Sunday, February 17, 2019

Are You Guilty Of These Prepper Mistakes?

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by Gaye Levy, The Sleuth Journal:

Webster defines an expert as a person “who has a comprehensive and authoritative knowledge of or skill in a particular area”  That being said, when it comes to preparedness, is anyone ever really an expert?

Let’s be realistic. Every prepper, myself included, was a novice at one time or another.  Along our journey, we have consulted books, websites, blogs, and various government publications in our quest to learn abut preparedness in general and the prepper lifestyle in particular.  Were any of the individual authors of these sources experts?  Perhaps they were but if that were the case, why does our search continue?

Having chosen the prepper lifestyle, we continually find ourselves in search of that next best thing,  whether it is a piece of gear, a new type of freeze dried food, a fabulous new prepping book or a masterful survival skill. No matter what it is, there always seems to be something out there to capture our attention.

While I do believe that is it worthwhile to be forward-thinking when it comes to prepping, I feel it is equally beneficial to reflect on past mistakes.  Learning from prepper mistakes is an important part of the process and allows us to to move forward with a renewed sense of resolve to do it better “the next time”.

In this article I share some common and not so common prepper mistakes.  I have made many of these myself, while others, through dumb luck or planning, have been avoided.  Are you guilty of any of these prepper mistakes?

14 Common and Uncommon Prepper Mistakes

1. Failure to inventory stored food supplies

It is easy to amass a sizable supply of food in a short period of time.  This is especially true if you tend to purchase a little bit extra each time you shop.  Before you know it, you have a closet, pantry, a basement full of stuff but no clue as to what is inside.

Creating a master inventory is only half the battle.  Adding to the list as new items are purchased and removing items from the list as they are rotated out takes diligence and perseverance.  My own efforts in this area are  embarrassingly poor.

My best advice in this regards is that if you are fairly new to prepping, don’t let this one slip by.  Keep track of what you have from the get go and save yourself a lot of grief down the road.

2. Failure to perform a risk analysis and prepping for the most likely disruptive events first

When first getting started, it is easy to go off  willy-nilly preparing for all sorts of calamities.  Earthquakes, hurricanes, tornadoes, terrorist attacks, pandemics, nuclear melt-downs, civil disobedience; you name it and the call to prepare will be out there.  I can guarantee that this will drive you crazy!

I recommend that the very first step you take when prepping is to evaluate the most likely risks specific to your geographical area and your personal domestic situation.  Most, if not all, city, county and state governments will have emergency management websites that will help you sort through the most likely disasters to occur in your area.  Take advantage of these public resources.

Don’t stop there.  Take a hard look at demographics.  Are you in a city where gangs, mobs or terrorist attacks are likely?  Do you live in a remote area where the failure of transportations systems or the lack of fuel will cut off you off from supplies from the rest of the world?  Is your employment situation tenuous requiring that you build up some cash reserves to get you by just in case the job goes away?

Clearly, at the beginning, some choices will need to be made regarding the best use of your prepping budget.  Just remember that food, water and first aid supplies should be at the top of everyone’s list.  After that, assess the most likely risks and plan accordingly.

For ideas, take a look at 12 Months of Prepping: One Month at a Time. Here you will find links to articles that take you though the process of gathering what you need in terms of supplies, gear, tasks, and skills to set you on a positive path of preparedness.  It may not seem like a lot, but at the end of the year will will be better prepared than 95% of your neighbors.

3. Preparing mostly to bug out rather than bugging in

We all talk about having a bug-out-bag and without question, having your most basic survival items in a pack that you can grab and go if you need to get out of dodge in a hurry is important.  But beyond that, over and over I see people acquire all sorts of gear for surviving on the run –  perhaps in the woods or bush at a remote location.

I know that in my own case and also with the majority of the readers on Backdoor Survival, hunkering down and bugging in will always be preferred to taking off into the unknown with our stuff.  For many, the choice to bug in has to do with family, health concerns or financial considerations.  That, plus the availability of stored supplies makes bugging in – or staying at home – the choice when a disaster strikes.

At the end of the day, take care of your bugging in needs first and foremost.  Plan for outdoor cooking facilities (perhaps an existing charcoal grill?), supplemental lighting (like this $20 Dorcy Wireless Motion LED Flood Lite), stored water, and a portable generator now.  Later, down the road, you can expand your supplies to include the essentials for truly bugging out.

That said, pay attention to mistake number 4.

4. Failure to evacuate at just the right time

When the storm of the century is heading your way, know that it is time to evacuate.  Load up your vehicle and go.  As much as you feel that your are better off in your own home, if the authorities tell you to leave – and even if they do not – get out of harm’s way as a precautionary measure.  Do so while you still have the ability to load up your vehicle with supplies and fill the tank with gas.

Read More @ TheSleuthJournal.com

Will Italy’s Banking Crisis Spawn a New Frankenbank?

from Don Quijones, Wolf Street:

“Operation Overlord.”

There are rumors currently doing the rounds that Italy’s banking problems have finally been put to rest. The FTSE Italia All-Share Banks Index has soared about 40% over the last 12 months, about double the advance by the Euro Stoxx Banks Index. Six of the top seven gainers in the latter index this year are Italian.

The story of Italy’s non-performing loans, which just a year ago terrified global investors and posed a systemic threat to the entire Eurozone economy, “is over,” according to Fabrizio Pagani, the chief of staff at Italy’s Ministry of Economy and Finance. Pagani believes that now that the banking sector is well and truly on the mend, work should begin to take consolidation of the sector to a new level.

“There are too many banks,” Pagani told Bloomberg. “And in this sense, Monte dei Paschi could play a role. I think this could start this year.”

There’s clearly lots of room for consolidation in Italy, home to roughly 500 banks, many of which are small local or regional savings banks with tens or hundreds of millions of euros in assets. At the top end of the scale, Italy’s ten biggest banks control roughly 50% of the industry. The goal is to increase thatto 70-75% to bring it more in line with the levels of banking concentration in other EU countries. In Spain, for example, the five biggest banks — Santander, BBVA, CaixaBank, Bankia and Sabadell — control 72% of the market.

The problem is that, while last year’s bail out of Monte dei Paschi di Siena may have restored a certain amount of investor confidence to Italy’s banking sector, many of the largest banking groups are still extremely fragile, with stubbornly high non-performing loan (NPL) ratios. Even Intesa Sanpaolo, which is widely regarded as Italy’s most stable large bank, had a bad-loan ratio of 13% at the end of September, compared to a European average of 4.5%.

As such, trying to find suitable merger partners that are not going to drag each other further down is not going to be an easy task. Intesa is still trying to digest tens of billions of assets from Banca Popolare di Vicenza and Veneto Banca, the two mid-size collapsed banks it gobbled up at the government’s insistence in June last year. As for Unicredit, Italy’s only global systemically important bank (G-SIB), it’s barely back on its own two feet after successfully completing the biggest ever capital expansion in Italian history last year.

So, if the two biggest banks are most likely out of the equation for now, who could Pagani be thinking about? For the moment he says it’s too early to say.

But while Pagani keeps mum, Giovanni Razzoli, an analyst at Equita SIM, has identified five potential suitors — Monte dei Paschi di Siena (now majority owned by the State), Banco BPM, BPER Banca, Credito Valtellinese and Banca Carige — that could be merged into one mega-bank. He’s even given his masterplan a name, with suitably dark undertones: Project Overlord.

Three of the banks have one obvious thing in common: they have all been, or are in the process of being, rescued, either by taxpayers or shareholders, or a combination of both.

Despite being bailed out with €8.5 billion of taxpayer funds last year, in contravention of new EU rules on banking resolution, Monte dei Paschi is still far from out of the woods. In early February the bank reported total losses in 2017 of €3.5 billion, as a result of falling revenue, loan write-downs, and one-off charges. Since then its stock, which resumed trading on Oct. 25 after a 10-month hiatus, has tumbled over 15%. Now valued at €3.18, the shares are 51% below the €6.49 that Italian taxpayers paid during the latest rescue.

Then there’s mid-sized lender Carige, with assets of €26 billion. In December it completed a €500 million share issue that very nearly flopped. Together with a completed exchange of subordinated bonds into senior bonds and ongoing asset disposals, the capital increase is expected to raise about €1 billion of capital, according to rating agency Moody’s. The proceeds will largely be used to write down and then dispose of €1.9 billion of problem loans.

Credito Valtellinese (or Creval) is in a similar situation having reported a €332 million loss for 2017 in preparation for its own €700 million rights issue. Since then its shares have tumbled from €0.16 to €0.11 cents.

In other words, Operation Overload would involve joining at the hip three banks that are barely capable of standing on their own two feet, even with all the public and/or private support they’ve received, with two other banks — one of which (Banco BPM) is barely a year old after being spawned from the merger last year of two large cooperative banks, Banco Popolare and BPM.

For an indication of what could ensue one need only recall what happened to Spain’s very own frankenbank, Bankia, which was created in 2010 by melding together six failing regional savings banks with a larger and seemingly healthier lender, Caja Madrid. Less than a year after its public launch, in 2011, Bankia collapsed in such emphatic style that, to be reanimated, it needed the biggest ever public bailout in Spanish history.

Read More @ WolfStreet.com

The Failure of Fiat Currencies

by Tom Lewis, Gold Telegraph:

We work hard for our money, as we think it has long-lasting value. That value can buy us other things that we want. It seems like a good exchange. However, few of us consider how extrinsic the value of money really is. In reality, we are dealing in valueless fiat currencies. 

At one time, our money was backed by the tangible value of gold or other precious metals, legal tender for anything of equal value.

That is not the case any longer. The value of a dollar bill these days is what the government says it is. This arbitrary value is dependent on the whim of the government. And the government can print money like a copy machine run amok. There are no limits to how much money can be put into circulation. That is because this money isn’t backed by any real value, it’s called fiat currency.

The US dollar became fiat currency when it stopped being backed by gold over 46 years ago and it has lost 97 percent of its value since the establishment of the Federal Reserve in 1913.

Apart from cryptocurrencies, all the world’s major countries are using fiat currency.

Since Roman times, fiat money has failed spectacularly throughout history due to the same pattern of rapid devaluation and then total collapse. The Romans used a 100 percent pure silver coin called the denarius at the start of the first century. By mid-century, during Nero’s rule, the denarius only contained 94% silver. By 100 A.D., the silver content had been reduced to 85%. The value of the coin was decreasing steadily. This worked well for Nero and his followers, who no longer had to pay their debt at the full, actual value while additionally increasing their own wealth. During the next century, the coin was made of less than 50% silver. By 244, Emperor Philip the Arab had reduced the amount of silver in the denarius to 0.05%. When the Roman Empire finally fell, the denarius contained only 0.02% of silver.

The devaluation of currency invariably is the precursor to economic ruin.

 

The devaluation of currency invariably is the precursor to economic ruin.

China was the first country to use paper money in the 7th century. Until that time, they used copper coins but switched to iron due to a copper shortage. The easy availability of iron caused it to be overissued, until it too, collapsed. During the 11th century, a Szechuan bank began to issue paper currency in exchange for the iron currency. This worked briefly since the paper could be traded for rare, valuable metals, such as gold and silver, or for valuable silk. Then, China entered into a costly war with Mongolia and was eventually defeated by the Mongol leader, Genghis Khan. In an effort at expansion, Genghis’s grandson, Kublai Khan, started to flood paper money throughout the empire. As China’s trade increased, the influx of fiat paper – currency backed by no value – caused even the wealthiest of families to be ruined.

France may be the only country that has been defeated by fiat money three times. The Sun King, Louis XIV, left his successor heavily in debt. Poor Louis XV took the advice of the Scottish economist John Law and simply flooded the country with paper currency instead of the previously acceptable coins. The paper money devalued the actually valuable coins, causing the heir to the Sun King to bankrupt his own country. Yet France didn’t learn its lesson well the first time. More than 100 years later, France gave paper money another try, creating an inflationary spiral of 13,000 percent. Napoleon, and the introduction of a gold-backed Franc came to the rescue. Was France now convinced of the negative effects of fiat currency? Not quite. In the 1930’s, paper currency was again issued, causing inflation to devalue the paper Franc by 99% in 12 years.

Another country faced with huge, unmanageable, and unpayable debt was post-WWI Germany. Germany did not learn from history. Instead, it created a state of unheard of hyperinflation. One hundred and thirty printing companies churned out paper money as fast as they could, devaluing the German Mark so much that its only real value was to be used as kindling.

America has a long history with fiat currency, starting with the Massachusetts Colonial notes of the 1600s. Other colonies quickly followed suit. The notes were to be redeemable for tangible goods, but they weren’t backed by any tangible commodity. Repeating a long, historical sequence of events, too many printed notes soon made the currency worthless. America’s next venture into unbacked paper currency was to finance the Revolutionary War. It, too, crashed.

It seemed American might finally have learned a lesson. Up until 1913, American currency was rigorously backed with actual gold. The establishment of the Federal Reserve Bank that year reduced the amount of gold officially backing the dollar. Owning gold became illegal. In 1971, any gold standard was eliminated as the US dollar officially became another piece of paper. Its value has decreased by 92% since 1913.

With history being the best indicator of the future, America is primed for another currency collapse.

We are facing a debt as out-of-control as Weimar Germany while the government keeps the printing presses busy. At this time, China and Russia are supporting their respective currencies with gold. In addition, both countries are using a new money transfer system, CIPS (China International Payment System), to replace the western SWIFT (Society for Worldwide Interbank Financial Telecommunication) system.

Western countries, all of whom use SWIFT for money transfers, have had a monopoly on the manipulation of international money transfers. With Washington and SWIFT’s help, hedge fund billionaire Paul Singer was able force a debt-ridden Argentina to pay 20 cents on the dollar for his bonds, valued at $3 billion, making it virtually impossible for Argentina to pay its other debtors.

Read More @ GoldTelegraph.com

Ron Paul: ‘The Fed Is At A Crossroads…Crisis Is Coming’

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by Mac Slavo, SHTFPlan:

The Fed has created a mountain of problems for everyone in the United States and every single solution that they come up with leads to even more problems. Ron Paul recently discussed what the Fed has done, how it tries to keep things going, and the inevitable economic crisis that is coming.

Ron Paul has been one of the few steadfast proponents of liberty, which is likely why he’s no longer associated with the government at all. In a recent video, Paul discussed the problems the Federal Reserve created and why their solutions will generate an economic crisis of epic proportions.

“They [The Fed] have a lot of power, but their main goal is to do central economic planning which always fails. It’s also a gimmick because they have meetings, they are supposed to have eight a year, and then there’s a big announcement…they come out and they make a statement and the chairman is interviewed, and then, later on, you get the minutes. It’s big fanfare. But I see it as mostly propaganda, just carrying a message. Getting it from the people who really run things, the deep state, and they get it out there. But it does have a lot of effect on the market. I actually believe that there are some people who know how fictitious the Fed really is and how inept it is, but still watch it because they know a lot of other people are going to pay attention…the deep state is not a part of the government, but they have a lot of influence.”

Paul went on to explain that often we are told it’s not right to criticize the Fed. But that will change.

“The next downturn, which I think will come soon, the Fed’s not going to get credit for getting us out of it. They didn’t get any credit for getting us out this last recession which we’re really, in many ways, still in…times are different. But times are getting much worse now. This next downturn is going to be a serious one and the Fed doesn’t have any magic whatsoever…central economic planning never works no matter how long they get away with it.”

And something we’ve heard from top financial experts such as Peter Schiff, Paul also says there’s a trend to ditch the dollar, which will lead to its collapse.

Read More @ SHTFPlan.com

“They’re Finally Accepting Reality” – Manhattan Landlords Are Slashing Rents To Fill Vacant Storefronts

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from ZeroHedge:

Owners of Manhattan’s commercial real-estate might soon begin to regret their decision to hike rents to absurdly high levels in the hope of attracting the next Chase, Bank of America or Duane Reade capable of paying their extortionate prices.

As Bloomberg reports, owners of prime retail storefronts in the heart of Soho – a trendy shopping district in downtown Manhattan – are struggling to find and retain tenants willing to pay the record rents being demanded by landlords.

The Bloomberg story begins by recounting the story of one boutique clothing shop that threatened to vacate its space six years early and just eat its security deposit unless the landlord agreed to a lower rate.

The Kooples, a French clothing seller, is threatening to vacate its space six years ahead of schedule if it can’t get landlord Thor Equities to cut the rent. With brick-and-mortar stores suffering from a retail industry shakeout, the company says it isn’t making enough money at the property and wants to focus on the web.

The scene unfolding on the cobblestones of one of New York’s trendiest shopping areas shows the increasingly fraught negotiations between tenants and landlords as vacancies soar and retail rents plunge. Similar scenarios are playing out along Madison Avenue to the north and along other thoroughfares in the city that have long been a draw for those shopping for designer clothing and other luxury goods. Property owners are confronting demands once unheard of in Manhattan, from rent reductions to short-term leases.

Read More @ ZeroHedge.com

DOW DOWN 381 POINTS/NASDAQ DOWN 57 POINTS AND THIS WAS THE WORST FEBRUARY SINCE 2009

by Harvey Organ, Harvey Organ Blog:

GOLD DOWN 70 CENTS AT $1316.70/SILVER DOWN ANOTHER 5 CENTS TO $16.38/JAPAN RECORDS HUGE PLUNGE IN RETAIL SALES AND ALSO A HUGE FALL IN INDUSTRIAL PRODUCTION/CHINA SUFFERS HUGE FALLS IN BOTH OF THEIR PMI/THE USA’S BEA LOWERS ESTIMATES OF Q4 GDP DOWN TO 2.5%/MORE SWAMP STORIES

GOLD: $1316.70 down $0.70

Silver: $16.38 down 5 cents

Closing access prices:

Gold $1318.30

silver: $16.42

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: $1342.38 DOLLARS PER OZ

NY PRICE OF GOLD AT EXACT SAME TIME: $1334.10

PREMIUM FIRST FIX: $8.28

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SECOND SHANGHAI GOLD FIX: $1337.74

NY GOLD PRICE AT THE EXACT SAME TIME: $1318.70

PREMIUM SECOND FIX /NY:$19.04

SHANGHAI REJECTS NY PRICING OF GOLD

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LONDON FIRST GOLD FIX: 5:30 am est $1332.75

NY PRICING AT THE EXACT SAME TIME: $1333.70

LONDON SECOND GOLD FIX 10 AM: $1317.85

NY PRICING AT THE EXACT SAME TIME. $1318.10

For comex gold:

MARCH/

NUMBER OF NOTICES FILED TODAY FOR MARCH CONTRACT: 0 NOTICE(S) FOR NIL OZ.

TOTAL NOTICES SO FAR:2749 FOR 274900 OZ (8.5505 TONNES),

For silver:

MARCH

3507 NOTICE(S) FILED TODAY FOR

NIL OZ/

Total number of notices filed so far this month: 3507 for 17,535,000 oz

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Bitcoin: BID $10,540/OFFER $10,610: DOWN $3.00(morning)

Bitcoin: BID/ $10,628/offer $10,698: UP $85  (CLOSING/5 PM)

 

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Let us have a look at the data for today\

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In silver, the total open interest ROSE BY A CONSIDERABLE SIZED 1344 contracts from 191,999  RISING TO 193,343 DESPITE  YESTERDAY’S 17 CENT FALL IN SILVER PRICING.  WE HAD ZERO COMEX LIQUIDATION. HOWEVER, WE WERE AGAIN NOTIFIED THAT WE HAD ANOTHER STRONG SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE:  324 EFP’S FOR MARCH AND AND 2325 EFP’S FOR MAY AND ZERO FOR ALL  OTHER MONTHS  AND THUS TOTAL ISSUANCE OF 2649 CONTRACTS.  WITH THE TRANSFER OF 2649 CONTRACTS, WHAT THE CME IS STATING IS THAT THERE IS NO SILVER (OR GOLD) TO BE DELIVERED UPON AT THE COMEX AS THEY MUST EXPORT THEIR OBLIGATION TO LONDON. ALSO KEEP IN MIND THAT THERE CAN BE A DELAY OF 24 HRS IN THE ISSUING OF EFP’S. THE 2649 CONTRACTS TRANSLATES INTO 13.245 MILLION OZ DESPITE  WITH THE CONTINUAL DROP IN OPEN INTEREST IN SILVER AT THE COMEX.

ACCUMULATION FOR EFP’S/SILVER/J.P.MORGAN’S HOUSE OF BRIBES, / STARTING FROM FIRST DAY NOTICE/FOR MONTH OF FEBRUARY:

48,989 CONTRACTS (FOR 20 TRADING DAYS TOTAL 48,989 CONTRACTS OR 244.945 MILLION OZ: AVERAGE PER DAY: 2637 CONTRACTS OR 13.185 MILLION OZ/DAY

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH:  244.945 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 34.98% OF ANNUAL GLOBAL PRODUCTION

ACCUMULATION IN YEAR 2018 TO DATE SILVER EFP’S:  493.475 MILLION OZ.

ACCUMULATION FOR JAN 2018: 236.879 MILLION OZ

ACCUMULATION FOR MONTH OF FEBRUARY: 244.945 MILLION OZ

RESULT: WE HAD ZERO LOSS  IN COMEX OI SILVER COMEX DESPITE THE 17 CENT LOSS IN SILVER PRICE.  WE ALSO HAD A GOOD SIZED EFP ISSUANCE OF 2649 CONTRACTS WHICH EXITED OUT OF THE SILVER COMEX AND TRANSFERRED THEIR OI TO LONDON AS FORWARDS. SPECULATORS CONTINUED THEIR INTEREST IN ATTACKING THE SILVER COMEX FOR PHYSICAL SILVER . FROM THE CME DATA 2649 EFP’S  FOR  MONTHS MARCH AND MAY WERE ISSUED FOR  A DELIVERABLE FORWARD CONTRACT OVER IN LONDON WITH A FIAT BONUS.   WE GAINED  3993 OI CONTRACTS i.e. 2649 open interest contracts headed for London (EFP’s) TOGETHER WITH A INCREASE OF 1344  OI COMEX CONTRACTS. AND ALL OF THIS HAPPENED WITH THE FALL IN PRICE OF SILVER OF 17 CENTS AND A CLOSING PRICE OF $16.43 WITH RESPECT TO YESTERDAY’S TRADING. YET WE STILL HAVE A FAIR AMOUNT OF SILVER STANDING AT THE COMEX.

In ounces AT THE COMEX, the OI is still represented by just UNDER 1 BILLION oz i.e. 0.9667 BILLION TO BE EXACT or 138% of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT FEBRUARY MONTH/ THEY FILED: 3507 NOTICE(S) FOR 17,535 OZ OF SILVER

In gold, the open interest  ROSE BY A SMALL 211 CONTRACTS RISING TO 532,860 DESPITE THE CONSIDERABLE FALL IN PRICE OF GOLD WITH RESPECT TO YESTERDAY’S TRADING ($13.80).HOWEVER, IN ANOTHER DEVELOPMENT, WE RECEIVED THE TOTAL NUMBER OF GOLD EFP’S ISSUED FOR WEDNESDAY AND IT TOTALED AN HUGE SIZED  13,581 CONTRACTS OF WHICH  APRIL SAW THE ISSUANCE OF 13,581 CONTRACTS AND  JUNE SAW THE ISSUANCE OF 0 CONTRACTS AND THEN ALL OTHER MONTHS ZERO.    The new OI for the gold complex rests at 532,649. ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S.  THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY.  THEN THEY ORCHESTRATE THEIR PRIVATE EFP DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. DEMAND FOR GOLD INTENSIFIES GREATLY AS WE CONTINUE TO WITNESS A HUGE NUMBER OF EFP TRANSFERS TOGETHER WITH THE MASSIVE INCREASE IN GOLD COMEX OI  TOGETHER WITH  THE TOTAL AMOUNT OF GOLD OUNCES STANDING FOR FEBRUARY COMEX. EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER (BIG RISE IN BOTH GOFO AND SIFO) AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES. IN ESSENCE WE HAVE A GAIN OF 13,792  CONTRACTS: 211 OI CONTRACTS INCREASED AT THE COMEX AND A HUGE SIZED  13,581 OI CONTRACTS WHICH NAVIGATED OVER TO LONDON.(16,117 oi gain in CONTRACTS EQUATES TO 42.89TONNES)

YESTERDAY, WE HAD 7855 EFP’S ISSUED.

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF FEBRUARY STARTING WITH FIRST DAY NOTICE: 208,806 CONTRACTS OR 20,880,600  OZ OR 649.45 TONNES (20 TRADING DAYS AND THUS AVERAGING: 10,440EFP CONTRACTS PER TRADING DAY OR 1,044,000 OZ/ TRADING DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SIZE OF THESE EFP TRANSFERS :   SO FAR THIS MONTH IN 19 TRADING DAYS: IN  TONNES: 649.45 TONNES

TOTAL ANNUAL GOLD PRODUCTION, 2017, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 2200 TONNES

THUS EFP TRANSFERS REPRESENTS 649.45/2200 x 100% TONNES =  29.52% OF GLOBAL ANNUAL PRODUCTION SO FAR IN FEBRUARY ALONE.

ACCUMULATION OF GOLD EFP’S YEAR 2018 TO DATE:  1283.01 TONNES

ACCUMULATION OF GOLD EFP’S FOR JANUARY 2018: 653.22  TONNES

ACCUMULATION OF GOLD EFP’S FOR FEBRUARY: 649.45 TONNES

Result: A  STRONG SIZED INCREASE IN OI AT THE COMEX DESPITE THE HUGE FALL IN PRICE IN GOLD TRADING YESTERDAY ($13.80).  HOWEVER, WE HAD ANOTHER HUGE SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 13,581 CONTRACTS AS THESE HAVE ALREADY BEEN NEGOTIATED AND CONFIRMED.   THERE OBVIOUSLY DOES NOT SEEM TO BE MUCH PHYSICAL GOLD AT THE COMEX AND YET WE ALSO OBSERVED A HUGE DELIVERY MONTH FOR THE MONTH OF DECEMBER. I GUESS IT EXPLAINS THE HUGE ISSUANCE OF EFP’S…THERE IS HARDLY ANY GOLD PRESENT AT THE GOLD COMEX FOR DELIVERY PURPOSES. IF YOU TAKE INTO ACCOUNT THE 13,581 EFP CONTRACTS ISSUED, WE HAD A NET GAIN IN OPEN INTEREST OF 13,792 contracts ON THE TWO EXCHANGES:

13,581 CONTRACTS MOVE TO LONDON AND  211 CONTRACTS INCREASED AT THE COMEX. (in tonnes, the GAIN in total oi equates to 42.89 TONNES).

we had: 0 notice(s) filed upon for NIL oz of gold.

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

GLD

WITH GOLD DOWN $0.70 : NO CHANGES IN GOLD INVENTORY AT THE GLD OF GOLD INTO THE GLD

Inventory rests tonight: 831.03 tonnes.

SLV/

WITH SILVER DOWN 5 CENTS TODAY: 

NO CHANGES IN SILVER INVENTORY AT THE SLV

/INVENTORY RESTS AT 316.590 MILLION OZ/

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First, here is an outline of what will be discussed tonight:

1. Today, we had the open interest in silver ROSE BY 1344  contracts from 191,999 UP TO 193,343 (AND now A LITTLE CLOSER TO THE NEW COMEX RECORD SET ON FRIDAY/APRIL 21/2017 AT 234,787) DESPITE THE FALL  IN PRICE OF SILVER  (17 CENT WITH RESPECT TO  YESTERDAY’S TRADING).   OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE ANOTHER GOOD 324 PRIVATE EFP’S FOR MARCH AND 2325 EFP CONTRACTS OR MAY  (WE DO NOT GET A LOOK AT THESE CONTRACTS AS IT IS PRIVATE BUT THE CFTC DOES AUDIT THEM) AND 0 EFP’S FOR ALL OTHER MONTHS .  EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. WE HAD CONSIDERABLE COMEX SILVER COMEX LIQUIDATION. IF WE TAKE THE  OI GAIN AT THE COMEX OF  1344 CONTRACTS TO THE 2649 OI TRANSFERRED TO LONDON THROUGH EFP’S, WE OBTAIN A STRONG GAIN OF 3993  OPEN INTEREST CONTRACTS .  WE STILL HAVE A STRONG AMOUNT OF SILVER OUNCES THAT ARE STANDING FOR METAL IN MARCH (SEE BELOW). THE NET GAIN TODAY IN OZ ON THE TWO EXCHANGES:  19.96 MILLION OZ!!!

RESULT: A CONSIDERABLE SIZED INCREASE IN SILVER OI AT THE COMEX DESPITE THE  FALL OF 17 CENTS IN PRICE (WITH RESPECT TO YESTERDAY’S TRADING ). BUT WE ALSO HAD ANOTHER GOOD 2649 EFP’S ISSUED TRANSFERRING COMEX LONGS OVER TO LONDON. TOGETHER WITH THE GOOD  SIZED AMOUNT OF SILVER OUNCES STANDING FOR FEBRUARY, DEMAND FOR PHYSICAL SILVER INTENSIFIES AS WE WITNESS MAJOR BANK SHORT COVERING ACCOMPANIED BY INCREASES IN GOFO AND SIFO RATES INDICATING SCARCITY.

(report Harvey)

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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 WEDNESDAY MORNING/TUESDAY NIGHT: Shanghai closed DOWN 32.66 POINTS OR 0.99% /Hang Sang CLOSED DOWN 423.94 POINTS OR 1.36% / The Nikkei closed DOWN 423.94 POINTS OR 1.36%/Australia’s all ordinaires CLOSED DOWN 0.68%/Chinese yuan (ONSHORE) closed DOWN at 6.3225/Oil DOWN to 62.85 dollars per barrel for WTI and 66.45 for Brent. Stocks in Europe OPENED DEEPLY IN THE RED  .   ONSHORE YUAN CLOSED UP AT 6.225 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.3248 /ONSHORE YUAN TRADING STRONGER AGAINST OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING MUCH WEAKER AGAINST THE DOLLAR AND ALL OTHER CURRENCIES. CHINA IS NOT  HAPPY TODAY (WEAK CURRENCY AND POOR MARKETS) 

Read More @ HarveyOrganBlog.com

12 Years In A Row And Counting: The U.S. Has Not Had A Year Of 3 Percent Economic Growth In More Than A Decade

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by Michael Snyder, The Economic Collapse Blog:

If the U.S. economy is in good shape, then why has economic growth been so anemic for more than a decade?  It has been 12 long years since the economy grew by at least 3 percent, and for most of that time my website has been one of the leading voices chronicling America’s long-term economic problems.  In 2017, U.S. GDP increased by just 2.3 percent, but at least that was better than the pathetic 1.5 percent figure that was posted for 2016.  With Donald Trump in the White House, we have taken some steps in the right direction, but we must never forget that our long-term economic and financial problems continue to steadily get worse.

As I travel around Idaho’s first congressional district, I often tell voters that we have not had a year of 3 percent economic growth since the middle of the Bush administration, and a lot of people have a really hard time believing that this is accurate.  But of course it is 100 percent true, and earlier today CNS News published an article highlighting this fact…

The United States has gone a record 12 straight years without 3-percent growth in real Gross Domestic Product, according to data released today by the Bureau of Economic Analysis.

This drought is highly, highly unusual.  In fact, before this 12 year stretch the previous record was just four years

Before the current period, when the nation has seen twelve straight years without 3 percent growth in real GDP, the longest stretch of years in which real GDP did not grow by at least 3 percent was during the Great Depression—when there were four straight years (1930-1933) when real GDP did not grow that much.

Have we entered a new era of low economic growth?

Is 3 percent the best that we can hope for from now on?

I have pointed out many times that Barack Obama was the only president in all of U.S. history never to have a single year of 3 percent economic growth, and he had two terms to try to achieve that.

Of course the U.S. economy began struggling far before Obama entered the White House.  As the U.S. has increasingly embraced socialism, our once vibrant economy has really had a tough time.  In fact, since the end of the Reagan administration our economic growth numbers have not been good at all

The last time it grew by more than 7 percent was 1984, when Ronald Reagan was president. That year, it grew by 7.3 percent.

In the years after 1984, the highest level of economic growth achieved by the United States was in 1999, when real GDP grew by 4.7 percent.

Hopefully things can turn around under President Trump, and that it is why it is so imperative that we send pro-Trump candidates for Congress to Washington.

The U.S. economy is way overdue for a recession, and many believe that the next major economic downturn is right around the corner.  We just witnessed the worst February for stocks in 9 years, and the Dow ended the month on a huge down note.  Hopefully things will rebound in March, but there is absolutely no guarantee that will happen.

The following are some more facts about what transpired in February from Zero Hedge

  • Trannies worst month since Jan 2016
  • Small Caps worst month since Oct 2016
  • VIX biggest monthly jump since Aug 2015
  • 30Y TSY Yield biggest monthly jump since Nov 2016
  • 2Y TSY Yield up 6 straight months
  • HY Credit (HYG) worst month since Jan 2016
  • HY Spreads worst month since Sept 2015
  • USD Index up most since Feb 2017
  • WTI worst month since Aug 2017
  • Gold worst month since Sept 2017
  • Silver worst month since Nov 2016

I know that I didn’t write very much this month, and that is because I have been relentlessly working to win my race for Congress.

Read More @ TheEconomicCollapseBlog.com

Stockman: $1.8 Trillion in New Treasury Debt Will Hit Bond Pits “Like a Tornado”

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

Investors have been whiplashed so far this week and it’s only Wednesday morning. On Monday, the Dow rocketed ahead by 399 points. On Tuesday, it plunged by 299 points. What changed investor sentiment so dramatically in 24 hours?

David Stockman, the former Director of the Office of Management and Budget under President Ronald Reagan who blogs at Contra Corner, appeared on CNBC yesterday to size up the situation. Commenting on the new Chairman of the Federal Reserve, Jerome Powell, who gave testimony for the first time in his new role before the House Financial Services Committee yesterday, Stockman said he thinks Powell is “missing three giant skunks sitting on the wood pile.”

The biggest skunk according to Stockman is an “epic monetary fiscal collision” that Stockman says he hasn’t seen before in his lifetime. Stockman explained that starting this October, which begins the Federal government’s Fiscal 2019,  the government is going to borrow $1.2 trillion. Stockman called this “an astronomical number” given that the U.S. is ten years into an expansion. (Borrowing of that magnitude has traditionally been done only during a deep recession.)

At the same time says Stockman, the Federal Reserve has pivoted to Quantitative Tightening (QT) “and they will be dumping $600 billion” of their bonds into the market at the same time as the government is pumping up debt issuance. (The Federal Reserve began trimming back its purchases of Treasury bonds in October of last year in order to normalize its bloated balance sheet that resulted from the financial crisis. That trimming, which is an effective tightening of monetary policy, will expand this year.

The Fed’s $600 billion combined with the $1.2 trillion from the government means that $1.8 trillion in Treasuries “will be looking for a home” in Fiscal 2019 said Stockman. This leads Stockman to believe that the market simply can’t clear all of this debt at anywhere near the 2.90 percent interest rate at which the 10-year U.S. Treasury has been trading. He says there is going to be a “monumental yield shock” that will take 10-year Treasury yields to 3 to 4 percent “and probably overshoot beyond that.”

Another big skunk explains Stockman is that there will not be the help coming from other central banks around the world as there has been in the past decade. They’re also in wind-down mode.

In his House testimony yesterday, Powell rattled markets by using the words “robust” to describe the job market and “more stimulative” to describe fiscal policy. He also said that “wages should increase at a faster pace.” The full context was as follows in his written testimony:

“The robust job market should continue to support growth in household incomes and consumer spending, solid economic growth among our trading partners should lead to further gains in U.S. exports, and upbeat business sentiment and strong sales growth will likely continue to boost business investment. Moreover, fiscal policy is becoming more stimulative. In this environment, we anticipate that inflation on a 12-month basis will move up this year and stabilize around the FOMC’s 2 percent objective over the medium term.

“Wages should increase at a faster pace as well. The Committee views the near-term risks to the economic outlook as roughly balanced but will continue to monitor inflation developments closely.”

Read More @ WallStOnParade.com

Soros Calls on EU to Regulate Social Media to Fight Populism

by Liam Deacon, Breitbart:

Billionaire open-borders activist George Soros has demanded the European Union (EU) regulate social media because voters’ minds are being controlled and “manipulated”.

He claimed the size of social media firms made them a “public menace” and argued they had led people to vote against globalist causes, including electing President Donald J. Trump, in an article for The Guardian published Thursday.

The speculator, who runs one of the largest campaigning groups in the world and is noted for his interference in foreign politics and elections, said ultimately unregulated social media threatened democracy and the “integrity of elections”.

New media websites and populist groups have been prolific on social media, using the platforms to surpass mainstream media and promote causes Mr. Soros and his allies oppose.

Mr. Soros has a cosy relationship with the EU’s unelected leaders, meeting with them 11 times since the Brexit vote. Prime Minister Theresa May, in contrast, has had just three meetings in that period.

Just over a week ago, it was revealed Mr. Soros had quietly pumped half a million pounds into groups trying to block Brexit and overthrow the Tory government.

In the Guardian article, he wrote that social media can “influence how people think and behave without them even being aware of it” and “this interferes with the functioning of democracy and the integrity of elections”.

 

Due to social media use, he claimed people are losing “freedom of mind”, adding: “This danger does not loom only in the future; it played an important role in the 2016 US presidential election.”

“President Donald Trump would like to establish his own mafia-style state,” he said, claiming the President was part of the same problem as North Korean Dictator Kim Jong-un.

 

Read More @ Breitbart.com

Zimbabwe 2.0: South Africa Votes to Confiscate White Minority’s Land Without Compensation

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by Chris Menahan, Information Liberation:

The South African parliament voted on Tuesday to move forward in amending their Constitution to allow for the confiscation of land from their white minority without compensation. 

The move has come just twenty-four years after apartheid officially ended. Whites ended the apartheid system only with the explicit constitutional guarantee that their land would never be stolen, but now that they’ve become a small minority with rapidly dwindling political power that’s all gone out the window.

From News.com.au:

SOUTH Africa’s parliament has voted in favour of a motion that will begin the process of amending the country’s Constitution to allow for the confiscation of white-owned land without compensation.

The motion was brought by Julius Malema, leader of the radical Marxist opposition party the Economic Freedom Fighters, and passed overwhelmingly by 241 votes to 83 against. The only parties who did not support the motion were the Democratic Alliance, Freedom Front Plus, Cope and the African Christian Democratic Party.

The Democratic Alliance is the party most white South Africans vote for. Whites make up less than half of the party and the entire party got only 22 percent of the vote in South Africa’s 2014 general election.

It was amended but supported by the ruling African National Congress and new president Cyril Ramaphosa, who made land expropriation a key pillar of his policy platform after taking over from ousted PM Jacob Zuma earlier this month.

“The time for reconciliation is over. Now is the time for justice,” Mr Malema was quoted by News24 as telling parliament. “We must ensure that we restore the dignity of our people without compensating the criminals who stole our land.”

According to Bloomberg, a 2017 government audit found white people owned 72 per cent of farmland in South Africa.

Whites own the land because they colonized it and built it from nothing starting in the 1600’s. They literally “drained the swamps” covering many parts of South Africa and built giant farms in their place. 

Read More @ InformationLiberation.com