Friday, May 27, 2022

Chinese Gold Market Continues Post-Pandemic Recovery


by Peter Schiff, Schiff Gold:

The Chinese gold market continues to show signs of recovery after it was hit hard by the coronavirus pandemic.

Chinese gold demand rebounded sharply in the first half of 2021 after plummeting in 2020, and imports remained strong in July, above 2019 levels, according to the latest data from the World Gold Council.

China ranks as the world’s largest gold consumer.

Ep. 1658 The Ugly Ghislaine Maxwell Trial Details – The Dan Bongino Show

from The Dan Bongino Show:


John Durham Filing Suggests Clinton Operatives Spied on Trump in 2016 and in White House

by Joel B. Pollak, Breitbart:

Special Counsel John Durham filed a motion in federal court in Washington, DC, on Friday alleging that Hillary Clinton’s political allies paid a contractor to spy on Donald Trump — both as a candidate, and as president — using cell phone data.

The motion was filed in the case of former Clinton Campaign lawyer Michael Sussmann, who is charged with lying to the FBI about whether he was working for the campaign when he told the FBI about a false link between Trump and Russia.

Largest Intraday Market Swing in a Year, What’s Going On?

by Mish Shedlock, The Street:

Both the stock market and bond market had huge intraday swings. Let’s investigate the likely cause as well as excuses.

The S&P 500 Swing

  • From 4652.94 to 4510.27 is a swing of 142.67 points.
  • In percentage terms, the top to bottom swing was about 3.1%

No only did stocks reverse today but so did bonds, especially at the long end of the curve.

The People Have the Power

by Craig Hemke, Sprott Money:

There are many of us “keyboard warriors” who believe that the current fractional reserve and digital derivative pricing scheme is unfair and rife with fraud. There are also a handful of system apologists who claim that the current scheme is fair and equitable and that silver is abundant. Well, there’s one way to find out. Let’s do this.

If you regularly read these weekly columns, then you’ll recall this post from last week. If not, please read it now before you continue: A Time to Fight Back 

In summary, it’s time to get to The Truth, and we the people have to power to uncover it. The pricing scheme has endured for decades, and the alchemy that drives it has left in its wake a system where no one knows for certain how much physical gold and silver exists with clear, undisputed title. Oh sure, if you own and hold physical metal, there’s no dispute at all. However, if you hold a futures contract, an unallocated account, or an ETF, all you hold is price exposure to an overleveraged system. This leaves you with an incalculable counterparty risk that you may not have even considered before today.

The Most Splendid Housing Bubbles in America: Holy Moly. June Update

by Wolf Richter, Wolf Street:

What we’re looking at: Raging House-Price Inflation.

House prices soared by 14.6% from a year ago, according to the National Case-Shiller Home Price Index, the biggest increase in the data going back to 1987. But it pales compared to the raging mania that has taken hold of individual metros.

Today’s release, called “April,” is based on a three-month average of sales recorded in public records in February, March, and April, of deals made a month or two earlier. So that’s the time frame. The metros here – the most splendid housing bubbles – are in order of the biggest house price increases since the year 2000:

Large Crowds Come to Support Ambassador Bridge Freedom Protest, as Windsor Ontario Police Pass Out Warnings

from The Conservative Treehouse:

An injunction aimed at ending a blockade by truckers, supporters and protesters at the Ambassador Bridge in Windsor, Ontario went into effect at 7:00pm tonight.  However, despite the court order even more people came to support the Freedom Protest.

Ontario police are handing out enforcement warnings in an effort to stop the blockade that has tied up cross-border traffic since Monday:

Status of Social Security and the Trust Fund, Fiscal 2021: Beware of Vicious Dog

by Wolf Richter, Wolf Street:

Biggest COLA since 1982 already eaten up by inflation.

The Social Security Trust Fund – the Old-Age and Survivors Insurance (OASI) Trust Fund – closed the fiscal year 2021 at the end of September with a balance of $2.76 trillion, down by 2.0% from a year earlier ($2.81 trillion), according to figures released by the Social Security Administration. After large increases in the prior decade, this was the second annual decline of the Trust Fund since 1990; the first occurred in 2018 (-0.8%).

When It Comes to Frauds, Wells Fargo Is on the Bunny Slope Watching JPMorgan Hop Moguls on the Black Diamond Trail

by Pam Martens and Russ Martens, Wall St On Parade:

There was a strange occurrence at Fed Chairman Jerome Powell’s press conference yesterday. Hannah Lang, a reporter for American Banker, asked Powell a question about Wells Fargo. Powell read his answer directly from a script in a binder he had on the podium. (You can watch the exchange in the video clip below. Be sure not to miss the exchange that follows Lang’s question when Mike Derby of the Wall Street Journal grills Powell on the outrageous trading that Dallas Fed President Robert Kaplan was doing last year to enrich himself (while his country was in a declared National Emergency and pandemic crisis).

Sleepwalking Into the Abyss in 2022

by Charles Hugh Smith, Of Two Minds:

What would be truly optimistic would be to surrender our dependence on asset bubbles and malinvested debt to prop up an unstable delusion of effortless “wealth.”

The most sacred liturgy of American culture is to always be positive and optimistic. The greatest taboo is breaking this sacred duty to say something upbeat and optimistic; it is acceptable (barely) to make awkwardly negative observations, but only if you immediately follow up the negative comments with a treacly, double-serving of sugary optimism: for example, inflation is transitory, the economy is growing strongly, wages are rising, etc.

And so we sleepwalk into 2022, ill-prepared to deal with reality which most annoyingly continues responding to systemic dynamics no matter how much sugary optimism is spread around.