Posted at 1:04 PM (CST) by & filed under General Editorial.

Quote from Eddie George, Governor Bank of England in 1999, when BoE dropped 400 tones of Gold, 50% of the BoE’s gold on the market:

“We looked into the abyss if the gold price rose further. A further rise would have taken down one or several trading houses, which might have taken down all the rest in their wake. Therefore at any price, at any cost, the central banks had to quell the gold price, manage it. It was very difficult to get the gold price under control but we have now succeeded. The US Fed was very active in getting the gold price down. So was the U.K.”

Posted at 4:36 PM (CST) by & filed under General Editorial.

I warn you that politicians of both parties will oppose the restoration of gold, although they may outwardly seemingly favor it. Unless you are willing to surrender your children and your country to galloping inflation, war and slavery, then this cause demands your support. For if human liberty is to survive in America, we must win the battle to restore honest money.

Howard Buffett, 1948

Posted at 10:59 AM (CST) by & filed under In The News.

Bill Holter’s Commentary

“Keep in mind that government produces no products and no jobs. The private sector creates the jobs and the only thing between a derelict and a man is a job. I leave it to you to ponder out how our government has gotten so out of control.”

Erik

Who or What Created the Job You May No Longer Have_001

Who or What Created the Job You May No Longer Have_002

Bill Holter’s Commentary

Well, well, well, “we” were called conspiratorial nutjobs for years and it turns out we were correct all along. The CFTC did their part when they found “nothing actionable”. Blythe Masters skipped town after blatantly lying re manipulation. JPM it turns out has been a criminal enterprise run by someone who loves to remind you “he is richer than you are”! So I have to ask, when do us peon precious metal bulls get restitution for what has been stolen annually from us By the way, it does appear that DOJ finally followed a recommendation we’ve made every single year since 2013…follow the money via “time and sales” to find out who’s done what. Bravo, but a little late? By the way, isn’t a $1 billion fine to them like you dropping a hundred bucks in a wind storm?

Meet The Mastermind Behind JPMorgan’s Gold And Silver Manipulation “Crime Ring”
September 29, 2020

There was a time when the merest mention of gold manipulation in “reputable” media was enough to have one branded a perpetual conspiracy theorist with a tinfoil farm out back. That was roughly coincident with a time when Libor, FX, mortgage, and bond market manipulation was also considered unthinkable, when High Frequency Traders were believed to “provide liquidity”, when the stock market was said to not be manipulated by the Fed, and when the ever-confused media, always eager to take “complicated” financial concepts at the face value set by a self-serving establishment, never dared to question anything.

All that changed in November 2018 when a former JPMorgan precious-metals trader admitted he engaged in a six-year spoofing scheme that defrauded investors in gold, silver, platinum, and palladium futures contracts. John Edmonds, then 36, pled guilty under seal in the District of Connecticut to commodities fraud, conspiracy to commit wire fraud, commodities price manipulation, and spoofing, a trading technique whereby traders flood the market with “fake” bids or asks to push the price of a given futures contract up or down toward a more advantageous price, and to confuse other traders or HFTs which respond to trader intentions by launching momentum in the other direction. As FBI Assistant Director in Charge Sweeney explained at the time, “with his guilty plea, Edmonds admitted he intended to introduce materially false and misleading information into the commodities markets.”

A little more than a year later, former Deutsche Bank precious metals trader David Liew sat in a federal courtroom telling a jury about how he learned to ‘spoof’ markets from his colleagues, and that he considered the behavior to be “OK” because it was “so commonplace.” Unfortunately for him, federal authorities didn’t see it that way, and have aggressively prosecuted the big dealer banks for market manipulation across a variety of markets. His testimony led to convictions for two of his former coworkers. A few days later, JP Morgan agreed to settle similar allegations with a record $1 billion fine, netting another major victory for the government in the nearly decade-long campaign to root out manipulation from the precious metal markets.

More…

Posted at 9:51 AM (CST) by & filed under Jim's Mailbox.

Jim/Bill,

We are in uncharted territory.

Dave

Mounting Unemployment in America: Over One Million UI Claims for 27 Straight Weeks, Unprecedented US Economic Collapse
September 25, 2020

Nothing remotely like what’s gone on since January ever happened before in the US.

For the 27th straight week, over one million working-age Americans filed claims for unemployment insurance (UI).

Numbers for the past week include 870,000 who applied for regular state UI, along with another 630,000 applying for Pandemic Unemployment Assistance (PUA) — the federal program for workers not eligible for UI.

Providing up to 39 weeks of benefits, PUA expires at yearend.

Because most states provide 26 weeks of UI, many unemployed US workers exhausted their benefits.

They’re still eligible for 13 additional weeks of Pandemic Emergency Unemployment Compensation (PEUC) — available only for individuals who got state UI.

Beginning next week, as UI claims fall, PEUC claims will rise proportionately — total claims remaining at Great Depression levels with no congressional or White House programs proposed to turn things around ahead of November 3 elections.

Because reports on PEUC claims are delayed, they won’t show up until October 8.

More…

Posted at 9:49 AM (CST) by & filed under In The News.

Bill Holter’s Commentary

We agree with Erik, ALL LIVES MATTER!

Presidential Picks From Those Who Ask Questions You Can't (For the Democrats)_001

Presidential Picks From Those Who Ask Questions You Can't (For the Democrats)_002

Bill Holter’s Commentary

Alisdair Macleod with a masterpiece lesson on hyperinflations. We urge everyone to read this at least once for the historical perspective provided. Our final take is this; past grand hyperinflations all provided escape options into other currencies that were convertible into either gold or silver. This option does not exist today, unless one exchanges their fiat directly into precious metals on their own. And please remember, major events happen faster now than any time in history!

Lessons On Inflation From The Past
September 24, 2020

This article examines two inflationary experiences in the past in an attempt to predict the likely outcome of today’s monetary policies. The German hyperinflation of 1923 demonstrated that it took surprisingly little monetary inflation to collapse the purchasing power of the paper mark. This is relevant to the fate of the “whatever it takes” inflationary policies of today’s governments and their central banks. The management of John Law’s Mississippi bubble, when he used paper money to rig the market is precisely what central bank policy is aimed at achieving today. By binding the fate of the currency to that of financial assets, as John Law proved, it is the currency that is destroyed.

Introduction

At the outset, I shall make a point about the relevance of the chart below, a screengrab from Constantino Bresciani-Turroni’s The Economics of Inflation[i], which has been frequently reproduced and will be familiar to many who have read about Germany’s post-First World War inflation.

GRAPHIC_1

More…

Posted at 9:20 AM (CST) by & filed under General Editorial.

Great and Wonderful Monday Morning Folks,

      Gold is trading down $6.30 with the price at $1,860, right smack in the middle of the range between $1,869.10 and $1,851.10. Silver is flat to lower with the last trade at $23.02, down 7.3 cents after the dip down to $22.61 with the high to beat at $23.19. The US Dollar is not as flat as the metals with its value losing 42.2 points with the calculated value at 94.25, one point off the low with the high at 94.67. Of course, all this happened before 5 am pst, the Comex open, the London close, and after Project Veritas, a real news service, totally exposes the frauds that are called Ilhan Omar and her connection to a “car full” of already filled out – absentee ballots.

      Gold in Venezuela now has an 18,576.75 Bolivar price attached to it showing a 12.98 pullback from Friday’s price with Silver now at 229.912 providing the holder a 1.797 Bolivar gain. In Argentina, Gold’s value is now at 140,933.73 A-Peso’s providing the holder a gain of 195.53 with Silver now at 1,744.24, already giving Friday’s buyer a 16.47 A-Peso profit. Turkey’s Lira popped in a gain of 306.76 for the Friday buyer with the price for Gold now at 14,496.99 T-Lira’s with Silver’s last trade at 179.504 T-Lira, a gain of 5.341.

      September Silver’s last day of delivery now has a Demand Count of 12 fully paid for 5,000-ounce contracts waiting for delivery with a Volume of 41 already up on the board with a trading range between $22.74 and $22.695 with the last swap at the low, down 32.2 cents. That’s only an addition of 205,000 ounces of the real stuff, Hello Mr. Resolute! Friday’s delivery activity happened in between $22.98 and $22.73 with the last swap at the high, that also had a Volume of 21, which in turn, reduced the delivery demands by the same quantity (FIFO?), with that Calculated Close at $23.07, where no trade was made. Silver’s Overall Open Interest continues to wane with the count now at 153,396 short contracts, that go against the physicals, proving a reduction of 1,611 Overnighters since Friday mornings tally.

      This morning’s September Delivery Demands in Gold, now has a total of 48 fully paid for 100-ounce contracts waiting for receipts, with a Volume of 19 already up on the board, yet with no trading range or price. Friday’s delivery activity happened with one price, at $1,856.30, and still a CCC had to be applied at $1,857.70, giving the noble metal a loss of $10.60 and only because of the papers, also reducing the delivery count by 180 contracts that might have gotten their receipts between here and London. Gold’s Overall Open Interest now has a total of 559,438 Overnighters, showing the continuing paper reduction with today’s early morning count taking away 2,479 short contracts that go against the physicals.

      Friday evening, after all the markets closed, the DOJ reported that two former Deutsche Bank traders were convicted of engaging in deceptive and manipulative trading practices in our U.S. Commodities Markets. Towards the end of the article, it claims that “Individuals who believe that they may be a victim in this case should visit the Fraud Section’s Victim Witness website for more information”. If one is crazy enough to trade the markets, they may consider adding their names to the list. There may never be a return from these organized thefts from all the banks, but at the very least, it may provide a number of people and entities that were robbed daily by the central banks and friends, with their practices, helping to prove how bad the system really is, when the convicted NEVER have to give back money to those they stole from, and how the CFTC takes what it needs via their penalties, and allows the thieves, under their watch, to thrive.

      The first 2020 presidential debate will be held tomorrow, at 5:00 pm pst with Trump asking for a Pre and Post Debate – drug test for himself and sleepy Joe. Now that we have several, factual, and “live”, evidence of ballot harvesting, I expect another category to be brought up during the debates. I really do believe the debates are absolutely necessary for both sides, and fun to watch, seriously. After all, it’s “Politics American Style”! I also think there should be an open forum, not just a list of topics. The best part will be those witty comebacks, that add so much to it all.

      So smile, and hang on tight to the physicals, while we make it thru the last delivery day of September, the presidential debates, and the end of the 2020 fiscal year. What can go wrong, if one holds physical Silver and Gold? As always …

Stay Strong!

Jeremiah Johnson

JeremiahJohnson@cableone.net

More J.Johnson content is available with purchase of a JSMineset subscription.

Posted at 12:08 PM (CST) by & filed under USAWatchdog.com.

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

Dr. Chris Martenson is a futurist, economic researcher and holds a PhD in toxicology from Duke University.  New statistics out by the CDC say the overwhelming majority of people have less than a .5% chance of dying from the CV19 virus.  Martenson contends there was an overreaction to CV19, and real treatments have been ignored that could have saved lives.  Martenson says, “Australia, UK, United States and a lot of Europe are going a little overboard on this whole thing and being ignorant and unsophisticated.  If you are unsophisticated, you say we have to lock the whole country down.  If you are sophisticated you say, no we don’t.  People who are a little bit older and with co-morbidities, let’s keep them safe, and everybody else can get on with their lives.”

Dr. Martenson says, “We should open back up, and we can do it safely.” Martenson says officials lied about the safety and effectiveness of treatments such as the combination of Hydroxychloroquine (HCQ), zinc and Azithromycin.  Martenson says, “A lot of people could have been saved. . . . I know of doctors that were running trials where they were investigating HCQ, and they designed the trials to fail. . . . In one really tragic case in the UK, they took people past the replication cycle, and not only really sick . . . but they gave them toxic doses of Hydroxychloroquine and said look, this stuff actually makes people sicker and not better.  It’s hard to describe how evil that really is.  I am shocked by what I’ve been seeing.”

More…

Posted at 9:49 AM (CST) by & filed under In The News.

Bill Holter’s Commentary

Bottom line? The dollar is toast and no fix, other than ushering in a new (non fiat) currency will do. History is filled with destroyed currencies…and social unrest always accompanies.

Are the Chinese Trying to Tell Americans Something_001

Are the Chinese Trying to Tell Americans Something_002

Bill Holter’s Commentary

WOW! From a mainstream economist no less!

Economist Stephen Roach Issues New Dollar Crash Warning, Sees Double-Dip Recession Odds Above 50%
September 23, 2020

Economist Stephen Roach warns next year will be brutal for the dollar.

Not only does he see growing odds of a double-dip recession, the Yale University senior fellow believes his “seemingly crazed idea” that the dollar would crash shouldn’t be so crazy anymore.

“We’ve got data that’s confirmed both the saving and current account dynamic in a much more dramatic fashion than even I was looking for,” Roach told CNBC’s “Trading Nation” on Wednesday.

Roach highlights two ominous second quarter figures.

“The current account deficit in the United States, which is the broadest measure of our international imbalance with the rest of the world, suffered a record deterioration in the second quarter,” he said. “The so-called net-national savings rate, which is the sum of savings of individuals, businesses and the government sector, also recorded a record decline in the second quarter going back into negative territory for the first time since the global financial crisis.”

More…

Bill Holter’s Commentary

Commenting politically is a dangerous game because someone always gets pissed off no matter the message. This short video, whether you personally agree or not states something I believe is surely coming very soon. The silent majority is very angry and is waking up. The speaker calls it Silent Anger 2020. People have said I was a nutjob and just peddling “doom porn” in the past when suggesting Civil War was a very real possibility. Sadly, the odds of civil war not occurring has become quite small in my estimation. If you do not believe in right versus left, look at it as those who want to be left alone and live freely versus those who seek to control your every move. Personally, I am libertarian and believe in live and let live, and that ALL LIVES MATTER!

Posted at 3:06 PM (CST) by & filed under General Editorial.

I have an issue when it comes to raising questions. I love to find the answer or reach a thesis that needs more evidence and time to work thru. One question that came to mind these past few days is the Margin Calls in Silver and Gold and the subsequent drop in the paper contracts which should have happened. This is something we all would have expected but that is not necessarily what is occurring here.

      Last Friday’s Overall Open Interest in Gold was 576,793 when the settled price was calculated at $1,962.10 and today the OI is at 576,231. Only 562 contracts have settled out yet the price has dropped over $95.

      Last Friday’s Overall Open Interest in Silver, during the early morning quote, was calculated at 163,526 Overnighters going against the physicals when the last trade was set at $27.12, with today’s OI is at 158,323. This proves a reduction of 5,203 Overnighters these past 4 days as the price collapsed over $4. The Silver OI reduction (3%) is more than Gold’s and so is the drop, price wise. So why are there so few papered “Longs” not getting out like they’ve done in the past?

      All of us are painfully aware of the Algo systems within our price discovery mechanism, but exactly how do they control the prices when hardly any Open Interest is being moved out or in? Here is the thesis, and like all others, cannot be proven because the entire system is opaque, with very large (and already convicted yet, are still allowed to play) criminal elements in it, that may be using their algo’s, that communicate with each other and await signals in order to react without all that bar room talk, the text messages that came later, then the chatrooms, which are now convictable evidence in court, until recently have been morphed into what we see today, a system that is Algo controlled.

      Let’s use a couple of fake company names to explain the hypothetical thesis; “Silver Long Hedge” and “Silver Short Hedge”.

Silver Long (SL) has 10,000 Long Contracts in December and is Short 10,000 March.

Silver Short (SS) has 10,000 Short Contracts in December and 10,000 Long in March.

      Both of these companies are looking to profit, and both company Algo’s, look for signals to respond to in order to make those profits. Here’s what may be happening; If both Algos see the same signal that says the price should drop, both SL and SS would sell all (or a portion) of their Long Contracts at the same time, then buy back into the spread at sharply lower prices once the Re -“Buy” signal is seen. They can also buy out some of their short contracts (after the dip) to leave the impression that Longs got out, but did they? The prices would change, but by the end of the day, the Open Interest doesn’t.

      In earnest, I do not know if this is the case, but then again, it might be exactly. At the same time the Algos are communicating with each other, the Resolutes keep coming in and are buying up the cheapened merchandise, bypassing the Comex paper game, and draining their supplies. How much longer will the Comex and the governing bodies (that has allowed all this to occur) be able to justify their own existence, will depend on the Comex’s ability, to stay physically liquid. If this thesis has bearing, we might find out how quickly things will change once the new smelter supplies runs dry. That will be the ultimate answer as we await the truth in the numbers.

     An additional thesis if this thesis is convictable; how many stock market hedge funds are looking at the same signals or other signals in commodities, in order to attack the shares of say, the miners? Are these being looked at already or are they totally ignored by our governing bodies? Truth comes out in math and logic, and we await both in the future …

Stay Strong!

Jeremiah Johnson

JeremiahJohnson@cableone.net