Thursday, July 2, 2020

Julian Assange Pounds Eric Holder Into Dirt For Claiming Russians Attacked US During 2016 Election

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by Cristina Laila, The Gateway Pundit:

Former Attorney General Eric ‘Fast and Furious’ Holder has been attacking President Trump from his Twitter account over the online Russian bot farm that supposedly “meddled” in the 2016 election.

The left wants to go to war with Russia over Twitter trolls. They are desperate to shield Hillary Clinton from the cold hard fact that she lost the election because she is a rotten politician.  

A few weeks ago Eric Holder unleashed on President Trump, demanding he put sanctions on Russia because of online trolls posting memes.

Holder tweeted: Russian threat to our upcoming elections: do something! Do anything. Impose sanctions overwhelmingly approved by even this dysfunctional congress. Are you simply unfit, without the necessary nerve or do they have something on you? We were attacked!

WikiLeaks founder Julian Assange pounded Eric Holder into dirt.

Assange replied to Eric Holder: “Attacked? By what? The truth? It’s entirely your own fault, Eric. Thanks to your unconstitutional grand jury against WikiLeaks you left me with nothing to do but work 27/7, in harsh conditions, for years–and I’m good, very good, at my job”

Read More @ TheGatewayPundit.com

VIDEO: TOMMY ROBINSON KNOCKS OUT VIOLENT MIGRANT IN ITALY

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from Infowars:

Italian ‘no-go’ zone exposed

To see the action, skip ahead to 2:10.

Former leader of the English Defence League and frequent Infowars guest Tommy Robinson released a video of himself punching a migrant in the face for threatening to kill him and attacking his camera crew.

Robinson was in Italy covering the country’s elections when he decided to visit the same “no-go zone” reporter Francesca Parisella was attacked in.

While filming, Robinson and his camera crew were spotted by a group of migrants.

One of them reached for Robinson’s cameraman, saying, “I’ll get him.”

Robinson shoved the migrant away, but the man kept coming back and making threats, shouting in broken English, “Keep your life!”

Next, the migrant came at Tommy from behind while yelling, “I can kill your,” but he never finished his sentence because Robinson struck him with a nasty right hook, sending the man plummeting to the ground.

Police arrived at the scene shortly after and allowed Robinson and his crew to leave the area without being arrested.

Explaining what happened, Robinson told Breitbart London, “While I was filming a report in a no go zone a group of migrants tried to attack my camera crew. They were screaming abuse, coming at the camera repeatedly and threatening to kill me. I was forced to act to defend my film crew. in this situation the mainstream media would have preferred I let him kill me”.

Read More @ Infowars.com

Maintaining survival sanitation when you bug IN

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by Jayson Veley , Natural News:

One of the very first decisions every prepper has to make is whether to pack up his or her supplies and bug out or stay put and turn their own homestead into a survival post. Some factors that may compel preppers to choose the latter include the ability to create an underground bunker, a self-contained garden, an animal food system, and whether or not you have elderly, younger, disabled or injured family members in your group.

Whatever the reason, if you choose to bug in rather than bug out, you had better make sure you are prepared and equipped to deal with the day to day sanitation issues that you will inevitably run into. To give just one example, the average person produces up to three pints of urine each day and a pound of poop on top of that, meaning human waste is going to build up at an extremely rapid rate. If you don’t know how to properly dispose of that waste, then you will literally be putting your own life and the lives of your fellow survivalists in jeopardy. (Related: Here are five ways you can protect your health when SHTF.)

Obviously, even if you bury human waste, it can still have a severe effect on water quality. In order to minimize the chances that this will happen, you should bury the human waste at least six to eight feet deep and a minimum of 200 feet away from water. It’s worth noting, however, that there are also quite a few uses for urine, so you may want to consider collecting it in some kind of a container and storing it away from any solid waste. Some of the things that urine can be used for are listed below:

  • Fertilizer – Due to the fact that urine is rich in phosphorus, potassium and nitrogen, it makes a great fertilizer.
  • Dental care – it may sound gross, but the Romans actually used urine to cure bleeding gums and gingivitis
  • Cleansing multi-agent – After urine is stored for a few days, ammonia begins to develop, which can then be used as a cleaning product to kill mildew and mold
  • Tanning and curing leather – Urea and enzymes soften leather, making it a great product to use in the tanning and curing process

Also, as noted by Fox News in an article back in 2013, urine can also be used to make gunpowder. “Charcoal and sulfur used in small quantities to make gunpowder are easily found. But the main ingredient, potassium nitrate was only made available on a large-scale in the early 1900’s. Until then, gunpowder manufacturers used the nitrogen found in urine to make their product,” the article explained. (Related: If you’ve decided to stop prepping, then it could be the biggest mistake of your life.)

Feces, like urine, can either be disposed of or used for a number of unique purposes. If you choose to get rid of the solid human waste, the best way to go about doing so is by burying it or by using a 5 gallon bucked lined with heavy duty plastic bags. In the hotter months, this fecal matter will begin to smell almost immediately, so you can add dry material to it such as shredded newspapers, mosses, dry grass or sawdust to make it a bit more tolerable.

Some uses for human excrement include:

  • Fertilizer – This one shouldn’t come as a surprise. Human feces are rich in phosphorus, which plants can use to create food. It may not smell very good, but it can certainly help your crops grow at an impressive rate

Read More @ NaturalNews.com

A2A with Simon Mikhailovich of Tocqueville Bullion Reserve

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by Craig Hemke, TF Metals:

Earlier today, we were able to visit with a new guest for our webinar series, Simon Mikhailovich of Tocqueville Bullion Reserve. Simon was full of terrific information and insights so I strongly encourage you to carve out some time to give this a listen.

Among the topics covered over the course of this 45-minute discussion:

  • What might be the global impact of President Trump’s new tariff plan?
  • What lies ahead in 2018 for global interest rates and the US dollar?
  • Might global central banks move one day to officially revalue gold significantly higher?
  • How does the global gold supply/demand equation look at present?
  • And a whole lot more!

Click HERE to listen

Again, there’s a bunch information packed into this audio so please be sure to give it a thorough listen. Thanks again to Simon for spending time with us and we look forward to visiting with him again sometime soon.

Read More @ TFmetals.com

If Toys ‘R’ Us Closes Its Stores, 36,000 U.S. Workers Could Lose Their Jobs

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

After seven decades, Toys ‘R’ Us may have run out of options and be forced to liquidate all of its U.S. stores according to media reports. (The company called the reports “speculation.”) Toys ‘R’ Us had filed for bankruptcy protection on September 19 of last year, listing assets of $6.57 billion and debts amounting to an astounding $7.89 billion.

If the news reports are accurate, more than 36,000 U.S. jobs could be at stake. According to the company’s 10K filing with the Securities and Exchange Commission on April 12, 2017, as of the beginning of last year, the company employed “64,000 full-time and part-time individuals worldwide, with 36,000 domestically and 28,000 internationally.” Those figures, the filing said, do not include the tens of thousands of part-time employees the company hires for the holiday season.

The liquidation would also put a vast quantity of empty commercial buildings on the market. According to the company’s website, it has 564 Toys ‘R’ Us store locations in the United States plus another 230 Babies ‘R’ Us stores.

Its international footprint is also sprawling. The Toys ‘R’ Us website reports that its has “765 international stores and more than 245 licensed stores in 37 countries and jurisdictions.” It is not known what the company plans to do with the bulk of those operations. In addition to troubles in the U.S., in an SEC filing on February 23 of this year, the company wrote that it would be shuttering operations in the U.K. The filing said:

“On February 27, 2018, as part of the overall restructuring plan of the Company, Toys ‘R’ Us Limited and certain of its U.K. affiliates constituting the U.K. business (the ‘U.K. Subsidiaries’), commenced an administration under the U.K. Insolvency Act 1986 (the ‘Administration’). Pursuant to the Administration, the U.K. Subsidiaries will begin winding down business operations in the United Kingdom.”

The problems besetting Toys ‘R’ Us are a combination of its private equity/leveraged buyout in 2005 and the fact that big box retailers like Walmart and Target are able to undercut its pricing in its most important holiday selling season, where it achieves approximately 40 percent of its total annual sales.

In the Toys ‘R’ Us annual report for its fiscal year ending January 28, 2017, the company had this to say about competitive forces putting the future of the company at risk:

“The retail industry is highly and increasingly competitive and our results of operations are sensitive to, and may be materially adversely affected by competitive pricing, promotional pressures, competitor credit programs, additional competitor store openings, growth of e-commerce competitors and other factors. As a specialty retailer that primarily focuses on toys and baby products, we compete with discount and mass merchandisers, such as Walmart and Target, as well as Internet and catalog businesses, such as Amazon.com, national and regional chains and department stores and local retailers in the markets we serve. We also compete with national and local discount stores, consumer electronics retailers, supermarkets and warehouse clubs.”

According to the website bizfluent.com, Walmart has been eating Toys ‘R’ Us’ lunch since 1999 and now commands 30 percent of the retail toy market, estimated to be a total market of $22 billion. The number of Walmart stores, at 9,000, dwarfs every other brick and mortar retailer. Toys ‘R’ Us ranks a distant second behind Walmart in toy sales, according to bizfluent, with just an 18 percent market share. Target ranks a close third with a 17 percent share of the market.

Unlike its top competitor, Toys ‘R’ Us is buried under crushing debt thanks to its leveraged buyout in 2005. That year, private equity firms KKR and Bain Capital and the real estate investment firm, Vornado, took the company private. The trio injected $1.4 billion in cash and borrowed a whopping $5 billion to complete the deal. Bain Capital is the firm that was founded by former Presidential candidate Mitt Romney and it’s the business that made his quarter of a billion dollars in wealth possible by taking firms private and burying them under junk bond debt financing.

Read More @ WallStOnParade.com

GOLD REBOUNDS, UP $2.25 TO $1323.40

by Harvey Organ, Harvey Organ Blog:

SILVER UP 21 CENTS TO $16.60/VERY STRONG JOBS REPORT AND IT SEEMS BROAD BASED/CONSUMER PRICES SPIKING IN CHINA/CHINA CONSIDERING INCREASING TARIFFS TO COUNTER THE TRUMP TARIFFS/MORE SWAMP STORIES

GOLD: $1323.40  UP $2.25

Silver: $16.60 UP 21 CENTS

Closing access prices:

Gold $1323.75

silver: $16.61

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: $1326.55 DOLLARS PER OZ

NY PRICE OF GOLD AT EXACT SAME TIME: $1318.45

PREMIUM FIRST FIX: $8.10

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SECOND SHANGHAI GOLD FIX: $1329.10

NY GOLD PRICE AT THE EXACT SAME TIME: $1318.85

PREMIUM SECOND FIX /NY:$10.25

SHANGHAI REJECTS NY PRICING OF GOLD.

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LONDON FIRST GOLD FIX: 5:30 am est $1319.35

NY PRICING AT THE EXACT SAME TIME: $1319.50

LONDON SECOND GOLD FIX 10 AM: $1320.60

NY PRICING AT THE EXACT SAME TIME. $1320.85

For comex gold:

MARCH/

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

TOTAL NOTICES SO FAR:4 FOR 400 OZ

For silver:

MARCH

173 NOTICE(S) FILED TODAY FOR

865,000 OZ/

Total number of notices filed so far this month: 4727 for 23,635,000 oz

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Bitcoin: BID $8907/OFFER $8,977: DOWN $348(morning)

Bitcoin: BID/ $8947/offer $9017: DOWN $308  (CLOSING/5 PM)

 

end

Let us have a look at the data for today

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In silver, the total open interest ROSE BY A FAIR SIZED 796 contracts from 195,724  RISING TO 196,520  DESPITE YESTERDAY’S TINY  1 CENT FALL IN SILVER PRICING.  WE OBVIOUSLY HAD ZERO COMEX LIQUIDATION. HOWEVER, WE WERE AGAIN NOTIFIED THAT WE HAD ANOTHER GOOD SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP : 2693 EFP’S FOR MAY AND ZERO FOR ALL  OTHER MONTHS  AND THUS TOTAL ISSUANCE OF 2693 CONTRACTS.  WITH THE TRANSFER OF 2693 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 24-48 HRS IN THE ISSUING OF EFP’S. THE 2693 CONTRACTS TRANSLATES INTO 13.43 MILLION OZ   WITH THE RISE 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 MARCH:

18,356 CONTRACTS (FOR 7 TRADING DAYS TOTAL 18,356 CONTRACTS OR 91.780 MILLION OZ: AVERAGE PER DAY: 2622 CONTRACTS OR 13.111 MILLION OZ/DAY

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH:  91.780 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 13.11% OF ANNUAL GLOBAL PRODUCTION

ACCUMULATION IN YEAR 2018 TO DATE SILVER EFP’S:  584.255 MILLION OZ.

ACCUMULATION FOR JAN 2018: 236.879 MILLION OZ

ACCUMULATION FOR MONTH OF FEBRUARY: 244.945 MILLION OZ

RESULT: WE HAD A SMALL SIZED GAIN  IN COMEX OI SILVER COMEX OF 796 DESPITE THE TINY 1 CENT FALL IN SILVER PRICE.  WE ALSO HAD A GOOD SIZED EFP ISSUANCE OF 2693 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 2693 EFP’S  FOR THE  MONTH OF MAY WERE ISSUED FOR  A DELIVERABLE FORWARD CONTRACT OVER IN LONDON WITH A FIAT BONUS.   WE GAINED  3489 OICONTRACTS i.e. 2693 open interest contracts headed for London (EFP’s) TOGETHER WITH A INCREASE OF 796  OI COMEX CONTRACTS. AND ALL OF THIS HAPPENED WITH THE FALL IN PRICE OF SILVER OF 1 CENT AND A CLOSING PRICE OF $16.49 WITH RESPECT TO YESTERDAY’S TRADING. YET WE STILL HAVE A GOOD 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. 0.982 BILLION TO BE EXACT or 140% of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT FEBRUARY MONTH/ THEY FILED: 173 NOTICE(S) FOR 865,000 OZ OF SILVER

 

 

*** note in gold.  last last night, the CME released EFP’s for yesterday and today and I reversed them ie. the EFP for today is 7473 and yesterday 7106.  I will not change and it will not make a difference when the two are added.

In gold, the open interest  FELL BY A STRONG 10,663 CONTRACTS DOWN TO 497,387  WITH THE CONSIDERABLE FALL IN PRICE YESTERDAY ($5.45) HOWEVER  FOR TODAY, THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED AN GOOD SIZED  7106 CONTRACTS  THE ISSUANCE OF,  APRIL SAW THE ISSUANCE OF 7106 CONTRACTS ,  JUNE SAW THE ISSUANCE OF 0 CONTRACTS AND THEN ALL OTHER MONTHS ZERO.    The new OI for the gold complex rests at 497,387. 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  AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES. IN ESSENCE WE HAVE A HUGE LOSS OI  CONTRACTS: 10,663 OI CONTRACTS DECREASED AT THE COMEX AND A GOOD SIZED 7106 OI CONTRACTS WHICH NAVIGATED OVER TO LONDON.THUS  TOTAL OI LOSS:  3557 CONTRACTS OR 355,700 OZ =11.06 TONNES

YESTERDAY, WE HAD 7473 EFP’S ISSUED.

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF MARCH : 68,796 CONTRACTS OR 6,879,600  OZ OR 213.96 TONNES (7 TRADING DAYS AND THUS AVERAGING: 9828 EFP CONTRACTS PER TRADING DAY OR 982,800 OZ/ TRADING DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SIZE OF THESE EFP TRANSFERS :   SO FAR THIS MONTH IN 5 TRADING DAYS IN  TONNES: 213.96 TONNES

TOTAL ANNUAL GOLD PRODUCTION, 2017, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 2555 TONNES

THUS EFP TRANSFERS REPRESENTS 213.96/2550 x 100% TONNES =  8.39% OF GLOBAL ANNUAL PRODUCTION SO FAR IN MARCH ALONE.

ACCUMULATION OF GOLD EFP’S YEAR 2018 TO DATE:  1464.33 TONNES

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

ACCUMULATION OF GOLD EFP’S FOR FEBRUARY: 649.45 TONNES

Result: A  HUGE SIZED DECREASE IN OI AT THE COMEX WITH THE CONSIDERABLE FALL IN PRICE IN GOLD TRADING YESTERDAY ($5.45).  HOWEVER, WE HAD ANOTHER HUGE SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 7106 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 7106 EFP CONTRACTS ISSUED, WE HAD A NET LOSS IN OPEN INTEREST OF 3557 contracts ON THE TWO EXCHANGES:

7106 CONTRACTS MOVE TO LONDON AND 10,663 CONTRACTS DECREASED AT THE COMEX. (in tonnes, the LOSS in total oi equates to 11.063  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 UP $2.25 : NO  CHANGES IN GOLD INVENTORY AT THE GLD /

Inventory rests tonight: 833.73 tonnes.

SLV/

WITH SILVER UP 21 CENTS TODAY: 

NO CHANGES IN SILVER INVENTORY AT THE SLV/

/INVENTORY RESTS AT 318.069 MILLION OZ/

end

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

1. Today, we had the open interest in silver ROSE BY 796  contracts from 195724 UP TO 196,520 (AND now A LITTLE  CLOSER TO THE NEW COMEX RECORD SET ON FRIDAY/APRIL 21/2017 AT 234,787) DESPITE THE TINY FALL IN PRICE OF SILVER  (1 CENTS WITH RESPECT TO  YESTERDAY’S TRADING).  OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE ANOTHER  2686 EFP CONTRACTS FOR 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 SOME COMEX SILVER COMEX LIQUIDATION. IF WE TAKE THE  OI GAIN AT THE COMEX OF  796 CONTRACTS TO THE 2693 OITRANSFERRED TO LONDON THROUGH EFP’S, WE OBTAIN A GAIN OF 3484  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:  17.420 MILLION OZ!!!

RESULT: A SMALL SIZED  INCREASE IN SILVER OI AT THE COMEX DESPITE THE TINY  FALL OF 1 CENT IN PRICE (WITH RESPECT TO YESTERDAY’S TRADING ). BUT WE ALSO HAD ANOTHER GOOD SIZED 2693 EFP’S ISSUED TRANSFERRING COMEX LONGS OVER TO LONDON. TOGETHER WITH THE STRONG  SIZED AMOUNT OF SILVER OUNCES STANDING FOR MARCH, DEMAND FOR PHYSICAL SILVER INTENSIFIES AS WE WITNESS SEVERE BACKWARDATION IN SILVER IN 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

 

)FRIDAY MORNING/LATE THURSDAY NIGHT: Shanghai closed UP 18.76 POINTS OR 0.57% /Hang Sang CLOSED UP 341.69 POINTS OR 1.11% / The Nikkei closed UP 101.13 POINTS OR 0.47%/Australia’s all ordinaires CLOSED UP 0.37%/Chinese yuan (ONSHORE) closed UP at 6.3365/Oil DOWN to 60.58 dollars per barrel for WTI and 64.25 for Brent. Stocks in Europe OPENED RED EXCEPT PARIS CAC  .   ONSHORE YUAN CLOSED DOWN AT 6.3365 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.3360 /ONSHORE YUAN TRADING WEAKER AGAINST OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING MUCH STRONGER AGAINST THE DOLLAR . CHINA IS NOT VERY  HAPPY TODAY (STRONGER CURRENCY GOOD CHINESE MARKETS/BUT TRUMP TARIFFS  INITIATED/ ) 

Read More @ HarveyOrganBlog.com

Market Report: Trade Wars and North Korea

by Alassdair Macleod, GoldMoney:

This week saw an initial rally, followed by a pull-back, leaving gold and silver broadly unchanged from last Friday’s close. Gold was trading at $1319 in early European trade this morning (Friday), down $1 on the week, and silver at $16.45, unchanged from last Friday’s close.

Silver has become heavily oversold. This is best illustrated in the following chart, of the net managed money position as at 20 February. We will get updated figures for last Tuesday after the market closes tonight, but it is unlikely to be materially different.

At  net short 16,435 contracts, silver is now the most oversold it has been. This oversold condition has been taken up in its entirety by the swaps category, illustrated below.

No wonder silver has been badly crushed. Meanwhile, the gold/silver ratio at over 80 is close to record territory, illustrated next.

It appears that silver has been driven to these extremes by following the base metals, which have been generally weak over the last month. There has been an accumulation of copper stocks on both Comex and the London Metal Exchange, and other base metals show a similar pattern.

China’s state-owned enterprises, which are the major buyers of base metals, have put their accumulation plans on hold. This is due to the current National Peoples’ Congress, when all plans are suspended pending official confirmation. If so, we can expect China’s demand for base metals and therefore silver to resume very shortly.

Meanwhile, President Trump has announced the introduction of tariffs on steel and aluminium, aimed at China, but including imported steel sourced from everywhere. There is some talk of going easy on Canada and Mexico. There was an immediate tit-for-tat response from the EU, which increases the odds of a destabilising trade war between the world’s two largest economic blocs. 

This was followed last night with the announcement that President Trump has agreed to a meeting with Kim Jong-un to resolve the nuclear and missile issues. However, the hope that this means the problem of North Korea is being resolved due to American pressure is too simplistic. It is almost certain that North Korea will instead look to China and Russia to protect them, and the US military and intelligence establishment will resist this move.

Read More @ GoldMoney.com

CENTRAL BANKERS NEVER GET IT RIGHT

by Egon von Greyerz, Gold Switzerland:

Central bank heads have been at it again last week. And they have clearly all been singing from the same hymn sheet. The messages have been very similar from the bosses of the Fed, ECB and BOJ. The head of the Swedish Riksbank had a different and much more interesting message. More about that later.

Why should we ever listen to any of these self-important central bankers. They are consistently inaccurate in their forecasts and policies. Their timing is always wrong as they are always behind the curve. More importantly they are distorting the natural economic cycles by artificial manipulation of markets and thereby creating booms and busts of an enormous magnitude. The natural laws of ebb and flow or supply and demand are the best regulators of markets. If the economy was allowed to take its natural course, the world would not experience massive bubbles and nor the economic troughs with severe recessions or depressions. Central banks and bankers should not exist. They fulfil no purpose and the world economy would function so much better without them.

DRAGHI WILL EAT HIS WORDS

So let us now have a look at what three “wise” bank heads told the world last week:

If someone wonders why I have used caricatures rather than real photos of these bankers, the reason must be obvious. No one must take a central bank head seriously!

Starting with the Fed chairman, Jay Powell, Wall Street did not like what they heard from him: “My personal outlook for the economy has strengthened since December”. He thus vowed to forge ahead with interest rate increases to avoid an “overheated economy”. This was interpreted as a much faster rate of increases than the market had expected. And stocks did not take kindly to his message. The Dow has fallen 1,300 points since his statement and stock markets around the world have followed. But this fall is just the beginning. More about that later.

Mario Draghi, the president of the ECB, said last Monday that slack in the Eurozone might be bigger than previously estimated and this could slow the rise of inflation but only temporarily and prices will eventually climb. He also said the factors that slow down the rise of inflation will wane as growth continues. A few days later he suggested that the ECB remains confident that inflation is finally on an upward trend which will permit the bank to end its bond purchases programme this year. He is likely to eat these words as the Eurozone financial system comes under severe pressure, starting with bank failures in Italy, Greece and Spain.

Finally Haruhiko Kuroda of the Bank of Japan (BOJ) joined the queue of the banks looking toward an exit of money printing. He stated that the BOJ will start thinking about how to end its monetary stimulus, beginning in 2019. The bank forecasts that inflation will reach its target of 2% in 2019. For over 25 years, Japan has tried to achieve inflation by printing unlimited amounts of money. This is a country that has over one quadrillion in debt and where the central bank is buying all of the debt that the country issues. Eventually the Japanese economy will disappear into the Pacific with very few young people to take care of an ageing population.

HYPERINFLATION COMES FROM CURRENCY DEBASEMENT

So here we have three central bank heads who all believe that the trillions or quadrillions of money that they have printed over the years will finally bear fruit and create some minimal inflation of 2% or so. Firstly, it should of course not be the purpose of central banks to manufacture inflation. Inflation is a disease and not a virtue. Inflationary growth that central banks are trying to create by printing money has zero beneficial real effect on an economy. All it does is to give an illusory effect of growth which has no positive outcome. Secondly, the world economy is not about to generate inflationary growth. Instead what will happen is a debt and asset implosion that will kill the world economy for a very long time. The central bankers will respond the only way they know, by printing unlimited amounts of money. It is the coming money printing and currency debasement that will create inflation and hyperinflation and not the central bank stimulus.

GLOBAL LIABILITIES ARE 2,400% OF GDP

After 11 years of massive money printing, the world has achieved no real growth. In the meantime global debt has doubled to $240 trillion which, if unfunded liabilities and derivatives are included, becomes a total liability for the world of $2 quadrillion. With global GDP at $80 trillion this means that total liabilities to GDP is 2,400%. Central banks just managed to kick the can down the road in 2007-9 but this time around, the can is just too big and the failure of the financial system is getting closer. Greenspan who started the mess the world is now in, has just stated “that the world is in a debt bubble”. He should have thought about that 30 years ago when he became chairman of the Fed rather than today. That was the time to stop it and not to start it. But Greenspan’s timing was just as disastrous as all other central bankers’.

ABOLISHING CASH MAKES CENTRAL BANK POWERLESS

Let us finish the discussion of central bankers by mentioning someone who now realises that banning of cash actually makes the central bank powerless. Stefan Ingves, head of the world’s oldest central bank, Sweden’s Riksbank, has just realised that the bank has now lost control of the cash in the country.

In the last 10 years, the value of cash in circulation in Sweden has halved from 112 billion kronor to 50 billion. Many shops and banks refuse to handle cash at all. Ingves states that Sweden now has a situation where many commercial parties control the payment system.

As I have often stated, It is a fallacy to believe that money printing is the prerogative of the central bank. When a commercial bank receives a deposit, it lends that money to someone less a minuscule reserve. That process is repeated many times thus expanding money supply infinitely. A credit card company also prints money and so do many other commercial entities by extending credit. All this money creation outside the central bank is highly inflationary and destroys the value of the currency which Sweden is experiencing, like many other countries.

Ingves argues that the Riksbank is losing control of the currency which he says is problematic. A parliamentary commission is therefore now looking into how to protect the Swedish kronor issued by the Riksbank. This will lead to a new central bank regulation. Without a payment system that accepts the currency issued by the country, Ingves says, the Riksbank cannot carry out its role effectively.

Interesting how a country that has been promoting a cashless society for tax evasion and money laundering purposes now realises that the consequences instead lead to a total loss of control of the country’s currency.

HYPERINFLATION WATCH

In my article last week I mentioned that the gold price in Venezuelan Bolivars was VEF38 million at the official exchange rate. Well one week later the gold price went up to VEF46.5 million – a 22% increase in one week. And in the last week the gold price has surged to VEF52.6 million. Just like Sweden is on its way to do, Venezuela has lost control of its currency, albeit in a very different way.

THE WORLD IS AT THE END OF A SUPER CYCLE

Matterhorn’s primary purpose is to protect investors from the substantial risks that we have identified in the stock, bond and property markets. The psychology of bull markets means that at the end of a major cycle, most investors are more confident than ever. Making money creates this confidence and greed prevents investors from protecting the gains.

I have for some time been very clear that we are now at the end of a very major supercycle which is of a magnitude of at least 100 years but it could even be a 2000 year cycle. Historians will let the world know at some point in the future. Whatever the size of the cycle, the coming downturn in the world economy and markets will be devastating for the world.

TOP FOR US STOCKS IS IN – ALSO FOR GLOBAL MARKETS

It is possible that we could have a final melt-up in markets that would last for yet a few months. But analysing many global stock markets, using our proprietary cycle system, it now looks more likely to me that the top is in for the Dow and for all the major US indices.

Looking at most other world markets, the picture is similar. Canada, UK, Germany, Japan and many more, all show tops in January which are not confirmed by momentum indicators on weekly and monthly charts. That is normally a very bearish sign and a strong indication that the stimulus that central banks have injected around the globe no longer has any effect.

If this is correct we will soon see a major decline in the US markets and also all world markets. This decline will be totally devastating as it is the end of a major cycle. We don’t see any important intermediate bottom until the summer of 2019. But this is the start of a secular bear market which has many, many years to go.

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