Posted July 17th, 2019 by Bill Holter & filed under In The News.

J. Johnson’s Latest – We Now Think the Lone Ranger’s Horse IS On The Run
July 17, 2019

Great and Wonderful Wednesday Morning Folks   

      Gold got the monkey hammer during yesterday’s Comex trade and the punch in the gut is still being felt but the Nobel metal remains steady, took a big breath, and is ready to fight with the trade at $1,406.00 down $5.20 after dipping down to $1,401.30 with the high at $1,408.90. Silver is the Lone Ranger’s horse and the back of the barn has been kicked out as it leads in the early morning with the trading price now at $15.685, up 7/10th’s of a penny and close to the high at $15.70 with the low at $15.55. The US Dollar is flat this morning with its trade at 96.965, down 7.6 points and right beside its low at 96.955 with the high at 97.10. All of this was done while we slept, before 5 am pst, the Comex open, and the London close.   

      The Venezuelan Bolivar now has Gold priced at 14,042.43 showing us a loss of 92.88 Bolivar with Silver at 156.654 proving a gain of 2.397 in Bolivar value. Argentina’s Peso now shows Gold priced at 59,980.84 A-Pesos only losing 3.42 with Silver at 669.119 giving the “money of the people” a 14.498 A-Peso swing to the positive. Turkey’s Lira has Gold trading lower at 7,998.46 proving a loss of 75.93 with Silver under the fiat at 89.2215 T-Lira proving a gain of 11.142 in T-Lira value, showing us all 3 emerging market currencies couldn’t keep Silver under control (this horse is pissed).    

      July Silver had some excitement during yesterday’s trade as the Volume in the trade continued to climb all day with the Demands for Physical Silver posting a count of 414 contracts waiting for product proving a drop of 106 in count and with zero Volume up on the board so far this morning. Inside the 106 contract drop, an additional 41 contracts traded yesterday, so these may have been added to yesterday’s delivery already. This is why it is important to pay attention to Harvey Organ’s consistent and accurate posts. So far this morning there have been no trades in July so there is no trading range to report. With this in mind and the observances these past few days showing the quotes in parenthesis, the counts between the July and Sept contracts are no longer consistent or equal, so, we’ll wait for a trade to pop up in the delivery month and we may see these non-spoof spoofs, spoofing again.     

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Posted July 15th, 2019 by Bill Holter & filed under In The News.

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.    

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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:

http://home.hiwaay.net/~becraft/RUMLTAXES.html

Ruml said:

“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.

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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.

Posted July 14th, 2019 by Bill Holter & filed under In The News.

Bill Holter’s Commentary

Maybe I am just old fashioned but I would suggest the University should be “investigated”, not the woman!

University Investigates Feminist Grad Student For Saying Men Can’t Become Women
July 12, 2019

Title IX office is involved

What are the odds a feminist graduate student could be under siege for feminist rhetoric on a California campus?

Under an intersectional framework and evolving definition of “woman,” much higher than you might expect.

University of California-Santa Barbara doctoral students, alumni and “allies” are demanding the administration take action against Laura Tanner, an outspoken critic of transgender ideology and doctoral candidate in its Department of Feminist Studies.

Tanner’s Twitter feed is dominated by discussion of transgender ideology’s threat to women, including young lesbians. She believes that transgender women – biological males – are wrongly appropriating a female identity.

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Bill Holter’s Commentary

I don’t get it? They fly the Mexican flag on US soil, why not just move to Mexico? Oh, that’s right, Mexico will put you in jail if you enter and stay in their country illegally…what a concept!

Crowds Will Protest Outside Aurora Immigrant Detention Facility July 12
July 11, 2019

A large protest set to take place Friday, July 12, from 7 to 9 p.m. outside the immigrant detention facility in Aurora is expected to draw more than a thousand people.

“We want to close down the detention center, and we want them to release these immigrants to their families or sponsors,” says protest organizer Patty Lampman. The facility in Aurora is run by private prison company GEO Group through a contract with Immigration and Customs Enforcement.

The demonstration is tied to a worldwide call to action known as Lights for Liberty; as of July 8, 626 Lights for Liberty protests have been planned across the globe, including hundreds in the U.S. and in at least 25 countries. At 9 p.m. at each location, protesters will simultaneously light candles or shine their cell phones.

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Bill Holter’s Commentary

Maybe more than any other current stupidity, people will look back upon the current era and negative interest rates and ask “what in world were they thinking”?

The Black Hole Engulfing the World’s Bond Markets
July 12, 2019

There’s a multitrillion-dollar black hole growing at the heart of the world’s financial markets. Negative-yielding debt — bonds worth less, not more, if held to maturity — is spreading to more corners of the bond universe, destroying potential returns for investors and turning the system as we know it on its head. Now that it looks like sub-zero bonds are here to stay, there’s even more hand-wringing about the effects for mom-and-pop savers, pensioners, investors, buyout firms and governments.

1. Why invest in a bond that will lose you money?

Typically, bonds are the safest assets on the market, so many investors seek them out at times of heightened market stress, say a U.S.-China trade war or tensions in the Persian Gulf. A bond can have a modestly positive coupon when issued by a government, institution or company, but once it starts trading, high demand by investors can push its price up — and therefore its yield down — to such an extent that buyers no longer receive any payment. Some funds track government bond indexes, meaning they must buy the bonds regardless of the yield. And some investors can still make positive returns on these bonds when adjusted for currency swings.

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Posted July 12th, 2019 by Bill Holter & filed under In The News.

J. Johnson’s Latest – Is Comex Spoofing the Precious Metals Deliveries?
July 12, 2019

Great and Wonderful Friday Morning Folks,    

     Yes Gold is positive and trading at $1,409.90, up $3.20 after reaching $1,414.20 in the overnight with the low starting point at $1,405.30. Silver is still the most boring trade on the planet and is being dragged along with its price at $15.155, up 9/10ths of a penny after reaching $15.205 with its starting point at $15.12. Even the US Dollar is stagnant with its value at 96.61, down 5.6 points after dipping down to 96.50 before the support mechanism came with the high at 96.735. All this activity being led by Gold, happened before 5 am pst, the Comex open, and the London close.    

     Venezuela’s issues may not be front page news anymore but here, we like to bury the hatchet, so we watch the currencies with this nations Bolivar now pricing Gold at 14,081.38 proving the currency rallied as Gold loses 120.85 in Bolivar value with Silver trading at 151.361 dropping 1.448 Bolivar. Argentina’s Peso, a far more volatile currency (since Venezuela cut off 4 digits to the left of the decimal) now has Gold pegged at 58,797.62 sending Gold down 712.56 Pesos with Silver now at 632.045 taking away almost all of yesterday’s explosive price moves losing 8.252 in A-Pesos value. The Turkish Lira has Gold trading at 8,063.11 showing a minor loss of 3.32 T-Lira with Silver at 86.6603 down .1242 in T-Lira value.  

     July Silver deliveries are chugging along, adding more questions to the fray than any other point, with the demands for physical now at 550 fully paid for contracts proving an additional 9 contracts being added during yesterday’s activities, still waiting for the docs to arrive, and with Zero Volume up on the board so far this morning. With no buy or sells in place, we have no trading range. Our Resolute Longs are getting noticed out there as Alasdair Macleod is using the Whale descriptor to characterize our long term buyer taking on the shorts with the Overall Open Interest in Silver now at 218,122 Overnighters, proving 460 short contracts exited the trade while we observed another anomaly during yesterday’s negative trade.    

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Posted July 11th, 2019 by Bill Holter & filed under In The News.

J. Johnson’s Latest – The Resolute Longs Are Keeping the Board Game Tight
July 11, 2019

Great and Wonderful Thursday Morning Folks,    

      Gold is trading higher with the price at $1,422, up $9.50 after touching the high of $1,429.40 with the current price close to the low at $1,419.40. Silver is following along with the trade at $15.30, 8.3 cents higher than the Comex close and inside a tight trading range between $15.345 and $15.26.  The US Dollar took a 40 point hit during yesterday’s testimony with Jay Powell in front of the House of Representatives with the trade continuing downward with the current value pegged at 96.495, down 20.8 points and close to the low at 96.455 with the high at 96.695. All of this was done way before 5 am pst the Comex open, and the London close.    

      Venezuela’s Bolivar now has Gold priced at 14,202.23 giving us a gain of 250.69 Bolivar with Silver gaining 1.848 Bolivar with its price at 152.809. Argentina’s Peso now has Gold pegged at 59,510.18 as it too added 1,112.12 A-Pesos to the price with Silver adding 8.412 Pesos with the trade at 640.297. Turkey’s Lira has Gold priced at 8,066.34 putting an additional 39.51 Lira into its value with Silver now trading at 86.7845 adding only .0723 in T-Lira value.    

      The July Delivery demands for Silver are now showing the requests at 541 demands and with a Volume of 10 up on the board so far this morning. The count proves a drop in demands of 13 (delivered receipts or EFP’s to London) as we remain curious about the buyer and his real intentions. The trading range within the delivery month is in between $15.23 and $15.205 and with a buy order out there for an additional 57 lot at $15.20, with a single lot sell order at $15.215. This price variance is only a $75 addition to the entire 5,000 ounce purchase, why squabble over table scraps when the table itself is huge and holds all the value? Yesterday’s price rise proved the shorts had to add another 1,134 more paper contracts in order to stay the price as more and more buy orders popped up during the day as the Resolute Longs keep the board game tight with the total count now at 218,582 Overnighters, keeping the shorts up against the wall of deliveries with only one answer to the problem; much higher prices in order to slow demand. Still, the point of contention!     

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Posted July 10th, 2019 by Bill Holter & filed under In The News.

Bill Holter’s Commentary

Grab the popcorn!

Mystery Parties Seek Secrecy In Jeffrey Epstein-Related Suit
March 20, 2019

Two mystery litigants citing privacy concerns are making a last-ditch bid to keep secret some details in a lawsuit stemming from wealthy financier Jeffrey Epstein’s history of paying underage girls for sex.

Just prior to a court-imposed deadline Tuesday, two anonymous individuals surfaced to object to the unsealing of a key lower-court ruling in the case, as well as various submissions by the parties.

Both people filed their complaints in the New York-based 2nd Circuit Court of Appeals, which is overseeing the case. The two people said they could face unwarranted speculation and embarrassment if the court makes public records from the suit, in which Virginia Giuffre, an alleged Epstein victim, accused longtime Epstein friend Ghislaine Maxwell of engaging in sex trafficking by facilitating his sexual encounters with teenage girls. Maxwell has denied the charges.

“Wholesale unsealing of the Summary Judgment Materials will almost certainly disclose unadjudicated allegations against third persons — allegations that may be the product of false statements or, perhaps, simply mistake, confusion, or failing memories of events alleged to have occurred over a decade and half ago,” former federal prosecutor Nick Lewin wrote in an amicus brief filed Tuesday.

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Bill Holter’s Commentary

If this is true, I would say it is quite the “derivative”…!

US Customs Just Seized A Ship Owned By Jpmorgan After Authorities Found $1 Billion Worth Of Drugs On It
July 9, 2019

Federal prosecutors in Philadelphia have seized a container ship operated by the Mediterranean Shipping Co., weeks after authorities found more than $1 billion worth of cocaine on the vessel in what was one of the largest drug busts in American history.

US Customs and Border Protection seized the ship on July 4, a statement out Monday said. The ship is owned by client assets in a maritime strategy offered by JPMorgan Asset Management, according to a person familiar with the matter. It is operated by the Switzerland-based MSC.

On June 17, border agents found 39,525 pounds of cocaine stashed in several containers on the MSC Gayane at the Philadelphia seaport. The street value of the drugs was estimated at about $1.3 billion, making it the largest cocaine seizure by the agency.

“A seizure of a vessel this massive is complicated and unprecedented — but it is appropriate because the circumstances here are also unprecedented,” US Attorney William McSwain said. “We found nearly 20 tons of cocaine hidden on this ship.”

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J. Johnson’s Latest – The Point of Contention is Right Here!
July 10, 2019

Great and Wonderful Hump Day Morning Folks,     

      Gold is trading lower this morning with the going price at $1,396.90, down $3.60 after being pushed down to $1,391.80 with the high 30 cents above the ($1,400) Maginot Line). Silver is down 3.2 cents at $15.115 with its low at $15.07 and the high at $15.165. The US Dollar is equally as flat as the precious metals prices with its trade at 97.075, down 2 points with the high at 97.165 and a low at 96.965. All of this non-activity happened before 5 am pst, the Comex open, and the closing in London.    

      Our emerging markets currency watch now has Venezuela’s Gold priced at 13,951.54, adding 37.95 in Bolivar value with Silver pegged at 150.961 gaining .649 Bolivar. Argentina’s Peso now has Gold priced at 58,398.06 it too adding 168.27 A-Pesos with Silver pegged at 631.885 adding 2.755 Pesos. Turkey’s Lira has Gold priced at 8,026.83 adding 93.65 Lira with Silver now at 86.8568 adding 1.1516 T-Lira. We are finally seeing all 3 currencies in massive print pushing the precious metals prices higher, hopefully this will lead right into the primary currencies.     

      July Silver Delivery demands now show a total of 554 requests for physical proving a drop of 175 obligations with the EFP’s going to London or getting the physicals here. So far this morning the Volume in the delivery month is showing 3 contracts traded inside a trading range between $15.055 and $15.00 with a buy order posted at $15.035 with a 24 lot Bid. Silver’s Overall Open Interest is now at 217,448 Overnighters proving 1,279 positions exited the playing field as the shorts start to worry about todays’ prepared remarks from our Federal Reserve Chairman (who has been warned he can be fired) in front of the House of Representatives.   

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Posted July 9th, 2019 by Bill Holter & filed under In The News.

Bill Holter’s Commentary

Do you still doubt a failure to deliver will occur?  Poland and Hungary are acting as if they believe it…

Poland Joins Hungary With Huge Gold Purchase And Repatriation
July 8, 2019

Submitted by Ronan Manly, BullionStar.com

With a variety of the world’s central banks going on a gold buying spree in recent years such as Russia and China, there has unsurprisingly been no shortage of newsflow in this area for the world’s financial media to comment on. But even in such an environment of abundant sovereign gold purchases, a number of buying bombshells have stood out for their intensity and ‘shock and awe’ abruptness. Particularly from nations which on the surface might seem like unlikely gold buyers.

One of these was the announcement last October by Hungary’s central bank, that after 32 years of holding unchanged gold reserves, it had rapidly increased its monetary gold holdings by 1000% or 10 fold, from 3.10 tonnes to 31.5 tonnes, and also repatriated (brought home) this entire holding from London to Budapest, away from the clutches of the Bank of England. At the time we asked:

“With almost all of Poland’s gold held at the Bank of England, a relevant question now is how long before Poland also sees fit to repatriate its gold in physical form away from the fractionally-backed LBMA controlled gold trading centre of London. “

The answer to this question was, not long at all. For to the Hungarian bombshell we can now add Hungary’s neighbor and closest political ally Poland, which has just in its own way shocked the gold market and the European Union by announcing that during the first half of 2019 it has already bought 100 tonnes of monetary gold at the Bank of England, bringing its gold reserves to 228.6 tonnes (all stored at the Bank of England), and now plans to repatriate almost half of its strategic gold reserves (or at least 100 tonnes) back to the National Bank of Poland (NBP) vaults in Warsaw.

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J. Johnson’s Latest – The Resolute Longs Remain Strong After The Post-Holiday Friday “Shorting” Failure
July 9, 2019

Great and Wonderful Tuesday Morning Folks,   

      Gold is trading lower at $1,393.10, down $6.90 after a trip down to $1,387.50 with the high at $1,398.50. Silver ain’t doin’ nuthin’ with the trade literally unchanged from yesterday at $15.05 after the trade dropped to $14.965 with the high close by at $15.105. The US Dollar is still the run to currency with its value pegged at 97.155, up 17.1 points and close to the high at 97.195 with the low to beat at 96.97. All this was done before 5 am pst, the Comex open, and the London close.   

      The emerging markets have really helped suppress the trade with Gold under the Venezuelan Bolivar now at 13,913.59 taking away another 144.82 in value with Silver losing .549 in Bolivar value. Gold under the Argentine Peso now sits at 58,229.79, it too losing 612.94 in A-Peso value with Silver now gauged at 629.123 losing 2.224 Pesos. The Turkish Lira, which gave the precious metals a boost yesterday now has Gold priced at 7,933.18, losing 130.92 T-Lira with Silver at 85.7052 losing .8338 in T-Lira value.     

      July Silver Delivery requests now total 729 demands for physical losing 25 receipts either to real physical demand or to those EFP’s going to London, which has clouded most everything these past few years. The Delivery Volume so far this morning is also at zero but there is a buy order out there for 27 more physical Silver contracts at $14.975. We’re hoping this buyer brings in the heat as he gauges the system to his benefit, which will be the boon for everyone in position when the time comes. Silver’s Overall Open Interest remains elevated with the count now at 218,727 Overnighters proving a drop of 2,689 short positions, exiting their trades against the Resolute Longs, and after the Post-Holiday Friday Failure.  

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Posted July 8th, 2019 by Bill Holter & filed under In The News.

Bill Holter’s Commentary

Sanity gaining some traction?

This (Completely Reasonable) Change In Investor Behavior Would Send Gold To The Moon
July 7, 2019

Authored by John Rubino via DollarCollapse.com,

Mark Mobius took over for the legendary John Templeton at Franklin Templeton’s Emerging Markets Fund back in the 1980s, and filled those big shoes well for three decades.

Now running his own shop, he recently made what seems like a completely reasonable suggestion about gold – one that if adopted by the broader investment community would send the metal’s price to the moon:

Gold Bull Mobius Says Every Portfolio Needs at Least 10%

(Bloomberg) — Veteran investor Mark Mobius says that gold’s set to push higher, potentially topping $1,500 an ounce, as interest rates head lower, central banks extend purchases, and uncertainty surrounding geopolitics and cryptocurrencies fans demand.“I love gold,” Mobius, who set up Mobius Capital Partners LLP last year after three decades at Franklin Templeton Investments, said in an interview in Singapore, adding bullion should always form part of a portfolio, with a holding of at least 10%. “As these interest rates come down, where do you go?”

Gold has rallied in 2019, rising to the highest level in six years, as investors contemplate slowing economic growth, prospects for easier monetary policy in the U.S. and Europe and festering trade frictions.

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J. Johnson’s Latest – The Resolute Longs in Precious Metals Have Not Budged One Inch!
July 8, 2019

 Great and Wonderful Monday Morning Folks,   

      Gold is trading higher this morning with the price at $1,407.60, up $7.50 after reaching up to $1,409.90 with the low at $1,395. Silver is still tagging along with its trade at $15.105, up 10.4 cents after reaching $15.12 with its low at $14.985. The US Dollar isn’t doing anything right now with its value stuck at 96.905, up 1.5 points, it too close to its high at 96.925 with a low that needs to be beat at 96.765. Of course, all of this was done while we slept before 5 am pst, the Comex open, and the London close.   

      The Venezuelan Bolivar now has Gold priced at 14,058.41 losing 85.89 in Bolivar value with Silver now at 150.861, down an additional 1.598 Bolivar. Argentina’s Peso now has Gold pegged at 58,842.73, it too losing 719.63 A-Pesos with Silver at 631.347, losing 5.932 A-Pesos. The Turkish Lira now has Gold priced at 8,064.10 showing a gain in value of 123.47 T-Lira with Silver at 86.5390 showing a gain of .9451 in value.   

      July Silver’s Delivery requests has been our focus with the overall demands for physical posting 754 (5,000 ounce contracts) obligations as of this morning. This is an increase of 27 more receipts from Friday’s one day attempt at scaring the Resolutes, in our opinion a complete failure, and with a Volume of 10 up on the board so far this morning. The trading range for the physical purchases are in between $15.025 and $14.925 and I do see a short in there trying to offer 60 contracts at 15.045. Since every penny is only an additional $50 for 5,000 ounces, I’d suggest the buyer simply take the entire offer and get in line while they can, but that’s just me. Silver’s Overall Open Interest is now at 221,416 Overnighters. This is an increase of 143 more shorts, proving the Resolute Longs have not budged one inch and have the playing field if they wish to push the point further, which is what we know will happen in time.    

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