Bill Holter’s Commentary
You want real news? THIS is real news!
They’re Calling It A “Bloodbath” For The $800 Billion Trucking Industry As US Economy Collapses
June 19, 2019
The U.S. trucking industry has not experienced a downturn of this magnitude since the last financial crisis, and this is one of the clearest signs yet that the U.S. economy is steamrolling into a severe economic downturn.
When economic activity is increasing, the trucking industry sees rising demand for their services and freight rates tend to go up. That is precisely what we witnessed in 2018, and truckers were hoping for more of the same in 2019. But when economic activity is on the decline, the trucking industry sees decreasing demand for their services and freight rates tend to go down. Unfortunately, the numbers that the U.S. trucking industry is reporting right now are absolutely abysmal. Freight rates have now fallen for six months in a row on a year-over-year basis, and according to Business Insider during the month of May loads on the spot market fell “by a chilling 62.6%” compared to last year…
This year has been rocky for the $800 billion trucking industry.
After a raucous 2018, 2019 has seen retailers and manufacturers moving less, according to the Cass Freight Index. Freight rates have dipped year-over-year for six months straight. Loads on the spot market, in which retailers and manufacturers buy trucking capacity as they need it rather than through a contract, have fallen by a chilling 62.6% in May year-over-year.
J. Johnson’s Latest – The Battle Of The Resolute Longs And The Paper Shorts Is On!
June 20, 2019
Great and Wonderful Thursday Morning Folks,
Gold is trading slightly higher with the current price at $1,386, up $37.20 but only after it reached $1,397.70 before being calmed down with the low and starting point at $1,361.30. Silver is up as well and not really sure who is leading with its trade at $15.465, up 43.30 cents and close to the high at $15.47 with the low starting at $15.19. The US Dollar finally lost some of that foreign buying support with its trade now at 96.165, down another 41.7 points after losing 57 points yesterday just after the FOMC report came out. Of course, all of this has already happened while we slept, before 5 am pst, and before the London close.
As can be imagined, Gold trading under the emerging markets is like watching a rocket launch with all that force pushing the real money payload sharply higher with Gold under the Venezuelan Bolivar at 13,842.68, gaining 400.5 since yesterday’s report with Silver now priced at 154.457 Bolivar, gaining 5.593 as well. The Argentinian Peso, which has not lost any zeros (yet) now has Gold pegged at 60,067.87 gaining 1,528.26 (X 100 ounce contract) in the overnight with Silver gaining a gob smacking 21.878 (x 5,000 troy ounces per contract). In Europe, the Turkish Lira now has Gold priced at 7,966.70 T-Lira, a gain of 86 Lira with Silver gaining 1.6107 at 88.9086 T-Lira.
As we’ve continued to repeat, the Commodity Sector has a great equalizer called physical deliveries. When demand exceeds supply, it becomes a buy. With the mining sector being gauged with debt instruments and supply demands to the exchanges being part of the control, we have to observe the levels of demand in order to prove there is an issue. Especially when almost everything else about precious metals is a secret not to be revealed. June Silver’s deliveries had a huge jump in OI last week, and with no sales all week so far, with today’s early morning count showing 33 orders waiting for physicals and again, with Zero Volume or Price posted up on the board, proving 206 contracts got receipts for physical. The Resolute Longs are still holding strong as the Over All Count for Silver added another 73 obligations to the mix with the total now at 239,058 Overnighters still in play. We’re only 4,353 contracts away from making a new paper high and at the cheapest of prices for any product.
We now have a Volume in June Silver of 94 with an Open Interest of 33 as of right now. What I cannot confirm is if this is an additional 99 or if its 67 to the 33 that all got receipted today, all this still with no prices offered. Regardless, they buyer is still sticking it to them where it counts the most! Right in the Deliveries!
Looks like out buyer keeps adding one at a time, we’re now at 95 Volume with 33 Open Interest and no price.