Tuesday, May 30, 2023

Red Alert!

by Jim Rickards, Daily Reckoning:

Hurricanes are a threat if you live in certain areas. Yet, hurricanes are reliably confined to a hurricane season that runs from June to November in the Northern Hemisphere.

Likewise, wildfires are a threat, but they’re usually confined to periods when dry conditions and high winds combine to make forests predictably combustible.

Put differently, the exact timing of some catastrophes may be unpredictable but they’re usually associated with certain seasons and conditions.

Right now, we’re in the heart of banking crisis season. Even worse, we could be on the brink of a financial crisis worse than 2008.

Six Consecutive Withdrawals From SLV

by Ed Steer, Silver Seek:

The gold price wandered quietly sideways until around 12:30 p.m. China Standard Time in GLOBEX trading on their Friday afternoon — and from there it was sold quietly lower until the the commercial traders of whatever stripe pulled their bids when the jobs report was released at 8:30 a.m. in New York. Its low tick was set at, or minutes after, the 10 a.m. EDT afternoon gold fix in London — and its ensuing rally ran into ‘something’ around 12:45 p.m. It then traded quietly sideways to a bit higher until the market closed at 5:00 p.m. EDT.

Record Silver Demand in 2022 and Other Silver News

by Peter Schiff, Schiff Gold:

All major categories of silver demand charted highs in 2022, contributing to a new total global silver demand record of 1.242 billion ounces.

This is one of several silver-related stories in the latest edition of Silver News published by the Silver Institute.

Industrial demand was up 5% last year to 556.5 million ounces, driven by rapidly increasing use in the green technology sector. Industrial offtake makes up nearly half of all silver demand.

Who Has the Gold?

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by Peter Schiff, Schiff Gold:

Which countries hold the most gold?

Central banks around the world have been piling up gold. After a record-setting 2022, central bank gold reserves increased by 228 tons through the first three months of 2023, a Q1 record. This was 38% higher than the previous first-quarter record set in 2013.

Total central bank gold buying in 2022 came in at 1,136 tons. It was the highest level of net purchases on record dating back to 1950, including since the suspension of dollar convertibility into gold in 1971. It was the 13th straight year of net central bank gold purchases.

ALERT! Got Silver?….FDIC Plans for the “Mother of All Bank Runs!” (Bix Weir)

from RoadtoRoota:

TRUTH LIVES on at https://sgtreport.tv/

Ongoing U.S. Mint Failures Bring Discredit to America, Raise Costs

by Clint Siegner, Money Metals:

We are one third of the way through 2023, and it has certainly been interesting in the bullion markets thus far.

The year opened with supply and demand for coins, rounds, and bars pretty well balanced. Demand surged when the failure of Silicon Valley Bank awakened investors to the possibility of systemic problems among smaller and regional banks.

In the background, gold and silver prices have been drifting higher.

For the moment, retail bullion demand has eased, and the markets seem to be taking a breather.

Deflation/Inflation/Bust with Michael Pento

by Kerry Lutz, Financial Survival Network:

Michael Pento believes that the Fed’s rapid rate increases have caused a banking crisis, and that the Fed’s actions have created an artificial construct that will lead to a deflationary recession/depression followed by runaway inflation. He predicts a 30-50% drop in equity averages and suggests investors play it safe by collecting dividends in a safe manner.

Hillary Emails Reveal NATO Killed Gaddafi to Stop Libyan Creation of Gold-Backed Currency

by Dave Hodges, The Common Sense Show:

While France led the proponents of the UN Security Council Resolution that would create a no-fly zone in Libya, it claimed that its primary concern was the protection of Libyan civilians (considering the current state of affairs alone, one must rethink the authenticity of this concern). As many “conspiracy theorists” will claim, one of the real reasons to go to Libya was Gaddafi’s planned gold dinar.

One of the 3,000 Hillary Clinton emails released by the State Department on New Year’s Eve (where real news is sent to die quietly) has revealed evidence that NATO’s plot to overthrow Gaddafi was fueled by first their desire to quash the gold-backed African currency, and second the Libyan oil reserves.

TROUBLE IN PAKISTAN AS OPPOSITION LEADER KHAN ARRESTED AND THAT COULD LEAD TO CIVIL WAR IN THAT COUNTRY

by Harvey Organ, Harvey Organ Blog:

ALL PRECIOUS METALS HAVE A GREAT DAY TODAY: GOLD CLOSED UP $9.70 TO $2035.50, SILVER WAS UP 7 CENTS TO $25.64 AFTER BEING DOWN ALL DAY//PLATINUM WAS UP $29.00 TO $1108.25//PALLADIUM WAS UP $14.70 TO $1570.20//COVID UPDATES//DR PAUL ALEXANDER//VACCINE IMPACT//SLAY NEWS//VACCINE DEATHS AMONG YOUNG CHILDREN//DEBT CEILING MEETING IS TODAY BETWEEN BIDEN AND MCCARTHY//CRE CONTAGION SPREADS TO SWEDEN WITH ITS LARGEST REAL ESTATE CONGLOMERATE SHREDDED TO PIECES AS ITS BONDS GO TO JUNK AND ITS DIVIDEND SUSPENDED//BIDEN AGAIN DELAYS FILLING UP HIS SPR//TROUBLE IN PAKISTAN AS OPPOSITION LEADER KHAN ARRESTED AND THAT COULD LEAD TO CIVIL WAR IN THAT COUNTRY

Holding Gold Is Like Holding a Wildcard

by Clint Siegner, Money Metals:

The future of money is uncertain, and speculation about what comes next is all over the place. The Federal Reserve note “dollar” is the world’s reserve currency, but its seat on that throne is no longer secure.

Nations around the world aren’t happy with either the weaponization of the dollar or the fact that the U.S. government prints it without restraint.

The BRICS countries are actively developing an asset-backed currency to compete with the dollar.

They are already cutting trade deals with settlement in rubles or yuan, instead of the greenback.

Gold Contracts for Immediate Delivery Explode Higher

by Peter Schiff, Schiff Gold:

In 5 days, the COMEX has seen 4,190 contracts open and stand for immediate delivery. This is the strongest start to a month going back at least 2 years, which includes the start of the war in Ukraine and the February 2021 Reddit silver squeeze.

In the latest Comex update, I mentioned that:

Gold has started a bit slow. This shouldn’t be a surprise though as the game in gold continues to be net new contracts.

As the chart below shows, total delivery volume remains a bit below the trend. However, the delivery month just got started.

COMEX Gold JOLTed Again

by Craig Hemke, Sprott Money:

Last month, we wrote about how employment is usually the ultimate lagging indicator of recession, and when the JOLTS jobs report was issued on April 4, the slowdown in hiring “jolted” gold prices higher. The latest report is having the same impact.

As we often do in these weekly columns, let’s begin this one with a reference to that last time we covered this topic. Here’s a link to the article of four weeks ago along with a snippet of the first three paragraphs:

HUGE AMOUNT OF FUNDS LEAVING BANK DEPOSITS AND ENTERING THE MONEY MARKET FUNDS

by Harvey Organ, Harvey Organ Blog:

GOLD CLOSED DOWN MARGINALLY TO THE TUNE OF $0.40 AFTER BEING WHACKED THROUGHOUT THE NIGHT: GOLD CLOSED DOWN $0.40 TO $2014.75//SILVER WAS DOWN 26 CENTS TO $23.97//PLATINUM WAS DOWN $35.85 TO $1061.25 WHILE PALLADIUM WAS DOWN $39.70 TO $1518.70//IMPORTANT COMMENTARY TO READ OVER THE WEEKEND: ALASDAIR MACLEOD/IMPORT VIDEO TO SEE ANDREW MAGUIRE INTERVIEWING DAVID TICE//COVID UPDATES: DR PAUL ALEXANDER/VACCINE IMPACT/EVOL NEWS/SLAY NEWS//UPDATE ON THE DEBT CEILING//H4 NEWS ON THE HUGE AMOUNT OF FUNDS LEAVING BANK DEPOSITS AND ENTERING THE MONEY MARKET FUNDS//HUGE UPDATES ON THE IMMIGRATION CRISIS FACING THE USA

VINCE LANCI: AT 3 AM, CHINA JUST MADE GOLD MONEY AGAIN

from Arcadia Economics:

TRUTH LIVES on at https://sgtreport.tv/