Saturday, August 8, 2020

The Gold Slam

by Bob Rinear, The International Forecaster:

Each day that goes by brings us one day closer to the “end game.” One would have to be genuinely silly to try and put a date on that event, but you all know it’s coming. The US dollar’s days as the world reserve is going to come to an end.

Last Friday, “someone” or a bunch of “someone’s” thought it a good idea to dump 34 billion worth of paper shorts onto the Gold and silver market. All of it at basically the same time. Yet it brings into question, well, several questions.

More on COMEX “Exchanges For Paper” – Craig Hemke (20/06/2018)

by Craig Hemke, Sprott Money:

Last week, we updated the incredible surging amount of total COMEX “Exchanges For Physical”. Much has changed in the past few days, so with some additional data in hand we thought we should re-visit the topic this week.

If you missed last week’s post, you can find it here. Please look it over before we begin:https://www.sprottmoney.com/Blog/comex-efp-use-con…

As stated last week, though EFP use between Bullion Banks in New York and London has grown over the past several years, the ongoing spike in use has caught our attention. At the current run rate, total volume of COMEX contracts “exchanged for physical” in London looks to exceed 8,500 metric tonnes for calendar year 2018. Again, that’s 8,500 metric tonnes. For perspective, the entire world will only mine about 2,800 metric tonnes this year, and the entire LBMA vault system—once you exclude Bank of England gold and gold pledged to ETFs—only holds 858 metric tonnes.

Stewart Thomson: India’s ‘Interim’ Finance Minister Is Pro-Gold And Anti-Gold Import Duty

from Silver Doctors:

Stewart says if Goyal becomes the permanent finance minister then gold will quickly rise to $2000. Here’s why…

by Stewart Thomson of Graceland Updates

June 18, 2018

  1. The dollar and the US stock market may be starting their next major legs down today. Please click here now. Double-click to enlarge this ominous US dollar versus Japanese yen chart.
  2. Central banks around the world are ramping up their tightening.  Back in 2013-2014 when I predicted quantitative tightening and relentless rate hikes were imminent, almost nobody believed me.

Own A “Bit Of Gold” As We Are Moving Ever Closer To A Trump Trade War

by John Stepek, Gold Seek:

The Chinese stock market took a hit today.

The Shanghai Composite Index ended the session down 3.8% to close at a two-year low, notes Bloomberg.

What’s wrong?

Investors are starting to worry that Donald Trump is deadly serious about his enthusiasm for a trade war, that’s what’s wrong.

Trump has a point on China, although that doesn’t mean this is a good idea.

On Friday, Donald Trump released a list of $50bn-worth of Chinese goods that will face a 25% import tariff, with the aim of recouping “the annual cost of China’s state-backed theft of US intellectual property”, reports the FT. China retaliated by saying that it would impose tariffs on $50bn-worth of US products.

CHINESE MARKET BLOODBATH/EMERGING MARKET BLOODBATH

by Harvey Organ, Harvey Organ Blog:

TRADE WAR WITH CHINA INTENSIFIES/GOLD DOWN $1.50 TO $1276.10/SILVER DOWN 11 CENTS TO $16.33/MORE SWAMP STORIES FOR YOU TONIGHT

GOLD: $1276.10 DOWN $1.50(COMEX TO COMEX CLOSINGS)

Silver: $16.33 DOWN 11 CENTS (COMEX TO COMEX CLOSINGS)

Closing access prices:

Gold $1274.90

silver: $16.31

Keith Weiner – Update on Gold and Silver and Debt

by Kerry Lutz, Financial Survival Network:

Keith Weiner offers a fresh look at some of those “oft-repeated yet difficult to get your mind around” macro problems with the dollar and our monetary system. Of particular interest is Keith’s concept of Yield Purchasing Power the Marginal Productivity of Debt. They help shed light on where the economy really is. The value of each dollar of additional debt undertaken is helping economic activity less and less, until the system collapses.

Click HERE to Listen

Loving Debt = War on Gold

by Gary Christianson, Miles Franklin:

From Kristin Hannah, author of “The Nightingale,” a novel.

“In love we find out who we want to be; in war we find out who we are.”

She wrote about WWII, but her insight applies to debt and gold.

Miles Franklin sponsored this article.

The world has created over $200 trillion in debt, more than $30,000 for every person on the earth. The global financial system loves debt and craves the temporary thrill of excessive spending.

What’s not to love?

OLD UP $1.90 TO $1277.70/SILVER DOWN 6 CENTS TO $16.44 WITH CHINA OFF ON A HOLIDAY

by Harvey Organ, Harvey Organ Blog:

RECORD SETTING 27000 EFP ISSUANCE FOR GOLD AND A GAIN OF 8000 OI CONTRACTS DESPITE A $28.90 LOSS IN PRICE/MERKEL GOVERNMENT IN TROUBLE DUE TO IMMIGRATION POLICY/AUDI CEO ARRESTED IN GERMANY/SWAMP STORIES

Texas Gold Depository could be a central bank alternative if enough people choose to accept gold as money

by Kenneth Schortgen, Rogue Money:

That plan has now become a reality, as the Texas Bullion Depository opened in Austin on June 6. The opening of the facility represents a shift away from the federal government’s and the Federal Reserve’s monopoly on money. More accurately, we should say, away from Americans’ forced reliance on the government’s fiat currency in place of real, gold-backed money.

When Abbot signed the bill into law three years ago, he said, in part, “The Texas Bullion Depository will become the first state-level facility of its kind in the nation, increasing the security and stability of our gold reserves and keeping taxpayer funds from leaving Texas to pay for fees to store gold in facilities outside our state.” – New American

Lowrider: Time To Find Out How Low Gold & Silver Can Go

from Silver Doctors:

SD Outlook: After getting pummeled on Friday, gold & silver are looking for a bottom. Here’s the details…

On Friday I put up that dramatic spiking gold to silver ratio over a short time frame.

Today I’ll show what the GSR looks like on the standard chart we have been following for some time: