In The News Today

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Bill Holter’s Commentary

Prohibition of anything never works, it only forces the market price higher. The ultimate bank run is in sight!

Germans Rush to Buy Gold as Draft Bill Threatens to Restrict Purchases
December 27, 2019

Reports have emerged depicting long lines in front of a physical gold sales location in Germany, in view of pending legislation which would once again lower the anonymous purchase limit, this time from €10,000 to €2,000. The last drop happened in 2017 when the limit was set at €15,000. A draft bill from the German finance ministry is being pointed to as the reason for the change, which is scheduled to take effect from Jan. 10, 2020.

Germans Rush to Buy Gold

In a tweet posted Wednesday, precious metals consultant and analyst Dan Popescu shared a picture of a long line of people waiting in front of “Degussa store to buy gold in Köln.” Popescu described, “From Jan. 1, 2020, the limit to buy gold anonymously drops from €10,000 down to €2,000. Only two years ago the limit was €15,000.” One user posted his own photo and replied “This is me line at Degussa in 23rd. The employees said they haven’t seen anything like it before.” To give an idea of the relatively small amount of gold €2,000 (~$2,224) can buy, even a 50g gold bar is currently too expensive.

Germans are queuing at Degussa store to buy #gold in Köln. From Jan. 1, 2020, the limit to buy gold anonymously drops from €10,000 down to €2,000. Only two years ago the limit was €15,000. pic.twitter.com/vhuZTBPA0Y

Dan Popescu (@PopescuCo) December 24, 2019

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Bill Holter’s Commentary

Please read and understand this article as John Hathaway is spot on, and David Rosenberg now resembles the ghost of Stan Salivigsen!

Taking The Hard Way Out – Gold & The “Big Bomb Of Debt Monetization”
December 28, 2019

Authored by David Hay via Evergreen Gavekal blog,

“You don’t make mistakes when you don’t have money. When you have too much money, you will make a lot of mistakes.”

– Jack Ma, founder of Alibaba, the Amazon of China

“My view is simple and starts with the observation that gold is a lot like religion. No one can prove that God exists…or that God doesn’t exist…Well, that’s exactly the way I think it is with gold. Either you’re a believer or you’re not.”

– Howard Marks, founder of OakMark, whose newsletter Warren Buffett reads “religiously”

“Because of Paul Volcker, our financial system is safer and stronger. I’ll remember Paul for his consummate wisdom, untethered honesty, and a level of dignity that matched his towering stature.”

– Barack Obama

“Every penny of QE undertaken by the Fed that cannot be unwound is monetized debt.”

– CNBC regular and former senior advisor to the president of the Dallas Fed, Danielle DiMartino Booth

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