Jim’s Mailbox

Posted at 11:03 AM (CST) by & filed under Jim's Mailbox.

Courtesy of JB.
Jim

Jim/Bill/Dave,

The Australian dollar is now also suffering because of the political situation.

As we saw with the lower Yuan and Rupee (India) when currencies go down initially gold and silver become more expensive and people sell “take profit” and don’t buy “ oo expensive” though this situation is abruptly reversed when people get afraid that the currency falling out of bed (Argentina, Turkey) and undergoes sharp devaluations because in those situations only gold and silver are the true preservers of your wealth. It is no longer about making a profit or being too expensive the issue is now about protecting your wealth.

Remember gold and silver are the mirror image of the reserve currency which ultimately is the anchor for all other paper currencies. Just ask the venezuelans if they would have preferred to have held gold and silver before this crisis began. Venezuela is the poster child for what is about to happen in many countries!!

Why hold gold and silver? Because all currencies including the US dollar will implode from their massive irresponsible debt overhang that never can be paid back and will demand a very painful debt restricting . As a last remark remember the currency is ultimately the benchmark of your wealth, if currency paper is worthless you don’t have anything that will never be the case of gold and silver the only asset class that is not dependent on the credibility of the economy, government and monetary authority’s actions. Physical gold and silver have value of their own people will always consider it to have value. That is different for the Zimbabwean Dollar or Venezuelan Bolivar

Best,

GG

Aggressive Traders Go Long: Sharp Rally In Gold & Silver Ahead As Technicals Are At Extremes
August 23, 2018

Captain Ewave says aggressive traders should consider going long in both gold & silver. Here’s what the technicals are telling him…

by Captain Ewave of CaptainEwave

GOLD:

Short Term Update:

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If we are in the initial stages of wave .iii., we should expect a very large up day from gold this week, and a retaking of the 1204.00 level as a first step.

We are now challenging that high, and we will see if we break through and close above it in today’s trading session.  We will provide our initial projections for the end of wave .iii. only when we are sure that all of wave .ii. is complete at the 1167.10 low.

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Jim/Bill/Dave,

You can’t just dream it up it is all ridiculous — Davis is a huge fraud clearly!

GG

Cohen Attorney Lanny Davis Is Registered Foreign Agent for Pro-Russian Oligarch Wanted by US Government and Linked to Putin
August 22, 2018

On Tuesday former Trump Attorney Michael Cohen, on the advice of his attorney and Clinton advisor Lanny Davis, surrendered himself to the FBI after it was reported he reached a plea deal with federal prosecutors.

Michael Cohen admitted he violated campaign finance laws in relation to the Stormy Daniels payment at direction of a ‘candidate.’

Cohen attorney Lanny Davis is a registered foreign agent for Dmytro Firtash, a pro-Russia Ukrainian oligarch wanted by the US government.

Via Jack Posobiec:

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Jordan Schatchtel added: Lanny Davis is co-founder and partner of the law firm of Davis Goldberg & Galper. I just checked FARA records. His firm is a registered *ACTIVE* foreign agent for Ukrainian oligarch Dmytro Firtash, who is a close ally of Russian pres Vladimir Putin.

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Key words how much information investors would demand?

In the used car business that is like looking under the hood and running away!

Dave

Saudi Arabia Calls Off Aramco IPO, Disbands Advisors
August 22, 2018

Two years ago, when the Aramco IPO was first floated, bankers on Wall Street declared a week-long fee orgy: after all, the $1+ trillion IPO – the biggest in history – was going to result in an underwriting fee bonanza. However, it was not meant to be, and last October the first reports emerged that the IPO would likely not happen over Saudi concerns over financial transparency, venue of the listing, and how much information investors would demand from Saudi Arabia about its oil deposits.

Then, two months after the FT reported that the Aramco IPO “almost certainly wouldn’t happen,” moments ago Reuters’ sources confirmed that Saudi Arabia has called off both the domestic and international stock listing of state oil giant Aramco.

The financial advisors working on the proposed listing have also been disbanded, as Saudi Arabia shifts its attention to a proposed acquisition of a “strategic stake” in local petrochemicals maker Saudi Basic Industries as we reported one month ago.

“The decision to call off the IPO was taken some time ago, but no-one can disclose this, so statements are gradually going that way – first delay then calling off,” a Saudi source familiar with IPO plans.

WTI Crude reacted modestly lower on the news.

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Courtesy of Dave.

Jim

The State of Democracy: 11-Year-Old Hacks A State Election Replica Website in Just 10 Minutes
August 22, 2018

At DEFCON 26, the world’s largest hacking convention that recently took place in Las Vegas, an 11-year-old boy managed to hack a replica of the Florida state election website and change voting results in less than 10 minutes. Organizers of the event said that at least 30 children were able to hack similar replica websites in under a half hour, including an 11-year-old girl who completed the job in just under 15 minutes.

One of the attractions of the event was the “DEFCON Voting Machine Hacking Village,” which allowed kids as young as 8 to take a shot at stealing a simulated election.

Nico Sell, co-founder of the non-profit r00tz Asylum, told the PBS NewsHour that these kids were able to hack sites that were exactly like those used for official elections in the United States.

“These are very accurate replicas of all of the sites. These things should not be easy enough for an 8-year-old kid to hack within 30 minutes, it’s negligent for us as a society,” Sell says.

Sell said that when they first tried a similar challenge last year, adult hackers were able to crack the websites in under five minutes.

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