J. Johnson’s Latest – Precious Metals Is The Best Insurance In A World Of Lost Confidence!
July 15, 2019
Great and Wonderful Monday Morning Folks,
We start the week off with a smile after watching some early trading pressure hit the markets right at the Sunday night open but later turned to the highs with Gold at $1,416.90, up $4.70 after reaching to $1,421.60 with the low at $1,411.20. Silver is Silver (stop screaming in the store your making a ruckus) with its trade at $15.345, up 10.9 cents with its high at $15.385 and the low at $15.185. The US Dollar is steady Eddie this morning trading at 96.45, up 2.6 points right smack in the middle of its range between 96.525 and 96.375. All this of course was done way before 5 am pst, the Comex open, and the London close.
Venezuela’s Bolivar now has Gold priced at 14,151.29, gaining 69.91 Bolivar over the weekend with Silver at 153.258 gaining 1.897 in Bolivar value. Argentina’s Peso now has Gold pegged at 58,901.14 proving a 103.52 Peso gain with Silver gaining 5.871 A-Pesos with the trade at 637.916. The Turkish Lira now has Gold priced at 8,081.72, showing a gain of 18.61 Lira with Silver at 87.5301 giving us a gain of .8698 in T-Lira value.
We have some trades in the July Silver Delivery month showing us a Volume of 4 up on the board with the Open Interest at 533 fully paid for contracts proving a drop of 17 with those spoof/ghost trades still showing up after the last trade was made in the delivery contract “equaling” each other (July and Sept) again at 24, 22, 14, 30, 29, 45, 50, 46, 47, within a blink with the trading range of the “4” purchases at $15.285 and $15.26 with the highest price being the last trade so far. This is not huge demand yet it still is evidence of purchasing at these prices and the waves of ghost trades that occur after. Silver’s Overall Open Interest fell a little over the last trading period with the count now in the early morning at 217,753 Overnighters proving a drop of 369 obligations during Friday’s positive ending.
Bill Holter’s Commentary
GATA’s Chris Powell is right on with this writing! Please read it twice and understand what he is telling you because it’s the absolute truth…
Modern Monetary Theory Is Fact And Practice, And Market Rigging Is Its Consequence
July 14, 2019
Dear Friend of GATA and Gold:
Modern Monetary Theory, which has been getting much attention lately, is so controversial mainly because it is misunderstood.
It is misunderstood first because it is not a theory at all but a truism.
That is, MMT holds essentially that a government issuing a currency without a fixed link to a commodity like gold or silver is constrained in its currency issuance only by inflation and devaluation.
This is a very old observation in economics, going back centuries, even to the classical economist Adam Smith, and perhaps first formally acknowledged by the U.S. government with a speech given in 1945 by the president of the Federal Reserve Bank of New York, Beardsley Ruml. The speech was published in 1946:
“The necessity for a government to tax in order to maintain both its independence and its solvency is true for state and local governments, but it is not true for a national government. Two changes of the greatest consequence have occurred in the last 25 years which have substantially altered the position of the national state with respect to the financing of its current requirements.
Bill Holter’s Commentary
Whether you believe in a Creator or not, this man is telling the truth when he says “if you take away religion, you can never hire enough police” to voluntarily follow the law.