Monday, May 27, 2019

Gold – crossing the Rubicon

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by Alasdair Macleod, GoldMoney:

Gold is challenging the $1300 level for the third time this year. If it breaks upwards out of this consolidation phase convincingly, it could be an important event, signalling a dollar that will continue to weaken.

The factors driving the dollar lower are several and disparate. The US economy is sluggish relative to the rest of the world, the rise of Asia from which America is excluded is unstoppable, geopolitics are shifting away from US global dominance, and the end is in sight for monopolistic payment for oil in US dollars.

These subjects have been covered in some detail in my recent articles, which will be referred to for further clarification where appropriate. This article summarises these trends, and explains why the consequence appear certain to drive gold, priced in dollars, much higher.

The importance of gold and reasons for its suppression

The post-war Bretton Woods Agreement confirmed the US dollar to be fixed to gold at $35 per ounce. All other national currencies were linked to gold through the dollar at the central bank level. Ordinary civilians, businesses and commercial banks were not permitted to exchange their currencies for gold through central banks, so this was simply a high-level arrangement designed to maintain control of gold priced in dollars.

A few years after Bretton Woods, in 1949 and when the newly-fledged IMF began to collate statistics on national gold reserves, the US Treasury was recorded owning 21,828.25 tonnes of gold, 74.5{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} of all central bank reserves, and 43.6{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} of estimated above-ground gold stocks. However, over the years the proportions changed, and by 1960, US gold reserves had declined to 15,821.9 tonnes, 47{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} of central bank reserves, and 24.9{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} of above ground stocks.

Clearly, American control of gold had weakened considerably in the two decades following Bretton Woods. This weakening continued until the failure of the London gold pool, the arrangement dating from 1961 whereby the major American and European central banks collaborated to defend the $35 peg. The Americans had abused the gold discipline by financing foreign ventures, notably the Korean and Vietnam wars, not out of taxation, but by printing dollars for export, and it began to put pressure on the dollar. The London gold pool effectively spread the cost of maintaining the dollar peg among the Europeans. Unsurprisingly, France withdrew from the gold pool in June 1967, and the pool collapsed. By the end of that year, the US Treasury was down to 10,721.6 tonnes, 30{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} of total central bank gold reserves, and 15{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} of above-ground stocks.

Inevitably the decline continued, and by the time of the Nixon shock (August 1971 – the abandonment of the gold exchange commitment) it was clear the US Government had lost control of the market. She had only 9,069.7 tonnes left, representing 28.3{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} of central bank gold, and 11.9{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} of above ground stocks. Monetary policy switched from the fixed parity arrangements centred on gold through the medium of the dollar, to a propaganda effort aimed at removing gold from the monetary system altogether, replacing it with an unbacked dollar as the international reserve standard.

The result was the purchasing power of the dollar and the other major currencies measured in gold has all but collapsed, as shown in the chart below.

Between 1969 and today, the dollar’s purchasing power relative to gold declined by 97.3{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} (the blue line). By banning gold from having any monetary role, the US removed price stability from the dollar. More recently, since the great financial crisis the quantity of fiat money in the global currency system has expanded dramatically relative to the long-term average growth rate of money and bank credit. This is illustrated in our second chart, which records the growth in the total amount of fiat dollars in the US banking system.

Read More @ GoldMoney.com

NEW EASTERN ENERGY CARTEL: Replacement to the Dead Petro-Dollar

by Jim Willie, Goldseek:

The Petro-Dollar is dead. It had served so well for over 40 years in maintaining the USDollar as global currency reserve, while keeping tight the controls on geopolitical power. The link between crude oil and the USDollar has been broken, painfully evident since 2016 with a harsh price decline that cannot rise about the $50 level. It remains stuck below that level despite heavy collusion in a demonstration that OPEC is dead defunct also. A void has been created in the energy sector, a most important sector. Enter Russia & China to fill the void. Both the crude oil market and the natural gas market have new alliances which feature nations acting in a cooperative manner. The common element is Russia on the production side, complete with pipeline arrays. The common other element is China on the demand side with large customer needs and financial influence. This article describes the two emerging organizations, which the Jackass calls the Oil Consortium and the NatGas Cartel. It will serve the Eurasian Trade Zone. It will function outside the USD payment system. It is ripe for Gold payment structure in the near future. In no way do these qualify as coffin nails for the Petro-Dollar. The funeral for the corrupted abused hegemon USDollar might have taken place with the Trump charade in Saudi Arabia a month ago. The emerging energy organizations signal the new dawn after the funeral without eulogy.

GLOBAL DOMINANCE CAST ASIDE

The USDollar is integrally related to the global dominance that the United States has fostered for global benefit, then later distorted into a credit abuse dynamic but hardly for benefit, then finally abused beyond legitimate basis for global aggression and financial extortion. The dominance is unraveling within the Global Paradigm Shift. It is indeed late in the game for the shift, whereby no reversal to repair the USDollar is possible. The Eastern energy cartel has a firm foundation, leaving the West with no possible response. The consequences are vast, extending to the USMilitary. Its reliance upon free oil is ending. The over-stretched military presence will repeat the end of the road that the British Military faced several decades ago. Both the British and the Americans have lost their cherished global reserve currency, and along with it, lost power and prestige. In recent months, the US has proved it has very few friends even among its list of allies.

Jackass colleague Sky Crane made some astute comments on this theme. Exercpts are taken to capture the main points. â€śRemoving the control the King Dollar has wielded over all matters economic was a primary focus of the new energy cartel strategy emerging from the East. The goal is both to regain control of fair trade and to wrest control of mankind’s destiny from the cabal’s USD contraption and their globalist dystopian plans. The elaborate preparations toward this end are coming into view. The new cartel seems to be advancing without much real resistance except in the media because the USD is already defrocked, the Petro-Dollar dismantling has momentum, and everybody knows it but the US population. The cabal has had no responses to the mega energy solutions of the new Eastern cartel. Delivering more costly natural gas by boat is a good example of how the United States is clueless and out of the loop.

The new oil & gas cartel has the opportunity and must break definitively the grip and the hegemonic philosophy of those who still run the Petro-Dollar version. It must be rubbed out. These are the same cartel enemies who are stalling a larger shift to the new currency system within the RESET. The Western banker cabal is being evicted from the financial system, the tipping point seemingly reached. The critical turns pass often unnoticed, the fallout more clear, with many dynamics are changing every day, events moving fast. Humanity is at risk to react with easy manipulation in a Pavlovian fashion. This is the hardest part of the shift to eradicate, as it is supported in real time in the MSM media with indoctrination and deep programming. The best path currently is to take away the cabal’s free money and USD pass.”

The deed is done by the Eastern powers, their platforms having been built. Next their crucial energy alliances will take final form. Their supply lines will be fixed. Their pipelines will be constructed atop the already solid Russian network. The key is the absence of US control and absence of USDollar in trade payments. All US interference has been either sidestepped or overcome. The USGovt will soon be forced to react, not by war (failed course of action), but by methods to ensure survival of the USEconomy. At risk is its supply chain.Refer to the launch of the New Scheiss Dollar, since the producing nations, those pesky exporters to the United States, will not accept USTreasury Bills as payment. They are very actively disgorging their banking systems of USTreasury Bonds. The message has been clear. China will no longer tolerate the simultaneous usage of the USDollar for international purposes and for its role inside the United States. The abuse and distortions are no longer tolerable.

RUSSIA ON OIL CONSORTIUM

Russia is forming network of oil production by long-term contracts on volume purchases. The consortium will solve certain technical obstacles like grades. It is designed to oppose the Petro-Dollar system, and to fill the OPEC void. The key feature of the Russian Oil Consortium is non-USD sales and payments. It will thrive on the low oil price and cash flow pinch, as secondary producing nations seek aid with business investment and assured cash flow. Combine with the NatGas Cartel, also based in non-USD sales, to see the global trade system is quickly turning away from the USDollar standard. In key respects, the Petro-Dollar standard is fractured, broken, and dismantled. Implications are vast for geopolitical shift of power. It is truly dead defunct.

It is a brilliant strategy really. Russia stands as the world’s leading oil producer, yet the nation has made several key contracts to purchase oil from troubled nations. The most recent contracts are with Saudi Arabia, Iran, and Venezuela, using their Rosneft giant oil company. US neighbor Mexico is also considering to join the Russian consortium. The new wrinkle is the Mexican Govt has opened bidding on concessions to foreign companies, in the wake of an important large oil discovery. Expect Nigeria to join the consortium soon, maybe Angola also. With huge income stream, the Russians are in a position to be principal agents toward the construction of new production facilities, which are capital intensive. Rosneft and Gazprom are the primary players from the Russian Federation. The Russian oil consortium addresses the cash flow reductions that some nations are facing. Other nations will join them, since the oil price will continue to remain down. Irony is thick that the Russian oil pool will grow and expand into branches, as a result of the chronic low oil price, which is a manifestation of the dead Petro-Dollar. Their consortium feeds of the dead Petro-$ bones.

Russia strives to create an oil network, whereby grades are mixed, but more important, whereby indirectly a Russian oil consortium is created. Venezuela urgently needs to mix its heavy oil while the Saudis urgently need a cash flow guarantee. The oil consortium would be run by the Russian majors and not be priced in USDollars for sale. This is the primary motivation. There are also other significant motivations. Nations within the consortium could claim they work with the Russian network and are not part of payment decisions. Imagine the Kremlin designing by contracts a cartel with pooled oil resources to replace the vacant OPEC. The StPete oil price will become a more prevalent benchmark. In the last two years, it has been crystal clear that OPEC has no leader, no power, no unity, no honored internal pacts, operating with tremendous strains to individual members. OPEC has become meaningless gaggle. The Russian Oil Consortium is making a path toward replacing the vacant if not dead OPEC cartel. The King Dollar can no longer sit on a throne built of oil. The King Dollar is being deposed. The King Dollar is no longer from a palace respected.

NATURAL GAS CARTEL

The Natural Gas Cartel is forming, on the other side of the energy arena. The Petro-Dollar defacto standard is coming to an end, the low oil price a fatal blow. The entire Gulf Arab region is in turmoil, more evidence of the dead Petro-Dollar.The void has created an opportunity for a new energy cartel, the movement generated by the East. Entering the picture is the NatGas Cartel led by Russia, Iran, and Qatar, in a stage of current formation. The impasse in Syria, or better described as the defeat of the US Alliance with ISIS and Israel, has opened the door for the Eastern natural gas cartel. Iran has emerged, manifesting the Persian Empire reemergence. Iran will control staggering natgas output, plus its usual fare of sturdy crude oil output. Iran figures prominently into both the oil consortium and the natgas cartel. All USGovt efforts to block the Iranian entry will fail. Worse, all USGovt sanctions will backfire, leaving Washington more isolated. Their entry is offset by another’s removal. A spectacular failure in Saudi Arabia will contain many tarnished features. Witness their bankruptcy, their lust to steal Yemen energy deposits, their fraudulent ARAMCO stock offering, their association with terrorism, and their aggression within the Gulf region. The Saudi Arabian connection to the USGovt has been the basis of the Petro-Dollar for 42 years. The Gulf oil monarchies are fractured, many soon to perish. Even Qatar is well positioned with respect to Iran, Russia, and Europe.

Read More @ Goldseek.com

Mnuchin’s PR Visit to Fort Knox proves nothing about the US Gold Reserves

by Ronan Manly, BullionStar:

On the afternoon of Monday, August 21, US Treasury Secretary Steven Mnuchin, Senate Majority Leader Mitch McConnell, Kentucky Governor Matt Bevin, and Kentucky Congressman Brett Guthrie took a visit to the vault of the US Mint’s gold depository in Fort Knox, Kentucky, a vault which, according to the US Treasury, holds gold bars containing 147,341,858 fine troy ounces of gold (4583 tonnes of gold).

The trip was notable in that it is one of the rare occasions in history that a US political/congressional delegation has ever visited the Fort Knox depository, and Mnuchin is now only the 3rd treasury secretary ever to make this visit.

The trip was also notable in that unlike previous political excursions to the vault, the Mnuchin-led visit was very low-key, it was announced to the media and public at extremely short notice, and there is no evidence that any media representatives participated, or at least if they did, they have kept very quiet about it.

  US Mint Depository, Fort Knox, Kentucky
US Mint Depository, Fort Knox, Kentucky

In contrast, the previous congressional visit to the Fort Knox depository in September 1974 was heavily publicised in advance, was accompanied by 100 news reporters and photographers, and it even documented the visit via photographs and film which were released to the public.

Mnuchin’s visit to the vault merely appears to have taken the form of a quick peek into one of the cramped vault compartments within the Fort Knox vault, and therefore can only be seen as an odd PR stunt whose real intent remains unclear, which does nothing to improve the transparency of the notoriously secretive gold depository, and which on balance has now re-opened scrutiny on how much gold is, or is not, actually stored in the compartments of the Fort Knox vault.

Short-Notice Whim?

The trip to the Fort Knox vault was only announced by Mnuchin on Monday morning, August 21 (the morning of the Fort Knox visit) during a speech to the Chamber of Commerce in Louisville, Kentucky, which Mnuchin and Mitch McConnell were attending.

As Grace Schneider, a business reporter for the Louisville, Kentucky based Courier-Journal tweeted that morning:

So Mnuchin announced the visit literally a few hours before it took place. Fort Knox is located about 40 miles south-west of Louisville. In his Monday morning speech at the Chamber of Commerce, the Washington Examiner reports that Mnuchin made the bizarre comment that “I assume the gold is still there”. McConnell, at the same time, quipped that “we’re going to find out”. Mnuchin’s comment is bizarre because as US Treasury Secretary, he is top official of the US Treasury.

The US Treasury owns the gold in Fort Knox. The US Mint is just the custodian. The Director of the US Mint and all other senior officials report to Mnuchin. At any time, Mnuchin can get a full and complete high-level briefing on the real status of the US gold reserves. He can also get a full de-briefing on the extent to which the US gold reserves have been audited over the years – or not audited as the case may be. To say that he assumes the gold is still there shows either a flippant view of the expected accountability of a US Treasury Secretary, or else a disregard for the responsibility to which the US public has entrusted him.

Media Presence

It’s not clear whether any journalists actually accompanied the politicians on last Monday’s visit to the Fort Knox depository. An article by an AP journalist from Kentucky named Adam Beam was published on August 22, the day after the visit to the Fort Knox depository.

Beam, based in Frankfort, Kentucky is listed as a Kentucky Statehouse reporter for AP, so would presumably, due to this role, be well-known in Kentucky political circles and would have privileged access to the Mnuchin & Co delegation. AP’s Beam wrote that:

“Inside the famed vaults at Fort Knox, Senate Majority Leader Mitch McConnell held a 27-pound gold bar in his hands Monday as part of the first civilian delegation to see most of the country’s bullion reserves in more than 40 years.”

Read More @ BullionStar.com

Where Is The United States’ Gold?

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by Dave Kranzler, Investment Research Dynamics:

A concocted public relations scheme – an event which resembled the annual Punxsutawney ground-hog viewing tradition –  in which the Treasury Secretary emerges from Ft Knox and proclaims, “the gold is safe” does not provide any evidence whatsoever.

On cue, Jim Rickards followed up with a half-baked apology for the unwillingness of the U.S. Government to force a bona fide audit of the public’s gold being “safekept” in the Fed’s custody.

Bill “Midas” Murphy asked my opinion on Rickard’s white washing of the topic:

This is why I don’t read Rickards. I don’t know what his deal is anymore. He was a front for the Pentagon’s goal to circulate the idea of the SDR replacing the dollar as the reserve currency. This is because they know the dollar is toast but the dollar is still the largest percentage share of the SDR so the U.S. would remain in control over the world’s reserve currency if it were to be the SDR.

Now Rickards has pimped himself out to Agora, which really devalued Agora in my opinion. And he’s ripping off the public with his gold letter subscription. Total scam.  I’ve had subscribers to my Mining Stock Journal tell me his subscription service is a farce.

He really butchered the truth there with that article. While it’s true that a gold leasing transaction does not have to entail the actual transfer of physical gold from the lessor to the lessee, often it does.  Goldman recently did a lease-style transaction with Venezuela that transferred possession of VZ’s gold to Goldman.

The U.S. would have to audit to the gold if the public forced the issue. Ron Paul tried several times to force the issue on behalf of the public and the Fed spent millions in lobbying money to get Barney Frank to quash Paul’s efforts. The Fed hired Linda Robertson, formerly a lobbyist for Enron, to assist with the effort to snuff out any attempt to legislate an audit. That’s why the Government has never ordered an audit of the PUBLIC’s gold. You don’t spend millions to derail legislation just because you’re worried it will elevate the importance of gold to the public. That’s complete foolish babble but coming from Rickards  makes it sound legitimate.

That’s Rickards’ modus operandi. Offer up some half-baked justification to support his argument because he knows a majority of his audience will nod their head robotically in agreement rather than question the assertion. Does he ever offer proof? Who are his military contacts? Why are we supposed to accept the legitimacy of his assertions with blind faith, especially considering that the “tracks in the snow” suggesting the contrary have been visible for many years. Certainly well before Rickards’ handlers thrust him under the spotlight of the gold investing, truth-seeking community.

As for the actual physical transfer of gold, if gold under the Fed’s control has not been used to satisfy eastern hemisphere delivery demands for several years, how come it took so long for Germany to get its gold bars back, allegedly? Especially given that it took Hugo Chavez just 4 months to repatriate 160 tonnes of gold that was held at several Central Bank vaults around western Europe?  From all accounts, the gold bars Germany originally sent to the U.S. for “safekeeping” after WWII are not the same bars that were returned, assuming they were actually returned.  Again, why does anyone accept with blind faith anything coming from any Government, especially the U.S. Government?

A small portion of the public, led by a high-ranking, long-time Congressman have demanded several times in the last decade to see bona fide evidence that the gold owned by the Treasury, which means the citizens of the U.S., is physically sitting in the various Fed vaults and is unencumbered by any form of counter-party claim. The fact that the Government refuses to do this can only lead to one conclusion – and it’s not Rickard’s half-baked apology.

This is a topic that was put to rest in my mind more than a decade ago.  Some of the gold may be physically sitting in the various Fed vaults “safeguarded” by the military, but most of it is now sitting in the form of refined kilo bars in Chinese vaults or as highly-prized gold jewelry draped around Indian wives.

To counter Rickards’ “military sources” reference, I received this email last night from a reader:

Back in February 2011, I ran into a Kentucky good ole boy who worked at Fort Knox in rural Kentucky. Fort Knox was also an Army Military depot as well as gold storage which it is/was famous for.

Several months before February 2011, the Army made a decision to transfer the Army Military Depot at Fort Knox to other military depots and my Ky guy no longer had a job and had to transfer and relocate to keep a Federal Gov’t job. So that’s what he did, he relocated and how I ran into him.

Read More @ InvestmentResearchDynamics.com

Keiser Report: Empire of Debt (E1114)

from RT:

Max & Stacy discuss the narcissism of central banks holding $15 trillion in their own assets. They also discuss Morgan Stanley saying that some of their investors see Bitcoin as a better hedge to inflation than gold. Max continues his interview with Dan Collins of TheChinaMoneyReport.com to discuss the looming trade war between the US and China, and the mountain of US treasuries owned by China.

San Francisco Bay Area Pending Home Sales Plunge

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by Wolf Richter, Wolf Street:

Ludicrously high home prices hit end of the employment boom?

Real estate agents listed three reasons for the debacle of pending home sales in the state of California in July:

Lack of inventory for sale. This was the top reason for 30{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} of brokers. The math is starting to bite: more people are stuck in their homes as prices have soared all around, and as mortgage payments needed to finance an equivalent or nicer home have moved out of reach.

Declining housing affordability and “high interest rates” – which are near historic lows! – was cited by 28{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} of brokers.

“Inflated home prices” and “housing bubble” were cited by 25{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} of brokers.

Slowdown in economic growth, lending and financing, and policy and regulations were other “biggest concerns.”

These issues “may have pushed the market to a tipping point,” the California Association of Realtors said in its pending home sales report for July.

And a debacle it was, particularly in the San Francisco Bay Area, where home prices have become famously ludicrous, while the economy is backing off its previously relentless boom. Employment growth has slowed to a crawl, with actual job losses for the 12-month period in two counties – Santa Clara and Marin – a first since the Financial Crisis.

Overall for California, “the housing market is showing signs of slowing,” said the CAR report. Real estate agents “reported fewer floor calls, listing appointments, and less open house traffic than in June.”

For California, the index of pending home sales in July, based on signed contracts, fell 2.6{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} from July a year ago on a seasonal adjusted basis. It was the sixth month in a row of year-over-year declines. But the overall decline of pending home sales in the state covers up the strength in parts of Southern California and the dizzying turmoil in the San Francisco Bay Area, where pending home sales got crushed.

In the Southern California Region, pending home sales rose 1.4{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} year-over-year, “the only major region” with an increase. But real estate being local, there were huge differences: In Los Angeles, pending home sales jumped 4.0{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} year-over-year; in San Bernardino County 6.0{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528}; and in Orange County 4.6{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528}. But in San Diego, pending home sales dropped 5.8{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} and in Riverside 4.2{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} year-over-year.

In California’s capital, Sacramento, where home sales had been hot, they plunged nearly 18{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} from a year ago.

And in part of the San Francisco Bay Area, pending home sales went over the cliff. In the region overall, pending home sales plunged 11.5{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} year-over-year. In San Mateo County, the northern part of Silicon Valley, pending homes sales plummeted 21.4{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528}. In San Francisco, they plunged 11{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528}. And in Santa Clara County, the southern part of Silicon Valley, pending home sales dropped 9.8{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528}.

This chart shows the changes in pending homes sales in July compared to July 2016 for some of the major urban counties in California, plus for California overall (top bar), the San Francisco Bay Area overall (second bar from the top), and Southern California:

San Mateo County also has the honor of being the most ludicrously overpriced housing market in the state, with a median selling price of $1.5 million in July, according to CAR data. San Francisco is the second most ludicrously priced market, with a median selling price of $1.43 million

Read More @ WolfStreet.com

New Climate Study Throws A Wrench In The Global Warming Debate: “Our New Technical Paper… Will Likely Be Ignored”

by Mac Slavo, SHTFPlan:

It’s not surprising that so many people believe the idea that global warming is being cause almost entirely by human activity, given the fact that most scientists seem to believe the same thing. But scientists should probably ask themselves why there is still such a large cohort of “deniers” as they like to call them, who are adamant that anthropogenic climate change is a scam.

The reason why is that the scientific community has been caught many times tampering with climate data and making outlandish claims. The celebrities and politicians who promote this cause have also been caught on many occasions, living in palatial mansions, flying across the world in private jets, and generally just living lives of excess that produce so much more carbon that the average person. Given these facts, how could anyone take the global warming arguments seriously?

What also doesn’t help their cause, is when reputable scientists question climate change dogma. Recently, two Australian scientists published a paper that explains why the shifts in global temperature that we see today, are likely entirely natural.

Jennifer Marohasy, a scientist with a rather long list of impressive credentials, which includes the founding of The Climate Modeling Laboratory, opens her startling climate report with a dose of reality. “Our new technical paper … will likely be ignored,” she writes at The Spectator Australia.

She goes on to explain why, “Because after applying the latest big data technique to six 2,000 year-long proxy-temperature series we cannot confirm that recent warming is anything but natural – what might have occurred anyway, even if there was no industrial revolution.”

At the crux of their argument, is the fact that global temperatures were actually warmer during the middle ages, which used to be considered common knowledge for years, and is often denied by many climate change proponents today. These researchers confirmed that the world was indeed warmer before the industrial revolution. And that of course suggests that human activity doesn’t have nearly as much of an impact on the climate as most environmentalists claim.

Typical of most such temperature series, it zigzags up and down while showing two rising trends: the first peaks about 1200 AD and corresponds with a period known as the Medieval Warm Period (MWP), while the second peaks in 1980 and then shows decline. …

There are, however, multiple lines of evidence indicating it was about a degree warmer across Europe during the MWP – corresponding with the 1200 AD rise in our Northern Hemisphere composite. In fact, there are oodles of published technical papers based on proxy records that provide a relatively warm temperature profile for this period.

Bottom line, don’t ever let anyone tell you that the climate change debate is over, and that the science on the matter is settled. Don’t let them fool you into thinking that there’s a strict consensus among scientists regarding global warming (and even if there was a 100{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} consensus, just because a lot of people believe something doesn’t mean it’s true). The people promoting the theory of man-made global warming have been caught lying too many times for us to blindly follow them.

Read More @ SHTFPlan.com

The Violent Left Toppling Monument to Christopher Columbus as a Racist?

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by Martin Armstrong, Armstrong Economics:

The extreme violent left is expanding their desire to overthrow essentially everything and are now attacking a monument in Baltimore to Christopher Columbus, which was believed to be the first one erected to the Italian explorer in America. Italians were discriminated against and seen as all criminals connected to the Mafia. This monument was a milestone for Italians. So what is next? The extreme left will attack Italians celebrating Columbus Day? The same white supremacists of the 18th century did not consider Italians “white” nor Greeks or Spanish.

The tape begins saying:

“Christopher Columbus symbolizes the initial invasion of European Capitalism into the Western Hemisphere. Columbus initiated a centuries old wave of terrorism murder genocide rape slavery economic degradation and capitalist exploitation of labor in America. That Colombian wave of destruction continues on the back of indigenous African American and brown people…”

They do not dare say that Columbus initiated the slave trade. Did Columbus’ men take their women etc, yes, that also seems to have been historically standard during those days. There was a whole argument that the indigenous people of the America’s could NOT be made salves because the right to sell people into slavery was limited historically to the loser in a war. The Catholic Church blocked turning the American Indians into slaves who were neither white, yellow (Asian) nor black but the fourth race known as red because they were not the spoils of war.

There was no such thing as  indigenous black people in America. The blacks were being sold by blacks to the Dutch on the pretense that they were the spoils of war and that made the slave trade acceptable from a historical precedent. Thus, the blacks from Africa could be sold as slaves but not the of the indigenous people Americas.

If this new Marxist uprising from the left calling everything racist and capitalists is the trend, then to correct history blacks should return to Africa, Italians to Italy etc. and the USA should be turned over to the American Indians who were the ONLY  indigenous people. How far back in time do we go to reverse the past?

The left now calls Christopher Columbus a “genocidal terrorist.” These extreme people on the left who are Marxist and want a revolution to take all the wealth of others for themselves, are acting the same as the Taliban who were blowing up ancient statutes claiming they were false gods trying to erase history. The Christians also destroyed ancient statues beheading them because they too assumed any statue was a god, which was not true. There was the Temple of Alexandria established by Cleopatra to support the claim of her son to the power of Rome. The Christians beheaded the statues in there and they even carved a cross into the forehead of Germanicus, who was a member of the Julio-Claudian Family expanded by Octavian (Augustus) after he defeated Cleopatra and Marc Antony as announced on this gold aureus.

Here too we see the famous black bust of Julius Caesar commissioned by Cleopatra which stood in that temple. It too was also vandalized by the Christians. This attack upon historical monuments has typically been carried out always by extremists who would justify killing anyone with the same rhetoric. You disagree with them and the insults like fascist or racist is then attached to you and they would kill you in a blink of an eye if they gain power.

The monument in Baltimore, which features a two-story-tall obelisk atop a base, was still standing on Monday morning, but there was a gaping hole in the front and chunks of stone were scattered in the grass. The signs seen in the video were lying on the ground.

Confederate statues have been removed overnight in many places to appease these people again trying to eradicate history. In Annapolis, state officials followed suit and removed a statue of the Supreme Court Chief Justice Roger B. Taney, who authored the 1857 Dred Scott decision that upheld slavery. The statues of the Confederate Generals Robert E. Lee and Stonewall Jackson, the Confederate Women’s monument, the Confederate Soldiers and Sailors Monument were all targeted. Here, Columbus had nothing to do with the Civil War. The lettering on the front of the monument — “Sacred to the memory of Chris. Columbus, Octob. XII, MDCCVIIIC” — was rendered unreadable. In Boston, a Columbus statue was painted red and a protest was held at a statue in Detroit.

Read More @ ArmstrongEconomics.com

Will Americans Allow a “Cultural Revolution” To Destroy the Nation?

from LaRouche PAC:

America is experiencing a descent into chaos, as vulnerable youth and/or desperately poor people, of all races and of all political persuasions, are being driven to take sides in a pre-conditioned violent conflict in which there can be no winners, and all will lose. It is a classic British imperial tactic, called “Gangs and Countergangs” by British Brigadier Frank Kitson in a book by that name, a method the British have since acknowledged was used to crush opposition to their colonial rule in Kenya, in Malaysia, in Northern Ireland, and more. The concept is for an artificial conflict to be constructed which turns factions within the targetted populations against each other, with agent provocateurs running both sides, leading to many deaths, stirring bestial passions, and destroying any capacity for a united fight against the actual enemy—the British Empire.

An editor and journalist for China’s People’s Daily, the official paper of the Chinese Communist Party, wrote an article in Monday’s edition asking: “Is America engulfed in a Cultural Revolution?” The writer, Curtis Stone, describes the nightmare of China’s Cultural Revolution in the 1960s, in which enraged mobs of youth (the Red Guards) were instigated to join in mob violence against the institutions of the country, which “plunged China into chaos for years, during which many of the country’s cultural and historical artifacts were removed or destroyed.” He continues: “Recent racial tension in the U.S. has left many Chinese wondering if a country once known as the world’s ‘Melting Pot’ is undergoing its own Cultural Revolution, and perplexed over how such an eerily similar event could unfold in America. The chaos in America is deeply troubling. The American cultural revolution, as it has been termed in some Chinese media, has all the hallmarks of China’s turbulent experience…. From a Chicago pastor’s call to remove a statue of George Washington…, to U.S Congresswoman Nancy Pelosis’s call to remove Confederate statues from the Capitol immediately; and to discussion over whether it is time to blow up the Mount Rushmore National Memorial in Keystone, South Dakota, there is a push to get rid of at least some of the country’s cultural and historical artifacts.”

Helga Zepp LaRouche added another deeply troubling image — the last days of the Weimar Republic in Germany, when nazis battled communists on the streets, driving the chaos that led to the collapse of legitimate government and the horror of the nazi dictatorship.

The attempt to portray the pathetic, impotent grouplets of white supremacists and neo nazis as somehow supported by President Trump, or to portray the black-masked antifa anarchists throwing Molotov cocktails as “non-violent protesters,” is not only insane, but ignores the fact that these groups are precisely what Brigadier Kitson described: totally controlled gangs and counter-gangs, diverting the attention of the citizenry from the economic decay of the past decade, and the financial and economic collapse rushing toward us. The fact that the controllers are the same elements of the FBI, CIA and other corrupt intelligence agencies from the Obama administration who have run the “Russiagate” fraud against the President, should remove any doubt that it is all part of the same “color revolution” launched by George Soros and Barack Obama, aimed at deposing the President, destroying any potential for the United States to join in the New Silk Road as Trump has indicated he would, and driving a military confrontation with Russia which would be the end of civilization as we know it.

President Trump’s much advertised speech on a new policy for the Afghanistan War Monday night was statesman-like, while intentionally lacking in content. While it is widely reported that he has approved a new “surge” in troops to Afghanistan, what he actually reported was that he is leaving decisions on military deployments to the generals, but that he will not pre-announce military decisions. He strongly denounced Pakistan for harboring terrorists, and called on India to take a bigger role in Afghanistan.

But Secretary of State Tillerson immediately issued a statement, and held a press conference on Tuesday, which made clear that the intention of the new Afghanistan policy is two-fold: use the military methods which have proven successful in Syria and Iraq to defeat ISIS; and facilitate negotiations between the Afghan government and the Taliban for a negotiated peace agreement. “Our purpose is to convince the Taliban that they can not achieve a victory on the battlefield,” Tillerson said yesterday, adding: “we may not win a victory either.” The official State Department statement issued Monday night says: “The Taliban has a path to peace and political legitimacy through a negotiated political settlement to end the war. We stand ready to support peace talks between the Afghan government and the Taliban without preconditions.”

Note that under President Trump, the U.S. has worked closely, and successfully, with Russia in defeating terrorism in Syria, and, in the case of Afghanistan, the new Trump policy approach, negotiating with the Taliban toward a negotiated settlement embracing all ethnic factions in the country, is precisely what the Russians have promoted.

Read More @ LaRouchePAC.com

Tide Turns Against Antifa As Media Attempts To Protect The Domestic Terrorists, Fails Spectacularly

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by Susan Duclos, All News Pipeline:

When President Trump criticized “both sides” after the tragic events in Charlottesville, VA, referencing the hatred and bigotry of the white supremacists and the violence of the Antifa groups, the media, in a rush to defend Antifa groups and harm the President, made the same mistake they have made during the entire “Trump era.” –  They elevated his message to the point where Americans heard it, rather than their spin, and now we are seeing the tide turn against Antifa and the establishment media.

When I use the term “Trump era” I am referencing the time frame from the moment he announced his candidacy up to present day.

A pattern has played out time and time again where Trump speaks, the media blares headlines misrepresenting his message, then they spend countless hours, even days, blasting his words to their audience, showing videos clips of his statements, spinning them to label him racist misogynist, xenophobic, and every other negative descriptor they can come up with, but it gets to a point where the media “spin” stops being heard and “we the people” can’t help but to actually hear his original message, after all the media plays it in an endless loop.

We have watched this pattern play out from the day President Trump announced his candidacy, and the more the MSM declared each statement the end of his candidacy, replaying his words over and over again, the higher he rose in the polls, until he knocked out 16 Republican challengers, became the Republican nominee, then went on to win the presidential electoral college and he became the President of the United States of America.

There are a couple of things the MSM seems to be incapable of understanding. 1) When they replay Donald Trump’s words over and over again, people finally hear his message above and beyond their “spin,” but in their constant attempt to destroy the president, they are elevating his message, and support for that message. 2) Candidate Trump, then GOP nominee Trump, then President Elect Trump, and now president Trump….. knew it and still knows it and uses the media’s own bias and attempts to destroy him to carry his message to the country.

That is exactly what President Trump did with his Charlottesville statements, highlighting the bad folks on “both sides.”

ANTIFA PUTS ITSELF IN THE CROSSHAIRS

For decades hate groups have been spewing their nonsense and once seen, Americans largely turned away from them in disgust. For example, Westboro, holding their signs saying “God hates fags,” and protesting and disrupting military funerals, while declaring victims of Katrina deserved to die. Independent media and some MSM showed those signs, showed that hate, Americans tuned away in disgust and ignored them and their message.

Same for the KKK and white spremacist groups, who have been holding their marches and spewing their hate and bigotry for decades, with Americans ignoring them and moving along with their lives.

Then came Antifa groups, that decides to plan “events,” and schedule protests all over the country and rather than highlighting the hate of the KKK and neo-Nazi groups, instead the images dominating search engines, are of a bunch of masked thugs calling themselves Antifa, carrying sticks with nails, and attacking everyone in sight that doesn’t stand with them, committing violence against lawenforcement, throwing bottles of urine and bags of feces, starting fires, rioting, destroying property, etc.

Read More @ AllNewsPipeline.com

TRUMP DEMANDS THE WALL OR ELSE HE SHUTS DOWN GOVERNMENT/GOLD RISES BY $3.35 AND SILVER RISES BY 9 CENTS

by Harvey Organ, Harvey Organ Blog:

THIS OUGHT TO SCARE YOU: THE WORLD’S LARGEST AD COMPANY (WPP) REPORTS LOUSY EARNINGS /AND GUIDANCE FOR THE REST OF THE YEAR: AWFUL!/NEW HOMES SALES DOWN 10{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} MONTH/MONTH

GOLD: $1289.00  UP $3.35

Silver: $17.07  UP 9 CENTS

Closing access prices:

Gold $1290.40

silver: $17.08

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: $1290.86 DOLLARS PER OZ

NY PRICE OF GOLD AT EXACT SAME TIME:  $1283.95

PREMIUM FIRST FIX:  $6.91

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SECOND SHANGHAI GOLD FIX: $1292.59

NY GOLD PRICE AT THE EXACT SAME TIME: $1285.60

Premium of Shanghai 2nd fix/NY:$6.99

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LONDON FIRST GOLD FIX:  5:30 am est  $1285.10

NY PRICING AT THE EXACT SAME TIME: $1285.90

LONDON SECOND GOLD FIX  10 AM: $1286.65

NY PRICING AT THE EXACT SAME TIME. $1287.65???

For comex gold:

AUGUST/

NOTICES FILINGS TODAY FOR APRIL CONTRACT MONTH: 3 NOTICE(S) FOR  300  OZ.

TOTAL NOTICES SO FAR: 4584 FOR 458,400 OZ  (14.258 TONNES)

For silver:

AUGUST

 

 15 NOTICES FILED TODAY FOR

 

75,000  OZ/

Total number of notices filed so far this month: 1104 for 5,520,000 oz

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end

 

As I have mentioned we are in options expiry week and you should expect pressure on gold/silver for the next 7 trading days. Gold and silver got a break today as Trump demanded his wall.  If he does not get the secured funding for the wall, he will shut down government as there will not be a signed budget agreement for 2018.  The USA has only 86 billion dollars left in the kitty and they burn around 3 billion per day. So they may run out by Sept 22 or Sept 23. Should be a very interesting September.

Let us have a look at the data for today

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In silver, the total open interest FELL by only 1400 contracts from 188,627 down to 187,227 with THE DROP IN PRICE THAT SILVER UNDERTOOK WITH  YESTERDAY’S TRADING (DOWN 3 CENTS). THE LOSS IN OI IS SMALLER IN COMPARISON TO THE LOSS IN OI IN GOLD AND THE CONSTANT TORMENT CAUSED BY OUR BANKERS.  THE BANKERS INITIATED THE PRICE DROP YESTERDAY WITH PAPER SHORTS AND THIS CAUSED SOME OF OUR NEWBIE SPECS TO EXIT. BUT GENERALLY THE ENTIRE SILVER COMPLEX REMAINS CALM

RESULT: A SLIGHTLY LOWER OI WITH A LOWER PRICE.

 In ounces, the OI is still represented by just UNDER 1 BILLION oz i.e.  0.936 BILLION TO BE EXACT or 134{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT MAY MONTH/ THEY FILED: 15 NOTICE(S) FOR 75,000OZ OF SILVER

In gold, the open interest FELL BY A CONSIDERABLE 5,386 CONTRACTS WITH THE FALL  in price of gold ($5.20 LOSS  YESTERDAY .). The new OI for the gold complex rests at 500,443.  THE BANKERS INITIATED A RAID YESTERDAY AS THEY INITIALLY SUPPLIED THE SHORT PAPER TO LOWER THE GOLD PRICE.  SOME OF OUR NEWBIE SPECS EXITED THE GOLD ARENA AND THE BANKERS COVERED A TINY PORTION OF THEIR  SHORTS.

Result: A LOSS IN OI with LOSS IN PRICE IN GOLD.

we had: 3 notice(s) filed upon for 300 oz of gold.

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

GLD:

Today, no changes in gold inventory:

Inventory rests tonight: 799.29 tonnes

IN THE LAST 28 TRADING DAYS: GLD SHEDS 37.68 TONNES YET GOLD IS HIGHER BY $56.50 .

SLV

Today:  WE HAD NO CHANGES IN SILVER INVENTORY TONIGHT:

INVENTORY RESTS AT 334.407 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 1400 contracts from 188,627 DOWN TO 187,227 (AND now A LITTLE FURTHER FROM THE NEW COMEX RECORD SET ON FRIDAY/APRIL 21/2017 AT 234,787) DESPITE YESTERDAY’S 3 CENT LOSS IN TRADING. SILVER REMAINED QUITE RESILIENT AND REFUSED TO LOWER IN PRICE DESPITE THE RAID INITIATED BY THE CROOKS. SOME NEWBIE LONGS EXITED THE ARENA BUT NOT MUCH. THE BANKERS STILL REFUSE TO SUPPLY THE NECESSARY SHORT PAPER! RESULT:  SLIGHTLY LOWER OI WITH A TINY LOWER PRICE.

(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 TUESDAY night/WEDNESDAY morning: Shanghai closed DOWN 2.52 POINTS OR 0.08{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528}   / /Hang Sang CLOSED HOLIDAY/ The Nikkei closed UP 50.80 POINTS OR 0.26{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528}/Australia’s all ordinaires CLOSED DOWN 0.21{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528}/Chinese yuan (ONSHORE) closed UP at 6.6631/Oil DOWN to 47.71 dollars per barrel for WTI and 51.59 for Brent. Stocks in Europe OPENED RED , Offshore yuan trades  6.6667 yuan to the dollar vs 6.6631 for onshore yuan. NOW THE OFFSHORE MOVED STRONGER  TO THE ONSHORE YUAN/ ONSHORE YUAN 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