Posted at 9:42 AM (CST) by & filed under General Editorial.

Great and Wonderful Monday Morning Folks,

       Nothing starts a Monday off better than a strong-precious-metals move higher with December Gold at $2,038.70, up $10.70 after reaching $2,047.50 with the low at $2,018.90. Silver leads the percentages with the September trade at $28.31 up 77 cents after reaching up to $28.845 with the low down at $27.96. The Continually Overprinted US Dollar is still the lynch pin to it all with the trade at 93.64, up 22.8 points after Friday’s rally with the high at 93.685 with the low that will eventually be blown out at 93.28. Of course, all this happened before 5 am pst, the Comex open, the London close, and after Trump removed the Bickering Party’s say in the negotiations, when he signed the executive order giving the additional cash created by the US Treasury to Americans, in what one professor called “smart politics.” In short, Nancy, Chuckie, Schiff, and the Myth, got sidestepped, LOLOLOLOL!

       Gold’s value under the Venezuelan Bolivar is now priced at 20,361.52 Bolivar, showing a pullback of 271.66 since Friday with Silver gaining 5.642 Bolivar with the last trade at 288.089. Argentina’s currency now has Gold valued at 148,211.93, it too losing about 1,051.06 Peso’s since Friday with Silver doing the opposite with its trade at 2,097.02 A-Peso’s providing the holder a 42.76 rise in price. Turkey’s Lira is standing out all by itself (or is it Au’s price?) with Gold gaining 95.87 Lira’s with the last price at 14,923.25. Silver under the Lira also gained 7.885 T-Lira’s with the last quote at 211.191. Please get used to these price swings, they are expected in the primaries when the exchanges run out of what has already been extracted.

      August Silver Delivery Demands now sit at 174 fully paid for contracts and with a Volume of 4 already up on the board, with a trading range between $28.20 and $28.115 with the last buy at $28.13, up 59.7 cents. Friday’s full day of delivery trades occurred in between a high of $29.53 and the low at $27.525 with the last swap at $27.533, down 85.4 cents yet increasing the demand count by 19 contracts waiting for delivery. Thank you, Mr. Resolute! The shorts continue to pile on, and it does seem they are stressed, as the count increased by only 432 Overnighters, bringing this morning’s total Open Interest to 208,451.

      August Gold’s Delivery Count now sits at 4,590 fully paid for contracts with a trading range between $2,028.30 and $2,022.20 with the last swap at $2,024.40, up $14.30 so far today. Friday’s delivery trades occurred between $2,055 and $2,009.60 with the last buy at $2,010.10 ultimately losing $41.40 by the end of the day and as we witnessed a 532-count reduction as those who wanted receipts, finally got them, maybe. Gold’s Overall Open Interest continues to do the opposite of Silver’s as another 2,041 short contracts got out while they could, leaving 551,632 Overnighters still going against the physicals that the Resolutes are demanding.

      We’re getting into the “mail-in-ballot season” one party thinks will get them respect, with some discomforting news coming from the Customs and Border Protection (CBP) officers working at Chicago O’Hare International Airport having intercepted close to 20,000 counterfeit U.S. driver’s licenses shipped from China, and just ahead of the elections. I wonder who these new voters would be voting for? This event was totally ignored yesterday as Nancy said “China would prefer Joe Biden. Whether they do – that’s their [the IC’s] conclusion, that [China] would prefer Joe Biden.” I still remember 2015’s election run with those people that said “By Any Means Possible” which also meant illegally. What are they afraid of; more disclosures? Are they afraid of that Big Red Disclosure Button on the President’s desk that has been pushed many times already?

     I got a perfectly timed question, regarding the international currency paragraph that might be helpful for all interested, posted this Saturday;

     A query from CIGA Mike.

            Subject: Bolivar, A-Peso & Lira

      Jeremiah:

            I’m sure there is some significance for you posting the gold and silver equivalents of the Bolivar, A-Peso and Lira. However, since I don’t know what this is, I would appreciate (along with others, I’m sure) you explaining this at some point in a future post.

      I read your posts every day, and this is the only paragraph that has me somewhat stumped.

      Be well and stay safe,

      CIGA Mike

      Hello CIGA Mike,

            Thank you for reading and sharing your frustration. I have posted a few times how these currencies were once linked to the US Dollar, one to one, or in variations, before they revalued themselves from their original peg to the US$. I post the precious metals prices, under these already devalued currencies, so people are aware of the international changes in price, and by extension, hoping readers will get used to the price swings we may see in the future, and under our Dollar. In a way, it is preparing one for what may happen in the primary currencies once debt fails, causing the skyrocketing inflation these failed currency nations have lived thru already.

      Take a look at Wikipedia’s storyline of the Argentine Peso for instance, from 1992 to present. The Peso was tied to the Dollar 1 to 1. Now consider where Gold’s price is under that currency and how your purchasing power held, if one had Gold already in possession. What will the price of Gold be in the US when we see our currency value being revalued against the others like Argentina did a few years ago? This can’t be answered yet, but these currencies do give us a path in price projection.

      Admittedly, the little slipped in reminders I put in there, may not be enough. We’re involved in a currency issue, and most don’t want to know how fragile currencies really are. I was hoping this would help those who do not “currency”, learn by reading along to develop the understanding. “Currency” talk is a subject not spoken in kind by most. It is a lonely subject.

     How about this? When Jim and Bill talk about Gold going to $50,000, $80,000, or higher under the US Dollar, is there any form of proof those prices can be reached? All we need to do is look at what happened already in Argentina, and all of a sudden $80,000 is more than possible.

    I deeply appreciate your email, and I hope this helped.

    Keep the faith, smile, positive attitudes and your precious metals close, by any means legally possible! And as always ….

Stay Strong!

Jeremiah Johnson

JeremiahJohnson@cableone.net

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Posted at 2:19 PM (CST) by & filed under In The News.

Bill Holter’s Commentary

Up is down, in is out and wrong is right…just remember, one man’s debt is another man’s asset so when one does not pay another is not paid!

No Payment, No Problem: Bizarre New World of Consumer Debt
August 7, 2020

All kinds of weird records are being broken. But it’s scheduled to expire, and then what?

By Wolf Richter for WOLF STREET.

The New York Fed released a doozie of a household credit report. It summarized what individual lenders have been reporting about their own practices: If you can’t make the payments on your mortgage, auto loan, credit card debt, or student loan, just ask for a deferral or forbearance, and you won’t have to make the payments, and the loan won’t count as delinquent if it wasn’t delinquent before. And even if it was delinquent before, you can “cure” a delinquency by getting the loan deferred and modified. No payment, no problem.

Nearly all student loans go into forbearance, delinquencies plunge.

Student loan borrowers were automatically rolled into forbearance under the CARES Act, and even though many students had stopped making payments, delinquency rates plunged because the Department of Education had decided to report as “current” all those loans that are in forbearance, even if they were delinquent. Yup, according to New York Fed data, the delinquency rate of student loan borrowers, though many had stopped making payments, plunged from 10.75% in Q1, to 6.97% in Q2, the lowest since 2007:

US-consumer-credit-deferrals-2020-08-07-student-loan-delinquencies-

More…

Bill Holter’s Commentary

Many words come to mind but let’s use “immature” rather than something more inflammatory and descriptive. Maybe we should just cancel all classes, forever, and hand out degrees? That might be better as students would have less “indoctrination” that way? We should also pay all professors and new graduates for a life of zero work because that is their God given right? Not really sure what the spark will be but at this point it seems a very violent future is in store for us all…! And here I thought the book Animal Farm was total fiction when I was a kid, little did I know it foretold our future?

Faculty, Students Across US Hold ‘Die-Ins’ To Protest Return To Campus
August 9, 2020

As the fall semester approaches, students from universities across the United States are holding protests, marches, and “die-ins” to denounce the return of in-person classes.

Most American universities are entering the fall semester under a hybrid model of virtual learning and in-person instruction. However, student activists believe that these decisions are motivated by money- not the health and well-being of students.

Protesters are correct in assuming that there are financial consequences for universities moving to only online instruction. Postsecondary institutions across the United States are watching their summer and fall enrollment plummet as they adapt to virtual learning. Many are laying off faculty and cutting budgets by as much as 25 percent.

More…

Posted at 9:48 AM (CST) by & filed under USAWatchdog.com.

By Greg Hunter’s USAWatchdog.com (Saturday Night Post)

Cycle expert and financial analyst Bo Polny predicted near the first of the year there was a “new era of time” starting on the 21st of April 2020.  Polny explains, “Things take time to happen.  Life is not a switch in God’s world.  So, if it’s the 21st of April, life doesn’t change on the 22nd.  There’s a transition period.  Noah was on the Ark for an entire year, actually a little more than a year, before he actually stepped off the Ark with all the animals and his family.  That would equate to April 26th of 2021.  So, when he stepped off the Ark is when he stepped into a new world or a new era.  If that was not a delineation point for a new era, exactly what is?  Even though the old world we knew is finished and over, we are in a transition point.  We really have not seen the new world yet because we are in the transition point.  In a transition point, we still have these people trying to run the world still in power. . . . Do expect immense changes, and I do feel September 18th of this year is going to be pretty epic.  Everything changes after April of next year.”

President Trump gave a speech last week and said he has “a lot of very, very rich enemies, but they are not happy with what I’m doing.”  What does Polny think Trump meant?  Polny says, “Please think about the moment that Christ walked into the temple and started flipping all the money tables.  Do you think all those people were happy?  Or, were they freaking out? . . . Trump, like Christ, is overturning the money tables.  The present day money tables are big pharma, the Federal Reserve, government agencies, politicians, fake news, China, including the trade deal and intellectual property, the pedophiles, drug cartels and the like who have all been working together quietly for generations, and now they are losing money.  It’s all about the money, and Trump is turning the tables on them.  They hate him.”

More…

Posted at 2:56 PM (CST) by & filed under In The News.

Bill Holter’s Commentary

Michael Snyder is correct.

The Economic Depression Of 2020 Is Becoming An Endless Nightmare For Millions Of Americans
August 6, 2020

You may have noticed that a lot of people get offended by what I write. It is not something that I am purposely setting out to do, and I actually endeavor to get along with everyone as much as I can. But it is undeniable that my articles about our ongoing economic collapse directly contradict a lot of the narratives that are constantly being pushed by the mainstream media and many of our political, business and religious leaders. There are so many people out there that want to believe that the future is going to be exceedingly bright, and even though 2020 has been a horrific economic catastrophe so far, there are a lot of optimists that believe that it is just a temporary blip on the road to tremendous prosperity.

It would actually be wonderful if they were right.

But they aren’t.

At this point, everyone should be able to clearly see that we have entered a new economic depression. And I wish that I could tell you that a “recovery” was right around the corner, but I can’t.

On Thursday, we got yet another sign that this downturn is here for the long haul. According to the Labor Department, approximately 1.2 million Americans filed new claims for unemployment benefits last week…

Four months after the COVID-19 pandemic largely shut down the economy and left millions of Americans out of work, employers continue to lay off workers at a historic pace.

More…

Bill Holter’s Commentary

Erik on the touchy subject of “wokeness”. First let me say this, ALL LIVES MATTER! which even includes baby’s lives. Now, someone please pass this along to the snowflakes who aim to destroy anyone’s life who doesn’t agree 100% with 100% of their stances. I don’t have a boss so I cannot be fired, my Mom and Dad have passed away (God rest their souls) so they can’t tell mommy and daddy on me, and frankly I don’t give a rats ass what some demented wokester believes. I will not be judged by the deranged who believe there are 57 different genders and swear that 2+2 is racist if it equals 4. I will be judged only by God. Again, all lives matter and I just wish people would simply respect others and follow the “live and let live” principle because the world would be a far better place! 

Somewhere North of 'Woke' (On Identity Politics)_001

Somewhere North of 'Woke' (On Identity Politics)_002

Posted at 10:34 AM (CST) by & filed under Jim's Mailbox.

A query from CIGA Mike.

Subject: Bolivar, A-Peso & Lira

Jeremiah:

      I’m sure there is some significance for you posting the gold and silver equivalents of the Bolivar, A-Peso and Lira.  However, since I don’t know what this is, I would appreciate (along with others, I’m sure) you explaining this at some point in a future post.

      I read your posts every day, and this is the only paragraph that has me somewhat stumped.

      Be well and stay safe,

      Mike

Hello Mike,

      Thank you for reading and sharing your frustration. I have posted a few times how these currencies were once linked to the US Dollar, one to one, or in variations, before they revalued themselves from their original peg to the US$. I post the precious metals prices, under these already devalued currencies, so people are aware of the international changes in price, and by extension, hoping readers will get used to the price swings we may see in the future, and under our Dollar. In a way, it is preparing one for what may happen in the primary currencies once debt fails, causing the skyrocketing inflation these failed currency nations have lived thru already.

      Take a look at Wikipedia’s storyline of the Argentine Peso for instance, from 1992 to present. The Peso was tied to the Dollar 1 to 1. Now consider where Gold’s price is under that currency and how your purchasing power held, if one had Gold already in possession. What will the price of Gold be in the US when we see our currency value being revalued against the others like Argentina did a few years ago? This can’t be answered yet, but these currencies do give us a path in price projection.

      Admittedly, the little slipped in reminders I put in there, may not be enough. We’re involved in a currency issue, and most don’t want to know how fragile currencies really are. I was hoping this would help those who do not “currency”, learn by reading along to develop the understanding. “Currency” talk is a subject not spoken in kind by most. It is a lonely subject.

     How about this? When Jim and Bill talk about Gold going to $50,000, $80,000, or higher under the US Dollar, is there any form of proof those prices can be reached? All we need to do is look at what happened already in Argentina, and all of a sudden $80,000 is more than possible.

    I deeply appreciate your email, and I hope this helped.

Stay Strong!

Jeremiah Johnson

JeremiahJohnson@cableone.net

Jim/Bill,

Here is a Bloomberg article that in my opinion is misrepresenting what is taking place in the metals market. It doesn’t mention the fact that Volcker had to raise the interest rates to 16 – 17% to halt that inflation in the 80’s. It is opposite of McLeod’s article I sent you before.

I would enjoy hearing or reading your rebuttal to this piece.

Trust all is well,

CIGA Gene

Gene,

Really? And how “broke” was the US in 1980? And what have interest rates done since then and WHY? Rates have been forced down in order to make debt service manageable but now can go no lower. So the comparison for “safety” should be gold versus a 10 year treasury that pays 1/2%. Does a cumulative 6% interest payment over 10 years compensate the fact that the issuer is basically a broke credit? Since the Fed can ONLY print and the Treasury absolutely MUST borrow new $trillions to pay interest and to support the entire global credit edifice, do these authors really believe today’s dollar will still have the same purchasing power in 10 years? Just in this century alone, the dollar has already lost 80% of its value versus gold, the remaining 20% will evaporate much faster now that credit has become so large and pervasive it can never be paid back…only printed away! $875 gold in 1980 was the number needed for Treasury gold to balance the balance sheet, today that number is well north of $100,000! Rather than overvalued, gold is more undervalued today than ever before because of the amount of debt already issued now approaches $30 trillion (it was not even $1 trillion in 1980) with many trillions more needed if they do not want the credit market Ponzi scheme to implode. As Richard Russell always said, it is “inflate or die”! The choice to inflate was made many years and many reflations ago, now the currency will die which these authors seem not to understand…I’ll bet this article has the full stamp of approval of Harry Dent?

Bill