Posts Categorized: In The News

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Bill Holter’s Commentary

Paul Singer with obvious common sense…he will surely be shouted down for his blasphemy!

Paul Singer: “Cryptocurrencies Are Nothing”
January 24, 2021

Billionaire hedge fund manager Paul Singer has a message for investors in Bitcoin: it may be worth nothing.

In a recent interview with Grant Williams, the founder of New York-based Elliott Management pointed to the explosive growth in crypto assets as a prime example of irrational investor activity.

“I’ve been investing for a long time, and I gave up a long time ago trying to base my investment management activities on the concept that markets and investors and traders are rational. People try to be rational and think that they’re rational, but quite frequently they’re not. And there is hardly a better example today than cryptocurrencies.”

Singer’s remarks stand in stark contrast to the recent slew of financial institutions embracing the digital asset, including news that investment giant Blackrock is opening two of its funds to Bitcoin futures.

The hedge fund mogul joins a list of Wall Street holdouts that worry about the rampant stimulus from central banks, but disagree that Bitcoin is the appropriate instrument to hedge that risk.


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Bill Holter’s Commentary

Many want to know what happened this week to gold and silver. GATA’s Chris Powell explains it was the same old same old on steroids while Pam and Russ Martens explain where the funding came from…

Will This Day Of Spectacular Intervention Nudge Any Consciences?
January 8, 2021

Dear Friend of GATA and Gold:

This week rioters incited by the president breached the U.S. Capitol, the president’s mental health was thrown into urgent question again, the dollar was sinking fast on international exchanges, the U.S. economy was crashing, unemployment was rising, and the president-elect announced that the new national administration would be distributing trillions more dollars in pursuit of economic recovery.

So why were monetary metals prices hammered with unprecedented violence and why did stock prices rise again?

Of course all that is exactly why.

This things prompt massive if surreptitious government intervention in the markets.

This is a very old story that still cannot be told by mainstream financial news organizations.


Pam And Russ Martens: More Evidence Of Use Of ‘Stimulus’ Money By ESF To Rig Markets
January 8, 2021

After Mnuchin Demanded that Fed Chair Powell Return Hundreds of Billions from Its Emergency Lending Facilities, Fed Sends Back Just $41.3 Billion

Wall Street on Parade
Friday, January 8, 2021

We have become convinced that the allocation of $454 billion under the CARES Act stimulus legislation to cover any losses incurred in the Fed’s emergency bailout programs was a dog and pony show created by U.S. Treasury Secretary Steve Mnuchin (who has testified to Congress that he helped write the legislation) in order to provide Mnuchin with a slush fund to trade in markets.

Our suspicions are heightened by the fact that the Fed ran very similar emergency bailout programs from 2007 to 2010 and did not require any funds from the Treasury to backstop losses. The Fed simply relied on collateral from the Wall Street firms borrowing from the Fed. If those firms don’t have the collateral today, then they’re likely insolvent and not legally allowed to borrow from the Fed.

We have carefully reviewed the CARES Act. There is not one word in the legislation that directs Mnuchin to place that $454 billion into the Exchange Stabilization Fund (ESF). But that’s where Mnuchin placed that money.

We know this because the ESF’s financial statement says Mnuchin placed not only the $454 billion into the ESF but he also initially placed the additional $46 billion that he was allocated under the CARES Act to help airlines and businesses important to national security (for a total of $500 billion). …


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Bill Holter’s Commentary

Erik on a gold standard?

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Bill Holter’s Commentary

Erik on the next two days…and freaked out by “Siri”!

[PDF available]

Bill Holter’s Commentary

The Everything Bubble of all time!

Executive Summary
The long, long bull market since 2009 has finally matured into a fully-fledged epic bubble. Featuring extreme overvaluation, explosive price increases, frenzied issuance, and hysterically speculative investor behavior, I believe this event will be recorded as one of the great bubbles of financial history, right along with the South Sea bubble, 1929, and 2000.

These great bubbles are where fortunes are made and lost – and where investors truly prove their mettle. For positioning a portfolio to avoid the worst pain of a major bubble breaking is likely the most difficult part. Every career incentive in the industry and every fault of individual human psychology will work toward sucking investors in.

But this bubble will burst in due time, no matter how hard the Fed tries to support it, with consequent damaging effects on the economy and on portfolios. Make no mistake – for the majority of investors today, this could very well be the most important event of your investing lives. Speaking as an old student and historian of markets, it is intellectually exciting and terrifying at the same time. It is a privilege to ride through a market like this one more time.


Bill Holter’s Commentary

And the punchline is…it was ALL DONE ON CREDIT in the first place!

The U.S. Has Lost More Than 110,000 Restaurants, Setting The Stage For A Commercial Real Estate Collapse Of Epic Proportions
January 4, 2021

The restaurant industry is in the midst of a complete and total meltdown that is unlike anything that we have ever seen before. If you ask Google how many restaurants there are in the United States, it will tell you that there are 660,755, although that number is a few years old. But for the purposes of this article, that is a good enough estimate. Americans love to eat out, and restaurant workers are some of the hardest working people in the entire country. So it is incredibly sad to see more restaurants constantly going under. In some cases, restaurants that have served their communities for decades are deciding to permanently close their doors. For example, over the weekend Sammy’s Roumanian Steakhouse in New York City announced that it had finally reached the end of the road…

Landmark New York City restaurant Sammy’s Roumanian Steakhouse has closed its iconic basement-level doors as the coronavirus pandemic continues to cripple the restaurant industry.

The Lower East Side fixture was famous for its latkes spreads, chopped liver, and vodka bottles frozen in blocks of ice and was known as a boisterous party spot frequented by celebrities.