Jim’s Mailbox

Posted at 11:09 AM (CST) by & filed under Jim's Mailbox.

Jim/Bill,

We covered this on Saturday.

Dave

CNBC Is Careful To Admit That Owning GLD Is Not Owning Gold
November 19, 2019

Chris Powell of GATA writes today about how he finds it interesting that CNBC are careful to admit that owning the GLD ETF is not the same thing as owning physical gold, a theme that has run strongly throughout our market commentaries for many years.

He writes…

Two cheers for today’s CNBC report celebrating the 15th anniversary of the gold exchange-traded fund GLD, since the report does not pretend that owning GLD is the same as owning the monetary metal itself.

Instead, the report says, GLD “tracks one of the world’s most popular commodities,” provides “an easy and particularly cost-effective way to get indirect exposure to gold,” and is a device for “having exposure to movements in the gold price.”

Of course it would have been nice for CNBC to note that the custodian of the vault holding GLD’s gold is the investment bank HSBC, perhaps the biggest short in the gold market; that the bank is the beneficiary of a new New York Commodities Exchange rule apparently allowing the bank to inject more “paper gold” into the futures market, that GLD itself facilitates the shorting of real metal through the borrowing and conversion to metal of its shares and the sale or lease of that metal by enormously well-funded brokers executing central bank market-rigging policy; and that anyone buying “paper gold” might as well flush his money down the toilet.

More…

 

Jim/Bill,

John Whitehead has penned an excellent article. I would recommend every one read it twice and think long and hard about what he has to say.

Dave

Impeach the Government: Rogue Agencies Have Been Abusing Their Powers for Decades
November 19, 2019

. . .

To be clear: this is not about Donald Trump. Or at least it shouldn’t be just about Trump.

This is a condemnation of every government toady at every point along the political spectrum—right, left and center—who has conspired to expand the federal government’s powers at the expense of the citizenry.

For too long now, the American people have played politics with their principles and turned a blind eye to all manner of wrongdoing when it was politically expedient, allowing Congress, the White House and the Judiciary to wreak havoc with their freedoms and act in violation of the rule of law.

“We the people” are paying the price for it now.

We are paying the price every day that we allow the government to continue to wage its war on the American People, a war that is being fought on many fronts: with bullets and tasers, with surveillance cameras and license readers, with intimidation and propaganda, with court rulings and legislation, with the collusion of every bureaucrat who dances to the tune of corporate handouts while on the government’s payroll, and most effectively of all, with the complicity of the American people, who continue to allow themselves to be easily manipulated by their politics, distracted by their pastimes, and acclimated to a world in which government corruption is the norm.

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