In The News Today

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Bill Holter’s Commentary

Ted Butler on silver manipulation. If he is as correct about JP Morgan’s physical long as he is about their paper short, silver will move from last to first in terms of performance versus currencies. We believe it is a very good probability!

No Manipulation, After All?
February 15, 2018

In the never-ending search to either verify or rebut one’s own findings, I’d like you to consider something different today. I’m going to ask you to set aside my highly specific allegations of wrong-doing in the silver and gold markets, mostly centering on JPMorgan, and focus instead on whether if what I allege is really wrong or even matters much. Even though my allegations are based upon data published by the CFTC and CME Group, I would ask you to put that aside and consider that I may have been making a mountain out of a molehill about silver (and gold) price manipulation.

The best way of determining whether there is anything wrong in silver is to do a controlled experiment, namely, by removing it from the equation (along with any mention of JPMorgan) and substitute any other world commodity or entity in its place. In other words, would it be patently and outrageously illegal or no big deal at all if what is transpiring in silver occurred in any other commodity? I’ll present the facts and leave you to be the judge.

Pick any and every commodity with an active futures derivatives market that comes to mind and plugin the facts that are known to have existed in COMEX silver over the past ten years. Any and every commodity – corn, copper, crude oil, no exceptions. Now let’s plug in what we know in terms of facts that exist in silver.

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Bill Holter’s Commentary

Interesting read!

The End Of The Low-Volatility Regime.

February 16, 2017

As John Authers wrote for The Financial Times last Friday: “The violence of the move on the basis of still skimpy evidence…does suggest something strange is afoot. That raises questions about the machinery. Are market structures still in good working order after years in which volatility was suppressed?” The Dow fell 700 points in 20 minutes. It took only nine trading days for the S&P to lose 10% of its value — it has never fallen so far so fast from a record high. And automatic selling triggered by the turmoil added up to more than $200 billion, according to the FT.

In these pages, we have time and again warned about how the lowest interest rates in 5,000 years had generated a toxic co-dependence between algorithmic strategies and low volatility (WILTW August 3, 2017). Last week, that threat manifested — the VIX spike triggered an algorithmic sell cascade. But as Chris Cole, Artemis Capital’s CIO and a thought leader on the volatility threat, told The New York Times: “This is just an appetizer.”

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Bill Holter’s Commentary

This is the letter David spoke of on our weekly call.

Taliban Try’s to Talk Peace to U.S. Audience in New Letter
February 15, 2018

“Information Clearing House” – The Taliban sent a detailed letter Wednesday addressed to U.S. officials making demands and urging them to stop fighting and settle the war peacefully. The letter was sent also sent electronically to media outlets in various languages.

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Bill Holter’s Commentary

This is a well-done interview.

What Is The Turbulence In The Bull Market & What Is To Be Done About Physical Gold?
February 16, 2018

Bill Holter’s Commentary

Facebook is being called “fake news” by Brazil’s largest newspaper?

Brazil’s Largest Newspaper Abandons Facebook; Says News Feed is “Banning Professional Journalism”
February 15, 2018

São Paulo, Brazil— The largest newspaper in Brazil, Folha de S Paulo, announced late last week that due to Facebook’s recent changes to their news feed algorithm resulting in what the paper claims is “effectively banning professional journalism,” it would cease publishing content on the social media platform.

The Guardian reported that the popular Brazilian newspaper has an online and print subscription base of nearly 285,000 subscribers and had roughly 204 million page impressions last December, according to the Communication Verification Institute, a non-profit media auditor. The company’s Facebook page has nearly 6 million Facebook followers.

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