

Don’t Share This! EU’s New Copyright Law Could Kill the Free Internet

by Neil Clark, Russia Insider:

“We’ll all be turned into nervous wrecks, worried that we have infringed the new laws in one way or another.”

It’s basically a battle between billionaires Axel Springer SE and Google. But it is ordinary internet users who will fall victim to the EU’s new copyright law, which urgently needs modification.

It’s good to share. But the European Parliament clearly doesn’t think so. Its new copyright legislation, passed last week, clamps down quite severely on sharing things online. The dynamism of the internet is at threat. When Tim Berners-Lee, the creator of the World Wide Web, warns us of the dangers the new law poses, we should all sit up straight and pay attention.

GOLD AND SILVER BREAK THROUGH RESISTANCE: GOLD FINISHES UP $16.95 TO $1309.65

by Harvey Organ, Harvey Organ Blogspot:

SILVER ENDS UP 38 CENTS AT $17.45/HURRICANE HARVEY UNLEASHES HAVOC ON HOUSTON AND SURROUNDING TOWNS/HOUSTON IS FLOODED/THE HURRICANE HAS RETREATED BACK ONTO THE GULF AGAIN AND IT MAY REPEAT ON THE LOUISIANA AND TEXAS BORDER/CHINA VOICES HER ANGER AT THE USA FOR SANCTIONS AGAINST VENEZUELA/

GOLD: $1309.85  UP $16.95 *BREAKS RESISTANCE OF $1300.00

Silver: $17.45  UP 38 CENTS *BREAKS RESISTANCE OF $17.25

Closing access prices:

Gold $1310.40

silver: $17.46

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: $1299.64 DOLLARS PER OZ

NY PRICE OF GOLD AT EXACT SAME TIME:  $1204.25

PREMIUM FIRST FIX:  $5.38

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SECOND SHANGHAI GOLD FIX: $1300.33

NY GOLD PRICE AT THE EXACT SAME TIME: $1295.03

Premium of Shanghai 2nd fix/NY:$5.03

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LONDON FIRST GOLD FIX:  5:30 am est  $closed/holiday

NY PRICING AT THE EXACT SAME TIME: $xxx

LONDON SECOND GOLD FIX  10 AM: $closed/holiday

NY PRICING AT THE EXACT SAME TIME. xx

For comex gold:

AUGUST/

NOTICES FILINGS TODAY FOR APRIL CONTRACT MONTH: 38 NOTICE(S) FOR  3800  OZ.

TOTAL NOTICES SO FAR: 4622 FOR 462,200 OZ  (14.376 TONNES)

For silver:

AUGUST

 

 70 NOTICES FILED TODAY FOR

 

350,000  OZ/

Total number of notices filed so far this month: 1248 for 6,240,000 oz

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

 

end

Today both gold and silver broke through huge resistance levels. Gold broke through $1300.00 to end up $1309.85 and silver broke through $17.25 to end up at $17.45.  The big news of the day was the catastrophe in Houston which is flooded.  Damages is expected to exceed $40 billion. Now the big question: how will this be funded if the debt ceiling is not raised? The Hurricane has reversed course and it is now back into the Gulf.  It looks like it will pick up huge moisture and head back to the Louisiana-Texas coast for another shot at damage.

Let us have a look at the data for today

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In silver, the total open interest FELL by A TINY 248 contracts from 188,413 DOWN TO 188,145 DESPITE THE RISE IN PRICE THAT SILVER UNDERTOOK WITH  FRIDAY’S TRADING (UP 9 CENTS).WHEN WE LOOK OVER OUR SHOULDER AND SEE THE HUGE RISE IN OI IN GOLD DUE TO THEIR FAILED RAID, ONE WOULD EXPECT TO SEE THE SAME FOR SILVER. YOU WILL RECALL ME TELLING YOU THAT SOME OF THE PAPER PLAYERS (WHO HAVE NO DESIRE FOR PHYSICAL DELIVERY) ONCE WE APPROACH AN ACTIVE DELIVERY MONTH LIKE SEPTEMBER, WOULD TENDER SOME OF THEIR LONGS FOR EFP’S WHICH GIVES THEM A FIAT PROFIT AND A DELIVERABLE PRODUCT PROBABLY A LONDON BASED FORWARD. THE ISSUANCE OF EFP’S DESTROYS THE PRICE DISCOVERY MECHANISM BECAUSE WE HAVE NO PHYSICAL PRICE ANYWHERE IN THE EQUATION. THIS TRANSFER IS ALLOWED SUPPOSEDLY FOR EMERGENCY USE ONLY WHEN PHYSICAL  DELIVERY CANNOT TAKE PLACE AT THE COMEX.  HOWEVER OUR BANKERS MISUSE THIS VEHICLE TERRIBLY. FRIDAY’S FAILED RAID CAUSED NEWBIE LONG PLAYERS INTO THE ARENA AND THAT IS WHY WE HAD ONLY A SMALL LOSS IN OI INSTEAD OF THE MUCH LARGER AMOUNTS WE GENERALLY SEE JUST PRIOR TO FIRST DAY NOTICE. THE BANKERS STILL CARRY THE OBLIGATION TO DELIVER ON THESE EFP’S TO LONDON OR OTHER PHYSICAL EXCHANGES. THE BANKERS INITIALLY SUPPLIED THE SHORT PAPER BUT IMMEDIATELY TRIED TO COVER WHEN THEY REALIZED THE RAID WAS A FAILURE.  SOME SPECS SOLD FOR A PROFIT AT THE HIGHER PRICE

RESULT: A SMALLER LOWER OI WITH A GOOD PRICE INCREASE AND AN UNSUCCESSFUL RAID.

 In ounces, the OI is still represented by just UNDER 1 BILLION oz i.e.  0.940 BILLION TO BE EXACT or 134{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT MAY MONTH/ THEY FILED: 70 NOTICE(S) FOR 350,000OZ OF SILVER

In gold, the open interest ROSE BY A CONSIDERABLE 5,335 CONTRACTS WITH THE RISE  in price of gold ($6.00 GAIN ON FRIDAY .). The new OI for the gold complex rests at 514,546.

AS IN SILVER, THE GEOPOLITICAL LANDSCAPE WITH TRUMP THREATENING TO CLOSE GOVERNMENT IF HE DID NOT GET HIS WALL AND THE DOVISH SPEECHES BY BOTH DRAGHI AND YELLEN, CAUSED A HUGE NUMBER OF NEWBIE SPECS TO AGAIN ENTER THE GOLD ARENA WITH THE COMMERCIALS SUPPLYING THE NECESSARY PAPER. FRIDAY MORNING WITNESSED A MASSIVE 2 MILLION OZ OF PAPER SHORTS SUPPLIED BY OUR BANKERS. HOWEVER THIS RAID AGAIN BECAME TOTALLY UNSUCCESSFUL. THE BANKERS REALIZING ANOTHER FAILURE IN THEIR ATTEMPT TO CONTAIN PRECIOUS METAL PRICES, TRIED TO COVER IN HURRY AND PROBABLY TO NO AVAIL .

Result: A GOOD SIZED GAIN IN OI with A FAIR RISE IN PRICE IN GOLD AND AN UNSUCCESSFUL RAID.

we had: 38 notice(s) filed upon for 3800 oz of gold.

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

GLD:

Late Friday night , we had a big  change in gold inventory: a deposit of 5.91 tonnes into the GLD inventory

Inventory rests tonight: 805.20 tonnes

IN THE LAST 31 TRADING DAYS: GLD SHEDS 31.77 TONNES YET GOLD IS HIGHER BY $77.30 .

SLV

Today:  WE HAD NO CHANGES IN SILVER INVENTORY TONIGHT:

INVENTORY RESTS AT 333.178 MILLION OZ

 

end

.

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

1. Today, we had the open interest in silver FALL BY 248 contracts from 188,413 DOWN TO 188,145 (AND now A LITTLE FURTHER FROM THE NEW COMEX RECORD SET ON FRIDAY/APRIL 21/2017 AT 234,787) WITH FRIDAY’S 9 CENT GAIN IN TRADING. SILVER RESPONDED TO THE GEOPOLITICAL CLIMATE WHEREBY TRUMP THREATENED TO SHUT DOWN GOVERNMENT UNLESS HE GOT HIS WALL PLUS THE TWO DOVISH SPEECHES BY YELLEN AND DRAGHI AT JACKSON HOLE. SOME PAPER PLAYERS TENDERED SOME OF THEIR LONGS FOR SEPT. EFP’S BUT THAT OBLIGATION STILL RESTS WITH THE BANKERS BUT ON A DIFFERENT EXCHANGE  (LONDON).  SO AT THE COMEX THE GAIN IN OI FROM THE NEWBIE LONGS ENTERING THE CASINO COUNTERBALANCED THOSE LONGS LEAVING FOR EFP’S

RESULT:  A SLIGHTLY LOWER OI AT THE COMEX, WITH A HIGHER PRICE. (AND A GAIN IN DELIVERABLE PRODUCT IN LONDON)

(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 31.30 POINTS OR 0.93{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528}   / /Hang Sang CLOSED UP 15.13 POINTS OR 0.05{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528}/ The Nikkei closed DOWN 2.71 POINTS OR 0.01{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528}/Australia’s all ordinaires CLOSED DOWN 0.55{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528}/Chinese yuan (ONSHORE) closed UP at 6.6230/Oil DOWN to 47.44 dollars per barrel for WTI and 52.60 for Brent. Stocks in Europe OPENED RED. Offshore yuan trades  6.6253 yuan to the dollar vs 6.6230 for onshore yuan. NOW THE OFFSHORE MOVED SLIGHTLY WEAKER  TO THE ONSHORE YUAN/ ONSHORE YUAN MUCH STRONGER (TO THE DOLLAR)  AND THE OFFSHORE YUAN IS MUCH STRONGER TO THE DOLLAR AND THIS IS COUPLED WITH THE WEAKER DOLLAR. CHINA IS HAPPY TODAY

Read More @ HarveyOrganBlog.com

Trump Vetoes Resolution to End US Support for Saudi-Led Yemen War

by Jason Ditz, The Anti Media:

On Tuesday, President Trump capped off months of effort in Congress to pass a War Powers Act challenge to the US involvement in the war in Yemen, vetoing the bill and claiming it was a “dangerous attempt to weaken my constitutional authorities.”

The bill, SJ Res 7, was a straightforward bill under the War Powers Act of 1973. The bill noted that Congress never authorized the US war in Yemen, and demanded an end to it. The US Constitution grants sole power to declare wars to the Congress, and by extension the power to order an end to illegal wars.