J. Johnson’s Latest – Ag/Au Get Attacked…Then the OOPS Shows Up IMMEDIATELY!
July 1, 2019
Great and Wonderful First Day of July Folks,
Right out of the gate last night the precious metals got attacked with Gold being pushed all the way down to $1,384.70 (the low) after the gapped opening from Friday’s close out at $1,413.70 with the first price quoted at $1,401.80, then dropping immediately to the low with the “right now” price at $1,395.20, down $18.50 and closer to the high than the low. September Silver is where the OOPS showed up with its opening price at $15.315 (barely) gapping down from the $15.341 Friday closing, then being sent down to $15.155 before the immediate recovery with the trade now higher than the opening at $15.33, down 1.1 cent and right beside the high of $15.34. The US Dollar hardly did anything as the precious metals kept the currency violence under control so the currencies look better with the Dollar now at 95.955, up 28.9 points after reaching up to 96.16 with the low at 95.775. Of course all of this was done starting Sunday night at 6pm est, before Monday’s 8am est, the Comex open, and the London close.
The full force of currency debasement was applied within the emerging markets with the Venezuelan Bolivar pricing Gold at 13,934.56 causing a drop in value of 216.73 in Bolivar terms with Silver gaining .449 at 153.108 Bolivar. Argentina’s Peso now has Gold priced under it at 59,257.09, shaving off 1,242.92 A-Pesos with Silver priced at 651.144, losing 1.504 in A-Peso value. Turkey’s Lira has Gold priced at 7,899.32 temporally taking away 280.51 in T-Lira value with Silver now at 86.7990 taking away 1.4496 in value as the predicted squeeze is now on.
Bill Holter’s Commentary
The BIS warns you again.
BIS Warns “Slowdown Is Worsening And Spreading” As Central Banks Run Out Of Ammo
June 30, 2019
Every six month or so, the Bank of International Settlements, also known as the central banks’ central bank, publishes some dire warning about the increasingly precarious state of the global financial system – largely as a result of an unprecedented monetary experiment that is now pushing on a string – and every six months or so the world’s most important central bankers congregate on 18th floor of the circular BIS tower in Basel where they decide to ignore all the warnings and double-down on policies that haven’t worked in a decade, with the expectation that they will work this time (or at least make the world’s richest even richer, while destroying the middle class).
Well, today is one of those days, because at midnight on June 30, the BIS published it Annual Economic Report for the year 2019, and of course, this report too and the speech delivered alongside the Annual General Meeting in Basel by Agustin Carstens, will be summarily ignored by those who matter, until the next financial crisis strikes and everyone is shocked how there were no signals indicating the arrival of what will soon be the greatest financial catastrophe in world history.
Of course, the BIS won’t make any such dire predictions – the last thing it needs is to be accused of sowing the panic that unleashes a crisis – it will however warn that after a failed attempt by central banks to renormalize monetary policy, governments must step in to stimulate their economies and fix policy imbalances that have forced central banks to use up most of their firepower: “The continuation of easy monetary conditions can support the economy, but make normalization more difficult, in particular through the impact on debt and the financial system,” the BIS warned.