Sunday, June 16, 2019

Gold a Safeguard From Italy’s Exit From the EU

from Birch Gold Group:

This week, Your News to Know brings you the latest stories involving gold and the overall economy. Stories include: Italy’s exit from the EU could be the source of the next crisis, gold could soon regain favor among investors, and a Russian shipwreck allegedly carrying $130 billion in gold.

Italy’s exit from the EU could be the source of the next global financial crisis

After Greece and the U.K., Italy could be the latest country to edge towards an exit from the European Union reports Kitco. Such a move would not only push the eurozone into turmoil, but also threaten the health of the global market as a whole.


by Egon Von Greyerz, Gold Switzerland:

The coming hyperinflation will start slowly and few people will realise what is coming. But once the first real inflation signals are appearing, the process will speed up fast as the currency debasement accelerates.

Right now we are most probably seeing the first signs of inflation. The rising CRB index, together with rising oil, silver and interest rates are all telling us that inflation is coming. Initially, we will see a gradual increase but soon inflation will accelerate until we in the next few years reach hyperinflation.

Keiser Report: Hierarchy of Needs (E1264)

from RT:

In the second half, Max interviews a banker-turned-blogger Michael Krieger of about political derangement in the days of Trump and why Google has turned to its dark side in China.

The Key Test Ahead – Ted Butler

by Ted Butler, Silverseek:

Before getting into the subject of today’s title, allow me to update a couple of topics previously discussed. Last Wednesday, I offered a review of world silver inventories in which I concluded that there were roughly one billion oz in fully documented inventories of metal in industry standard 1000 oz bars and perhaps another 500 million to one billion additional oz in unverified holdings; making a grand total of 1.5 to 2 billion oz for world silver inventories in, essentially, the only form that matters.

I went on to claim that JPMorgan owned a total of 600 million oz of that silver, including just over 100 million oz in its COMEX warehouse and 500 million in unverified holdings. In essence, I was claiming that JPMorgan held either all of the world’s unverified silver inventories or that there might be another 500 million oz out there that JPM didn’t own. I know this is a pretty outrageous claim, but I study this stuff closely and it is my firm conclusion that JPMorgan holds between 30{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} to 40{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} of all the 1000 oz bars in the world.  Most outrageous of all, of course, is that JPMorgan bought all this silver over the past six years as it depressed the price by virtue of it also being the largest paper short seller on the COMEX.

When I wrote last week’s article, I knew full well that the LBMA was about to publish, for the first time ever, the quantities of gold and silver bullion held in London. To be frank, one reason I wrote the inventory article was to preempt the LBMA, because I was sure they would overstate world silver inventories. In the interest of full disclosure, please know that in terms of transparency and reasonable verification of its published statistics, I hold the LBMA in the lowest possible regard –almost to the point of disregarding everything they claim. I had every expectation that the LBMA would report that many billions of silver ounces resided in their affiliated vaults.

Therefore, it came as quite a bit of a shock to read that the LBMA reported that it held “only” one billion oz of silver, since it was much less than I would have expected it to report.  I’m not going to get into the amount of gold (240 million oz) that the LBMA claims to have in its vaults, for the simple reason that no one argues that there isn’t roughly 5.6 billion oz of gold in all forms throughout the world and the amount said to be in the LBMA is less than 5{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} of the total gold in the world (even though it’s the second largest gold holding in the world, behind the US Government’s holdings). A key point I tried to make last Wednesday was that individual gold stockpiles were less critical because there was no dispute about how much total gold existed. There could be (and is) endless discussion about who really owns the world’s gold, but not that it exists in reasonably-known quantities.

It’s much different in silver than it is in gold because there is great question about how much silver exists in the world. That’s because we know that silver is a vital industrial commodity consumed in an incredibly wide variety of applications and because of that consumption, world silver inventories have been massively depleted – by 90{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} over the past 50 to 75 years. Therefore I was relieved that the LBMA published silver numbers that in no way disagreed with my take last week that there might be 500 million to one billion oz of silver in 1000 oz bar form in London in previously unverified holdings.

I would have let the matter slide and not even have brought it up today had I not received an email this morning from a subscriber who is a money manager in Switzerland.  He included a private report from UBS to clients (that I cannot provide to you), but upon further investigation, I noticed that there was a separate link to a similar UBS report contained in the official LBMA link provided above. Here is that separate link –

The bottom line is this – according to UBS, included in the one billion oz of silver the LBMA claims to be in London are the ETF holdings in London in SLV and SIVR, amounting to more than 400 million oz. Since I already included these holdings in the verified category of silver holdings, this amount must be subtracted from the LBMA’s count; meaning that ex-ETF holdings, there are only 600 million oz of newly reported silver in London, much closer to the lowest number ofmy 500 million to one billion oz estimate.

So, instead of the LBMA reporting billions of ounces of silver in previously unverified holdings, it is reporting only 600 million oz when all is said and done. You could have knocked me over with a feather on this news. And you can bet that JPMorgan owns nearly all of this newly reported silver.  As you know, I no longer seek out new bullish surprises in silver, fearing my brain will explode if I add just one more. But despite my fears, the small amount of silver just reported by the LBMA, even without the mandatory reduction of ETF holdings, is really messing with my mind because it’s so bullish.

The other matter previously discussed involves the old issue of futures market positioning setting prices, not just in gold and silver, but other commodities as well. Just this week, for example, the price of copper rose to new two-year highs. I have written about the price of copper being depressed due to aggressive selling by the managed money technical funds on the COMEX, both late last year and as recently as May. Recent COT reports have indicated that the managed money technical funds have flipped completely to the long side and now hold their largest COMEX (gross) long position in history.

Read More @

Bill Holter: 499 Of Every 500 People Who Think They ‘Own’ Gold Really Just Own Paper – There IS NO GOLD


from SilverDoctors:

When markets come down and people rush into gold & silver, prices will surge as people realize there’s not as much physical as people thought there was…

Bill Holter interviewed by Dave Janda via JSMineset

In this interview from Sunday, Bill and Dave take a deep dive into the financial markets.

At a time when the world is more indebted than ever, the markets are finally starting to panic.

Bill notes that interestingly, there has been no real flight into the dollar during this panic.

When the markets really start to fall, however, Bill says there will be a panic rush into gold & silver and this will cause the prices to rise substantially because of all the suppression that has been keeping prices down for all this time.

For what it means for the economy in general, and the markets, and especially gold & silver, tune in to the interview in its entirety below:

Click HERE to listen

Read More @

Central banks manipulating & suppressing gold prices – Ronan Manly to RT

by Leonhard Foeger, RT:

Gold price suppression by the world’s central banks is a well-documented fact, according to Singapore’s BullionStar precious metals expert Ronan Manly. He explained to why that’s the case.

Central banks have a long and colorful history of manipulating the gold price. This manipulation has taken many shapes and forms over the years. It also shouldn’t be surprising that central banks intervene in the gold market given that they also intervene in all other financial markets. It would be naive to think that the gold market should be any different.

In fact, gold is a special case. Gold to central bankers is like the sun to vampires. They are terrified of it, yet in some ways they are in awe of it. Terrified since gold is an inflation barometer and an indicator of the relative strength of fiat currencies. The gold price influences interest rates and bond prices. But central bankers (who know their job) are also in awe of gold since they respect and understand gold’s value and power within the international monetary system and the importance of gold as a reserve asset.

Jeff Clark – More Reasons Than Ever to Own Gold and Silver


by Kerry Lutz, Financial Survival Network:

Our old friend Jeff Clark joined us today for a close look at the precious metals markets. Jeff, formerly of Casey Research, is now with, a place that suits him quite well. While the more things change, the more they stay the same, this time really is different. The political system has no ability to address and solve the current economic problems. In fact, the system is trying to do the opposite, by denying their existence and refusing to deal with existential issues. If that’s not a reason to own gold and/or silver, then you need to rethink everything now.

Click HERE to listen.

Read More @

Syria Accuses US Stole 40+ Tons of Its Gold

by Eric Zuesse, Strategic Culture:

The Syrian National News Agency headlined on February 26th“Gold deal between United States and Daesh” (Daesh is ISIS) and reported that,

Information from local sources said that US army helicopters have already transported the gold bullions under cover of darkness on Sunday [February 24th], before transporting them to the United States.

The sources said that tens of tons that Daesh had been keeping in their last hotbed in al-Baghouz area in Deir Ezzor countryside have been handed to the Americans, adding up to other tons of gold that Americans have found in other hideouts for Daesh, making the total amount of gold taken by the Americans to the US around 50 tons, leaving only scraps for the SDF [Kurdish] militias that serve them [the US operation].