Tuesday, June 25, 2019

Prepare for sudden, radical transformation at every level of society… “You may not recognize tomorrow”

by Mike Admas, Natural News:

When the Berlin wall fell, it was an “all of a sudden” phenomenon. The week before, there were no abundantly evident signs that such a monumental historical event was about to take place. This is how history often occurs: Slowly at first, then all at once.

Due to a multitude of factors — including the rise of independent journalism and the exposing of the failures of big government — the world is now poised for a cascading series of true revolutions involving everything from medicine to economics. The underlying conditions leading to these revolutions have been building for decades, often without any surface evidence of the tipping point that’s about to be tripped. Once these monumental changes take place, it will all seem obvious in retrospect, but looking forward from the present, it’s extremely difficult for most people to get past “normalcy bias” (which means they expect the future to be exactly like today).

Today I share a series of three podcasts that help explain the monumental changes that are coming. First, I cover “The Revolution of Everything” which discusses the wide-ranging transformation that’s taking place in medicine, technology and the political establishment:

In the next podcast, entitled “You may not recognize tomorrow,” I explain how the decentralization of information has led to today’s explosion of transparency, including the outing of sex abusers like Sen. Al Franken, Harvey Weinstein, Kevin Spacey, etc. This decentralization has crushed the information monopolies that previously controlled all the narratives consumed by members of society. But now, people have a choice of where to get their information, and that choice allows a diversity of ideas to flourish.

Read More @ NaturalNews.com

Banks Again Defending Silver’s 200-Day Moving Average – Craig Hemke

by Craig Hemke, Sprott Money:

The Bullion Bank trading desks, which are routinely short thousands of metric tonnes of digital silver, are once again attempting to keep price below the 200-day moving average.

And why is this so important to The Banks? For the most basic reasons of all…greed and profit.

The only data available to measure the size of the Bank net short position in Comex silver comes from the corrupt and compromised CFTC. Though it seems useless to use CFTC-generated data, unfortunately we have no other choice. To that end, as of the most recent reporting, we find Bank positions as follows:

• As measured by the latest Commitment of Traders Report, the NET position of the “commercials” in Comex silver is 80,436 contracts short. As measured by the latest Bank Participation Report, the NET position of the 24 Banks involved in Comex silver is 69,473 contracts short. For the sake of simplicity, let’s just use the smaller BPR number and round it up t0 70,000 contracts NET SHORT for The Banks that trade on the Comex.

At 5,000 ounces of digital silver per Comex contract, 70,000 contracts is a net short position of 350,000,000 ounces or about 40% of total 2017 global mine supply. (It’s also about 150% of the total amount of silver allegedly held in the Comex vaults but we’ll save that topic for another day.)

For the purpose of this discussion, let’s just look at that 350,000,000 ounce NET short position. Consider the size of that position and then do the simple math of realizing that a $1 move in either direction means a $350MM trading gain or trading loss for these Bank desks.

Now, getting back to the title of this post and The Banks desire to keep price below the 200-day moving average. Why is this so important to them? Again, it’s greed and profit.

As you can see below, on just three previous occasions in 2017, price has been able to briefly move above the critical 200-day MA. In February, the subsequent rally in price was about 60¢. In April, the move was nearly identical but in August, price moved over $1 in two weeks once the 200-day was breached.

So why defend the 200-day again now? First and foremost, The Banks (because of their massive NET short position) do NOT want a rally into year end that might prompt even more interest and speculator buying into 2018. More important though is the simple greed factor as another $1 move up in price would be a $350MM paper loss against their net short position!

Read More @ SprottMoney.com

The US Cities with the Biggest Housing Bubbles

by Wolf Richter, Wolf Street:

What, first down-tick in Seattle?

The S&P CoreLogic Case-Shiller National Home Price Index for September, released today, jumped 6.2% year-over-year (not-seasonally-adjusted). By comparison, consumers’ nominal disposable income (not adjusted for inflation) rose only 2.9%. When population growth is factored in, this disposable income on a “per-capita” basis, hence for consumers as individuals, grew about 2%, less than a third of the jump in the national home price index. This disconnect, year after year,  adds up after a while.

The Case-Shiller national home price index has now surpassed by 5.9% the crazy peak in July 2006 of Housing Bubble 1:

While real estate prices are subject to local dynamics, they’re also impacted by the consequences of monetary policies, particularly in places where the liquidity flows to. This creates local housing bubbles. When enough local bubbles occur simultaneously, it becomes a national housing bubble. See chart above.

And here are the magnificent local housing bubbles of major metro areas in the US:

Boston:

The index for the Boston metro area ticked up again on a monthly basis in its relentless manner and has surged 7.2% year-over-year. During Housing Bubble 1, it soared a blistering 82% from January 2000 to October 2005, before the plunge set in. Now, after six years of price surges, it exceeds the peak of Housing Bubble 1 by 13%:

Seattle:

The Case-Shiller home price index for the Seattle metro declined a smidgen on a month-to-month basis from the record set at the last reading. It was the first monthly decline since January 2015! First sign of a let-up? Maybe not yet. The index is not seasonally adjusted, and a slight downturn this time of the year was not unusual before 2015. The index is still up an astounding 12.9% year over year and is now 20% above the peak of Housing Bubble 1 (July 2007):

The Case-Shiller Index is based on a rolling-three month average; today’s release was for July, August, and September data. Instead of median prices, the index uses “home price sales pairs.” It looks, for instance, at a house that sold in 2011 and then again in 2017. Algorithms adjust this price movement and incorporate other factors. The index was set at 100 for January 2000. An index value of 200 means prices have jumped 100%. For example in Seattle, the index was at 230.9, indicating that prices have soared 130% since January 1, 2000.

Denver:

The index for the Denver metro ticked up on a monthly basis, is up 7.2% year-over-year, and has surged 44% above the prior peak in the summer of 2006. When Housing Bubble 1 was inflating in many big markets, home prices in Denver gained “only” about 12% in four years but were spared much of the crash that hit other markets on the way down. But in 2012, Housing Bubble 2 erupted with a vengeance:

Read More @ WolfStreet.com

We Have Tripled The Number Of Store Closings From Last Year, And 20 Major Retailers Have Closed At Least 50 Stores In 2017

by Michael Snyder, The Economic Collapse Blog:

Did you know that the number of retail store closings in 2017 has already tripled the number from all of 2016?  Last year, a total of 2,056 store locations were closed down, but this year more than 6,700 stores have been shut down so far.  That absolutely shatters the all-time record for store closings in a single year, and yet nobody seems that concerned about it.  In 2008, an all-time record 6,163 retail stores were shuttered, and we have already surpassed that mark by a very wide margin.  We are facing an unprecedented retail apocalypse, and as you will see below, the number of retail store closings is actually supposed to be much higher next year.

Whenever the mainstream media reports on the retail apocalypse, they always try to put a positive spin on the story by blaming the growth of Amazon and other online retailers.  And without a doubt that has had an impact, but at this point online shopping still accounts for less than 10 percent of total U.S. retail sales.

Look, Amazon didn’t just show up to the party.  They have been around for many, many years and while it is true that they are growing, they still only account for a very small sliver of the overall retail pie.

So those that would like to explain away this retail apocalypse need to come up with a better explanation.

As I noted in the headline, there are 20 different major retail chains that have closed at least 50 stores so far this year.  The following numbers originally come from Fox Business

1. Abercrombie & Fitch: 60 stores
2. Aerosoles: 88 stores
3. American Apparel: 110 stores
4. BCBG: 118 stores
5. Bebe: 168 stores
6. The Children’s Place: hundreds of stores to be closed by 2020
7. CVS: 70 stores
8. Guess: 60 stores
9. Gymboree: 350 stores
10. HHgregg: 220 stores
11. J.Crew: 50 stores
12. JC Penney: 138 stores
13. The Limited: 250 stores
14. Macy’s: 68 stores
15. Michael Kors: 125 stores
16. Payless: 800 stores
17. RadioShack: more than 1,000 stores
18. Rue21: up to 400 stores
19. Sears/Kmart: more than 300 stores
20. Wet Seal: 171 stores

If the U.S. economy was really doing well, then why are all of these major retailers closing down locations?

Of course the truth is that the economy is not doing well.  The U.S. economy has not grown by at least 3 percent in a single year since the middle of the Bush administration, and it isn’t going to happen this year either.  Overall, the U.S. economy has grown by an average of just 1.33 percent over the last 10 years, and meanwhile U.S. stock prices are up about 250 percent since the end of the last recession.  The stock market has become completely and utterly disconnected from economic reality, and yet many Americans still believe that it is an accurate barometer for the health of the economy.

I used to do a Black Friday article every year, but I have ended that tradition.  Yes, there were still a few scuffles this year, but at this point the much bigger story is how poorly the retailers are doing.

So far this year, more than 300 retailers have filed for bankruptcy, and we are currently on pace to lose over 147 million square feet of retail space by the end of 2017.

Those are absolutely catastrophic numbers.

And some analysts are already predicting that as many as 9,000 stores could be shut down in the United States in 2018.

Are we just going to keep blaming Amazon every time another retail chain goes belly up?

What we should really be focusing on is the fact that the “retail bubble” is starting to burst.  In the aftermath of the last financial crisis, retailers went on an unprecedented debt binge, and now a lot of that debt is starting to go bad.

In fact, in a previous article I discussed the fact that “the amount of high-yield retail debt that will mature next year is approximately 19 times larger than the amount that matured this year”.  This is going to have very serious implications on Wall Street, but very few people are really talking about this.

Most stores try to stay open through Christmas, but once the holiday season is over we will see another huge wave of store closings.

Read More @ TheEconomicCollapseBlog.com

“It Can Reach Washington, DC”: Latest North Korean ICBM Can Hit Anywhere In The Continental US

from ZeroHedge:

There was something different about today’s ballistic missile test: according to a preliminary analysis from the Pentagon, the rocket was an Intercontinental Ballistic Missile, which was reported to have flown for 50 minutes, on a very high trajectory reaching 4,500 km above the earth (more than ten times higher than the orbit of Nasa’s International Space Station) before coming down nearly 1,000 km from the launch site off the west coast of Japan.

This would make it the most powerful of the three ICBM’s North Korea has tested so far. Furthermore, the mobile night launch appeared aimed at testing new capabilities and demonstrating that Pyongyang would be able to strike back to any attempt at a preventative strike against the regime.

“The missile was launched from Sain Ni, North Korea, and traveled about 1,000 km before splashing down in the Sea of Japan, within Japan’s economic exclusion zone. We are working with our interagency partners on a more detailed assessment of the launch,” Pentagon spokesman, Col Robert Manning said.

This is concerning for one big reason: according to General Mattis, the North Korean ICBM “went higher, frankly, than any previous” and “North Korea can basically threaten everywhere in the world.” This was confirmed by North Korea missile analyst, Shea Cotton, who cited Allthingsnuclear author David Wright, and who told the BBC that the initial estimates of the ICBM test mean that North Korea can now reach New York and Washington DC.

How did North Korea develop such an advanced ICBM? Here, as Michael Duitsman, research associate at the center for nonproliferation studies recalls “the DPRK reportedly tested a new engine a few weeks ago, so #2 makes sense. The second stage burn time on the first two HS-14 tests was crazy long, so it could benefit from a different engine.”

Read More @ ZeroHedge.com

GOLD RISES BY 55 CENTS BUT SILVER IS CLOBBERED BY 17 CENTS AS OPTIONS EXPIRY ENDS ON THURSDAY

by Harvey Organ, Harvey Organ Blog:

NORTH KOREA LAUNCHES A BALLISTIC MISSILE/JAPAN HAS ANOTHER FAKE DATA SCANDAL WITH MATERIALS GIANT TARAY INDUSTRIES ADMITTING TO FALSIFYING REPORTS/A USA GOVERNMENT SHUTDOWN ON DEC 8 LOOKS INCREASINGLY POSSIBLE/OUR GOOD FRIENDS OVER AT WELLS FARGO ARE BEING INVESTIGATED AGAIN

GOLD: $1295.40  UP $0.55

Silver: $16.88 DOWN 17 cents

Closing access prices:

Gold $1293.65

silver: $16.85

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: $1299.89 DOLLARS PER OZ

NY PRICE OF GOLD AT EXACT SAME TIME: $1293.15

PREMIUM FIRST FIX: $6.19

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SECOND SHANGHAI GOLD FIX: $1299.89

NY GOLD PRICE AT THE EXACT SAME TIME: $1293.15

Premium of Shanghai 2nd fix/NY:$6.19

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LONDON FIRST GOLD FIX: 5:30 am est $1293.90

NY PRICING AT THE EXACT SAME TIME: $1293.90

LONDON SECOND GOLD FIX 10 AM: $1291.85

NY PRICING AT THE EXACT SAME TIME. 1291.85

For comex gold:

NOVEMBER/

 NUMBER OF NOTICES FILED TODAY FOR NOVEMBER CONTRACT:  0 NOTICE(S) FOR nil OZ.

TOTAL NOTICES SO FAR: 1053 FOR 105,300 OZ (3.375 TONNES)

For silver:

NOVEMBER

0 NOTICE(S) FILED TODAY FOR

NIL OZ/

Total number of notices filed so far this month: 886 for 4,430,000 oz

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

Bitcoin: BID $9893/OFFER $9933 up $168 (morning) 

BITCOIN : BID $9882 OFFER: $9922 // UP $160 (CLOSING)

end

 

For the past eight years or so I have had a very good relationship with the U.S. Commodity Futures Trading Commission. My desire was always to keep the channels of communication open though I knew that the Comex was manipulated on a daily basis.

Always the CFTC, through Mathew Hunter (Bart Chilton’s hand-picked protege), communicated with me on all issues. My deal was not to repeat anything said. I honored that. After learning about the exchange-for-physicals mechanism on the Comex, I raised with the CFTC some important issues about them and initially Hunter responded. However, my last two letters to him have not been acknowledged.

I would like to point out the huge difference in deliveries between New York and London. November is a non-active delivery month in gold and we generally witness around 1.5 tonnes delivered upon. However, when you note the amount of contracts transferred it is a whole different story:  Last month we had approximately 8,000 contracts of gold open interest transferred to London per day or 180,000 contracts or 1.8 million ounces  (560 tonnes). This month it looks like we will have around 9,500 contracts transferred per day or 2 million ounces transferred (620 tonnes). It certainly shows that Comex has a lack of physical metal.

 

Here are my two letters to the CFTC:

 

 

 

 

Dear Mathew:

As you are aware, we have been conversing for the past few years on the subject of gold (and to a lesser extent silver) open interest contraction once we approached an active delivery month.  You originally offered no apparent reason for this phenomena citing confidentiality to which you were not allowed to divulge to me. You never brought up the use of EFP’s to me as I had no idea that they existed.

When I brought up the “newly discovered”  Exchange for Physical” vehicle, you stated that you were well versed in them and not only that but you monitor the private contracts.  You stated that it was quite legal to offer an EFP to a long in a private deal for cash and a deliverable verifiable physical product  and I have since discovered that almost all of our precious metal EFP’s get transferred over for a London Forward.

I was speaking to James Turk who told me that almost all of these EFP’s remain in London seeking whatever physical they can get a hold of.  He informs me that gold and silver are in deep backwardation in price in London and further to that, it is taking 6 weeks- 10 weeks for actual delivery.  He suggests that it is most likely that further payments are issued due to the length of time it takes to deliver the physical gold to our longs.

It would be quite easy for a long to sell in London and buy back a new comex gold position in NY and start the same operation again.  However this is not happening:.

The average EFP on a daily basis or gold is around 8,000 contracts or so PER DAY. So in one month. one would see 180,000 EFP contracts issued .  Over two years,  the transferred comex OI volume would be enormous.  If these were to come back to NY then the comex OI would be enormous and this is not happening

Thus almost all of these gold EFP longs are staying in London trying to obtain whatever gold/silver is available.

However, while this is going on, the bankers continue to supply massive amounts of paper gold/silver knowing with 100% certainty that there is not any physical to supply.

Obviously we have a huge conflict here coupled with zero transparency.  Why are the bankers knowingly supplying huge amounts of paper shorts, influencing the price southbound, knowing full well that they could never deliver upon longs standing.

Why has the CFTC allowed JPMorgan the right to acquire over 600 million oz of physical silver, knowing full well that they are the biggest short at the comex.

The CFTC has stated that the comex is a price discovery mechanism.  Do you still believe that you are reporting on transparency in the gold/silver market?

Gold and silver have higher prices in Shanghai vs NY at the fixes.  With the fact that bullion bank payments pay our comex longs a fiat bonus, one can suggest that the price of spot comex gold/silver is higher that future prices.  The offering of extra cash in London to delay delivery is also indicative of further backwardation and thus scarcity of metal.

I would like the CFTC to address this major issue:

if EFP’s are being used for emergency use (and that emergency use has morphed in a daily occurrence) how do they explain the massive increase in short supply by the bankers knowing full well that they have no metal to supply longs.  It is also obvious that the traditional mantra of the banker hedging is out the window

can you please address this for us

Sincerely

Harvey Organ BScPhm MBA

end

Here is my second letter to the CFTC where I am reporting late entries:

Dear Mathew:

Following my email to you a few days ago, I have noticed strange readings at the Comex.

For example, on November 22 [????] Comex gold reported a loss of 18,949 contracts with a corresponding gain in price of $10.70.

There was also a CME report of 8,101 contracts for exchange for physicals, which give Comex longs a deliverable product that is no doubt a London-based forward. I have been stressing to you that I have witnessed long delays in the reporting of data. It seems that we are having either:

1) Late reporting of open interest even after an exchange-for-physicals has been issued.

Or 2) late reporting of EFPs after final open interest reporting.

You will see what I mean: Here are the last three confirmed comex/CME data reports:

Nov 22:     Comex loss of OI front Month (Gold)    Nov 22: EFP issued       Price gain(loss)

                   -18,949           
                                   +8101                             $10.70 gain

Nov 21        -9227                                                   +21,428                         $5.10 gain

Nov 20        +28,707                                               +12,711                       _ $19.70 loss 

 

 

average:      481 gain                                             42,240 transfer                 net loss $4.20                                     

Now Silver:

Nov 22:       +1919                                                 +1231                             13 cent gain

Nov 21       -7611                                                    +2998                             7 cent gain

Nov 20       +5,388                                                  + 1078                            45 cent loss

average:     309 gain                                                5307                             25 cent net loss 

If we take an average of the three days, it makes sense. This would be why they are slow in their reporting

The issuance of EFPs does not exactly correspond to a loss in open interest in the front month as the CME is lazy in  reporting.

But eventually the reporting of each side of the transaction is done.

This is a big issue and that is why I asked if the CFTC would consider writing an article on this so that transparency can rule. You stated that you would take that under advisement.

As of yet there have been no CFTC comments on the EFP issue.

all the best

Harvey B Organ BScPhm MBA

end

We have concluded with the Comex options expiry.  We now have the bigger OTC/London’s LBMA options expiry to deal with and they generally expire at around 11 am Thursday Nov 30/2017 which is also First Day Notice.

Let us have a look at the data for today

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

In silver, the total open interest FELL BY  A CONSIDERABLE 4033 contracts from 195,118 DOWN TO 191,085 WITH RESPECT TO YESTERDAY’S TRADING  WHICH SAW SILVER REMAIN FLAT AND STILL WELL BELOW THE HUGE $17.25 SILVER RESISTANCE.   WE HAD CONSIDERABLE LONG COMEX LIQUIDATION.   HOWEVER WE WERE ALSO NOTIFIED THAT WE HAD ANOTHER LARGE NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE : 618 DECEMBER EFP’S WERE ISSUED ALONG WITH 209 EFP’S FOR MARCH FOR A TOTAL ISSUANCE OF 827 CONTRACTS.   I GUESS 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. FRIDAY WITNESSED  1670 EFP’S FOR SILVER ISSUED.

RESULT: A SMALL SIZED FALL IN OI COMEX WITH THE FLAT  PRICE.   WE HAD SOME COMEX LONGS  EXITED OUT OF THE SILVER COMEX BUT MOST OF THEM TRANSFERRED THEIR OI TO LONDON THROUGH THE EFP ROUTE:  FROM THE CME DATA 820 EFP’S  WERE ISSUED FOR TUESDAY FOR A DELIVERABLE CONTRACT OVER IN LONDON WITH A FIAT BONUS. IN ESSENCE THE  DEMAND FOR SILVER PHYSICAL INTENSIFIES GREATLY. WE REALLY ONLY LOST  3213 OI CONTRACTS i.e.  820 open interest contracts headed for London (EFP’s) TOGETHER WITH A DECREASE OF 4033 OI COMEX CONTRACTS.

In ounces, the OI is still represented by just UNDER 1 BILLION oz i.e. 0.955 BILLION TO BE EXACT or 136% of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT OCT MONTH/ THEY FILED: 0 NOTICE(S) FOR NIL OZ OF SILVER

In gold, the open interest ROSE BY  4425 CONTRACTS WITH THE FAIR SIZED RISE IN PRICE OF GOLD ($6.45) WITH RESPECT TO YESTERDAY’S TRADING.  HOWEVER  THE TOTAL NUMBER OF GOLD EFP’S ISSUED MONDAY FOR TUESDAY  TOTALED ANOTHER 10,304 CONTRACTS OF WHICH THE MONTH OF DECEMBER SAW 9,579 CONTRACTS AND FEB SAW THE ISSUANCE OF 725 CONTRACTS. ??? (EMERGENCY??)   The new OI for the gold complex rests at 538,796. DEMAND FOR GOLD INTENSIFIES GREATLY. 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 METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NOT 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 AND ON TOP OF THAT IT IS TAKING A FURTHER 6 TO 10 WEEKS TO OBTAIN PHYSICAL FROM THE POINT WHEN FORWARDS BECOME DUE. IN ESSENCE WE HAD A NET GAIN OF 14,729 OI CONTRACTS: 4425 OI CONTRACTS GAINED AT THE  COMEX OI  AND 10,304 OI CONTRACTS NAVIGATED OVER TO LONDON.

YESTERDAY, WE HAD 9547 EFP’S ISSUED.

Result: A HUGE SIZED INCREASE IN OI  WITH THE FAIR SIZED RISE IN PRICE IN GOLD YESTERDAY ($6.45). WE  HAD AN LARGE  NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 10,304. THERE OBVIOUSLY DOES NOT SEEM TO BE ANY PHYSICAL GOLD AT THE COMEX AND YET WE ARE APPROACHING THE HUGE DELIVERY MONTH OF DECEMBER. I GUESS IT EXPLAINS THE HUGE ISSUANCE OF EFP’S…THERE IS NO GOLD PRESENT AT THE GOLD COMEX FOR DELIVERY PURPOSES.  IF YOU TAKE INTO ACCOUNT THE 10,304 EFP CONTRACTS ISSUED, WE HAD A NET GAIN OPEN INTEREST OF 14,729 contracts:  10,304 CONTRACTS MOVE TO LONDON AND  4425 CONTRACTS ADDED AT  THE COMEX.

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:

Today, no change in gold inventory at the GLD

Inventory rests tonight: 842.21 tonnes.

SLV

TODAY WE HAD NO CHANGES IN SILVER INVENTORY AT THE SLV:

INVENTORY RESTS AT 317.130 MILLION OZ

end

.

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

1. Today, we had the open interest in silver FELL BY 4033 contracts from 195,118 DOWN  TO 191,085 (AND now A LITTLE FURTHER FROM THE NEW COMEX RECORD SET ON FRIDAY/APRIL 21/2017 AT 234,787) DESPITE NO GAIN IN PRICE OF SILVER PRICE (A LOSS OF 0 CENTS ). HOWEVER, OUR BANKERS  USED THEIR EMERGENCY PROCEDURE TO ISSUE ANOTHER HUGE  618  PRIVATE EFP’S FOR DECEMBER (WE DO NOT GET A LOOK AT THESE CONTRACTS)  AND 209 EFP’S FOR MARCH FOR A TOTAL OF 827 EFP CONTRACTS.  EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  WE ARE NOW GETTING CLOSE TO FIRST DAY NOTICE AND THIS IS THE SCENE WHERE IN THE PAST WE DID SEE MASSIVE COMEX OI CONTRACTION ALTHOUGH IT WAS MORE PRONOUNCED IN GOLD THAN WITH SILVER. IT STILL CONTINUES UNABATED AND WE NOW KNOW THE REAL REASON FOR THE CONTRACTION:  THE TRANSFER OF OI TO LONDON. TODAY WE HAD CONSIDERABLE COMEX SILVER COMEX LIQUIDATION. IF WE ADD THE OI LOSS AT THE COMEX (4033 CONTRACTS)   TO THE 827 OI TRANSFERRED TO LONDON THROUGH EFP’S  WE OBTAIN A NET LOSS OF  3213  OPEN INTEREST CONTRACTS,

RESULT: A SMALL SIZED DECREASE IN SILVER OI AT THE COMEX WITH THE 0 CENT FALL IN PRICE (WITH RESPECT TO YESTERDAY’S TRADING). NOT ONLY THAT BUT  WE ALSO  HAD ANOTHER 827 EFP’S ISSUED.. TRANSFERRING OUR COMEX LONGS OVER TO LONDON .  YESTERDAY WE EXPERIENCED 1670 EFP’S ISSUED FOR TRANSFER TO LONDON.

(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 MONDAY night/TUESDAY morning: Shanghai closed UP 11.43 points or .34% /Hang Sang CLOSED DOWN 5.34 pts or 0.02% / The Nikkei closed DOWN 9.75 POINTS OR 0.04%/Australia’s all ordinaires CLOSED DOWN 0.06%/Chinese yuan (ONSHORE) closed UP at 6.5987/Oil DOWN to 57.86 dollars per barrel for WTI and 63.23 for Brent. Stocks in Europe OPENED GREEN.    ONSHORE YUAN CLOSED UP AGAINST THE DOLLAR AT 6.5987. OFFSHORE YUAN CLOSED DOWN AGAINST  THE ONSHORE YUAN AT 6.5994 //ONSHORE YUAN STRONGER AGAINST THE DOLLAR/OFF SHORE STRONGER TO THE DOLLAR/. THE DOLLAR (INDEX) IS STRONGER AGAINST ALL MAJOR CURRENCIES. CHINA IS NOT  HAPPY TODAY.(MARKETS  WEAK)

Read More @ HarveyOrganBlog.com

If Vanguard Is Right, You’ll Need to Save More For Retirement

by Pam Martens and Russ Martens, Wall St For Main St:

Vanguard is one of the largest mutual fund companies in the world with 20 million investors and approximately $4.5 trillion in global assets under management as of September 30, 2017, according to its website. When it expounds on the outlook for the stock market, people tend to listen closely.

Yesterday, Vanguard issued its economic and stock market outlook for the medium term, writing: “For 2018 and beyond, our investment outlook is modest, at best. Elevated valuations, low volatility, and secularly low interest rates are unlikely to be allies for robust financial market returns over the next five years.”

Exactly how “modest” does it expect stock market returns to be over the medium term? The report goes on to define “modest” as follows:

“Based on our ‘fair-value’ stock valuation metrics, the medium-run outlook for global equities has deteriorated a bit and is now centered in the 4% – 6% range. Expected returns for the U.S. stock market are lower than those for non-U.S. markets, underscoring the benefits of global equity strategies in the face of lower expected returns.”

If your retirement savings strategy has factored in an annualized stock market return of 7 percent or higher and Vanguard is right about the potential for a return of 4 to 6 percent, those planning to retire in less than 10 years will need to either save more for retirement or extend out the date of retirement.

This reality may already be setting in among millions of pre-retirees as they watch friends and family members who have already retired tighten their belts as a result of an unprecedented, prolonged low rate of return for fixed income investors. Retirees who were earning 4 and 5 percent on U.S. Treasury securities or Certificates of Deposit prior to the financial crash in 2008 have seen their interest income cut by half or more since the crisis.

According to Vanguard’s new report, bond yields are not likely to see any significant uptick next year. The report notes: “And despite the risk for a short-term acceleration in the pace of monetary policy normalization, the risk of a material rise in long-term interest rates remains modest. For example, our fair-value estimate for the benchmark 10-year U.S. Treasury yield remains centered near 2.5% in 2018.”

The low yield in Treasuries, CDs and quality corporate bonds has obviously fueled at least part of the runup in stock prices, leading to what many believe is an unsustainable stock bubble.

Another hurdle for retirees is nailing down how much the fees embedded in their mutual funds in their 401(k) plans are draining from their retirement savings.

John Bogle is the legendary founder of Vanguard and served as its Chairman and CEO from 1974 to 1996. In 2013, he appeared on the PBS program, Frontline, to share an amazing bombshell: If you work for 50 years and receive the typical long-term return of 7 percent on stock funds in your 401(k) plan and your fees are 2 percent, almost two-thirds of your account will go to Wall Street.

Titled The Retirement Gamblethe Frontline program was written by the outstanding team of Martin Smith and Marcela Gaviria. The conversation between Bogle and Smith, who also served as moderator, went like this:

Bogle: Costs are a crucial part of the equation. It doesn’t take a genius to know that the bigger the profit of the management company, the smaller the profit that investors get. The money managers always want more, and that’s natural enough in most businesses, but it’s not right for this business.

Smith: Bogle gave me an example. Assume you’re invested in a fund that is earning a gross annual return of 7 percent. They charge you a 2 percent annual fee. Over 50 years, the difference between your net of 5 percent — the red line — and what you would have made without fees — the green line — is staggering. Bogle says you’ve lost almost two thirds of what you would have had.

Bogle: What happens in the fund business is the magic of compound returns is overwhelmed by the tyranny of compounding costs. It’s a mathematical fact. There’s no getting around it. The fact that we don’t look at it— too bad for us.

Smith: What I have a hard time understanding is that 2 percent fee that I might pay to an actively managed mutual fund is going to really have a great impact on my future retirement savings.

Bogle: Well, you have to rely on somebody to get out a compound interest table and look at the impact over an investment lifetime. Do you really want to invest in a system where you put up 100 percent of the capital, you the mutual fund shareholder, you take 100 percent of the risk and you get 30 percent of the return?

Read More @ WallStForMainSt.com

The Oil Information Cartel is (Finally) Broken

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by Keith Schaefer, OilandGas-Investments:

A determined James Stafford of OilPrice.com just busted wide open an oil industry information cartel that has existed for decades.

Most investors look at WTI and Brent prices at Bloomberg or CME Futures, and figure the oil price is in the public domain.  You would be about 2% correct, because there are hundreds of different grades of oil, and hubs where it is bought and sold.  And they all have different prices.

Since the age of oil began until a few months ago, most real time oil prices were jealously guarded by marketers, who used it to their advantage in the daily multi-billion dollar physical oil trade.

But I’m going to tell you the story of how Stafford and his small team made 18 months of calls, cajoling and ultimately paying for an amazing service you now get FOR FREE.  It’s a true David vs. Goliath story.  And just like in the Bible, the little guy won.

What they have assembled to date is remarkable, and free.  You can access it through the link below:

https://oilprice.com/oil-price-charts

This is an incredible and unprecedented collection of information available for the public.

Stafford says that the feedback he has received has been exceptional.  With no marketing effort the oil price page is already receiving 40,000 visits daily.

It was an 18 month quest to democratize the world of oil pricing and bust the information cartel that has existed for decades.

A Simple Question – With No Easy Answer

Stafford’s quest started well over a year ago when he received a phone call from a reporter working for the Wall Street Journal.  The journalist wanted help finding a simple piece of information.

He was writing an article about the African oil industry and simply wanted to know the current price for Bonny Light crude oil (the main benchmark price for Nigerian crude).

Now remember, this is a Wall Street Journal writer with access to an incredible network of contacts and research.  This was not a casual retail investor sitting at home with pedestrian internet search skills and no industry contacts.  You would expect that finding the current price for Africa’s main brand of crude for a Wall Street Journal writer would be a simple internet search or phone call away.

You would be wrong.

 Read More @ OilandGas-Investments.com

“The Cover-Up Begins To End”: Judicial Watch Hints At Explosive New Clinton-Lynch Tarmac Docs

from Zero Hedge:

Back on June 29, 2016, Obama’s Attorney General, Loretta Lynch, tried to convince us that the following ‘impromptu’ meeting between herself and Bill Clinton at the Phoenix airport, a private meeting which lasted 30 minutes on Lynch’s private plane, was mostly a “social meeting” in which Bill talked about his grandchildren and golf game.  It was not, under any circumstances, related to the statement that former FBI Director James Comey made just 6 days later clearing Hillary Clinton of any alleged crimes related to his agency’s investigation.

Not surprisingly, following the above media clip several concerned watchdog groups filed FOIA requests seeking any and all DOJ and/or FBI documents related to what was either (i) a really poorly timed meeting, in the best case, or (ii) a clear attempt by a former President of the United States to apply leverage over the current Attorney General to obstruct justice and get his wife elected President, in the worst case. 

After originally being told by the FBI there were no documents to produce in response to their July 2016 FOIA request, Judicial Watch’s Tom Fitton was subsequently told in October 2017 that the FBI had simply overlooked 30 pages worth of relevant docs…30 pages which Fitton now says will mark the “beginning of the end” of the DOJ’s “cover-up” when they’re released this Thursday.

FBI Hid Clinton/Lynch Tarmac Meeting Records. But the cover-up begins to end — thanks to @JudicialWatch — the day after tomorrow. @RealDonaldTrump needs to clean house at FBI/DOJ.

Of course, Fitton expressed his frustration with the botched FOIA response back in October after describing the FBI as “out of control” and saying it’s “stunning that the FBI ‘found’ these Clinton-Lynch tarmac records only after we caught the agency hiding them in another lawsuit.”  Per Judicial Watch:

Read More @ ZeroHedge.com

“The Cover-Up Begins To End”: Judicial Watch Hints At Explosive New Clinton-Lynch Tarmac Docs

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from ZeroHedge:

Back on June 29, 2016, Obama’s Attorney General, Loretta Lynch, tried to convince us that the following ‘impromptu’ meeting between herself and Bill Clinton at the Phoenix airport, a private meeting which lasted 30 minutes on Lynch’s private plane, was mostly a “social meeting” in which Bill talked about his grandchildren and golf game.  It was not, under any circumstances, related to the statement that former FBI Director James Comey made just 6 days later clearing Hillary Clinton of any alleged crimes related to his agency’s investigation.

Not surprisingly, following the above media clip several concerned watchdog groups filed FOIA requests seeking any and all DOJ and/or FBI documents related to what was either (i) a really poorly timed meeting, in the best case, or (ii) a clear attempt by a former President of the United States to apply leverage over the current Attorney General to obstruct justice and get his wife elected President, in the worst case. 

After originally being told by the FBI there were no documents to produce in response to their July 2016 FOIA request, Judicial Watch’s Tom Fitton was subsequently told in October 2017 that the FBI had simply overlooked 30 pages worth of relevant docs…30 pages which Fitton now says will mark the “beginning of the end” of the DOJ’s “cover-up” when they’re released this Thursday.

FBI Hid Clinton/Lynch Tarmac Meeting Records. But the cover-up begins to end — thanks to @JudicialWatch — the day after tomorrow. @RealDonaldTrump needs to clean house at FBI/DOJ.

Read More @ ZeroHedge.com

Quotes, Gloats, and Anecdotes from the Silver & Gold Summit

by Jeff Clark, GoldSilver.com:

I attended the Silver & Gold Summit in San Francisco November 20 and 21. It was great connecting with the many people I know in the industry, but I will tell you that a) attendance was low, and b) crypto promoters were out in force. It turned out to be more of a gold and crypto conference than anything else. Some of the more lively sessions were the gold vs. crypto debates, and one company offered “free bitcoin!” if you opened an account with them.

I talked to many exhibitors and speakers and attendees, and it seemed the first question on most investor’s minds was how high bitcoin will go, and when the bubble will pop—not if it will pop. Most seemed to believe bitcoin is in a bubble, with the only outstanding question how high the price goes.

But the low attendance and focus on an alternative asset reminded me a lot of when I attended a similar conference in the spring of 2007. Interest in gold was flat, the Dow was roaring, and uranium was the flavor of the day. Of course 18 months later the Dow was crashing, the uranium market was obliterated, and gold and silver were on the cusp of beginning a historic run-up. The “low interest” in precious metals ended up serving as a signal for one of the greatest buying opportunities. I have a feeling we’re at a similar juncture now.

Without further ado, here are some of the more interesting quotes, gloats, and anecdotes from the conference you might find interesting (for the most part I’m paraphrasing from my notes)…

Rick Rule, Chairman of Sprott Resources: “Gold’s biggest competitor is not bitcoin but the 10-year government bond, which is near the end of a 35-year bull market.”

Doug Casey, Casey Research: “Bitcoin is in a bubble, but it’s going to get bigger before it blows up.” Doug stated he has 7 figures invested in the stocks of crypto companies, but said he plans to sell out of most positions at some point. He also reconfirmed his view that gold will be the next great bubble, and gold stocks the next super-bubble.

Jim Rickards: “The shoeshine boy has said to buy cryptos: an elderly lady in a small coffee shop in my tiny New England town asked me if she should buy bitcoin.”

“I’ll never sell one bitcoin—ever!” Bitcoin newsletter writer. (I almost wanted to point out to him that the Nasdaq still hasn’t recovered from the tech wreck of the late 1990s.)

Cryptos panel, when asked for their short and long-term outlook for the market: most said crypto prices are headed higher in the short term (1-2 years) but not in the long-term (3 years or more), except the guy who said he’ll never sell a bitcoin.

Frank Holmes, Chairman of HIVE Blockchain Technology: “Most bubbles pop due to excessive leverage.” At this statement a few panelists pointed out that the CME is starting a bitcoin futures contract, which will allow both shorting and leverage.

Jim Rickards: “Cryptos will never replace gold. And government intervention is a certainty once they go after the terrorists and child pornographers that use them.”

“There will be no Merry Christmas if you don’t own gold, silver, and bitcoin. There will be a major disruptive event the first week of December, and that’s when a major shift into precious metals begins.” Bo Polny, Gold 2020 Forecast.

Rob McEwen, CEO McEwen Mining: ”A prolonged period of cheap money and the shift of investor focus to gold as a haven from geopolitical and financial risk could boost the price of gold to over $5,000 an ounce within five years—if that happens there is going to be a tsunami of money looking for a place to go.”

Bud Conrad, former chief economist of Casey Research: “The biggest buyer of US stocks has been the companies themselves—the stock market is a bubble.”

Bud’s not exaggerating. In fact, share buybacks have almost perfectly tracked the price of the S&P 500 for the past decade, until lately.

 

Read More @ GoldSilver.com