Posts Categorized: In The News

Posted by & filed under In The News.

J. Johnson’s latest – Trump, Silver, and No More American Soldiers Fighting Other Nations Border Wars
October 18, 2019

Great and Wonderful Friday Morning Folks,   

      We start the day with London’s usual Gold bop with the price at $1,492.90, down $5.40 after being pushed lower to $1,488.30 and after the high of $1,497.90 was registered. Silver is doing its usual London “thing” too with its trade at $17.525, down 8.7 cents and recovering from its bop at $17.42, this of course occurred only after the high of $17.60 was priced in at the opening of the night session. The US Dollar is dropping as well with the trade at 97.185, down 15 points and right at the low at 97.175 with the high at 97.395. All this was done before 5 am pst, the Comex open, and the London controlled close.      

      Venezuela’s currency now has the price of Gold at 14,910.34 Bolivar, a gain of 7.99 with Silver at 175.031 also showing a 1.10 Bolivar gain. Argentina’s Peso now has Gold’s value pegged at 86,960.41 A-Peso’s proving a gain of 794.43 Pesos with Silver’s price at 1,020.59 it showing a good 9.21 A-Peso gain. Turkey, a country that finally realized it doesn’t want to fight its neighbors after all, now has Gold priced at 8,633.51 showing a 150.01 loss in T-Lira value with Silver’s trade at 101.354, it too losing 1.759 in T-Lira value.    

      Our Physical Silver Demand count now stands at 276 fully paid for requests for receipts proving a 41-count drop from yesterday’s activities and with a Volume of 30 up on the board so far this morning with a trading range between $17.47 and $17.465. As mentioned yesterday, there was an order to buy at a 20-cent premium but the seller didn’t take it. Did the Buyer get a better price a day later or is there something else going on here? Silver’s Overall Open Interest gained more shorts yesterday proving an increase of 1,192 more sellers in order to keep Silver from rising even more after that strong buy order came in giving us an overall total of 211,426 Overnighters still in play. Still we wonder, if our Resolute Buyer needs any more product, and if this is for manufacturing purposes, or monetary, or both? Regardless, the elevated Open Interest and the Options Count, is still out there to consider.   

More…

Posted by & filed under In The News.

J. Johnson’s Latest – We’re Glad To See the Resolute Silver Buyer Showing Up Again!
October 17, 2019

Great and Wonderful Thursday Morning Folks,  

     Gold is trading lower in the early morning with the December trade at $1,492.10, down $1.90 after being pushed down to $1,487 with the high at $1,496.80. So far today Silver is leading the precious metals with the December contract at $17.515, up 8.8 cents and close to the high at $17.555 with the low at $17.33. All eyes should be on the US Dollar, after all, look how important it is to make sure there’s enough cash to go around after some entity decided to “crash in” their US Treasury holdings with the Dollar now at 97.385, down 33.8 points after hitting a low of 97.22 with the high at 97.845. All this was done before 5 am pst, the Comex open, and the London close.    

     Maybe the emerging markets currency watch will dictate the future directions once the primaries really start to wobble with Gold under the weakness of the Venezuelan Bolivar, now trading at 14,902.35, proving a gain of 71.91 in Bolivar value with Silver now at 174.931 Bolivar, it too gaining 2.447 in value. The other South American Currency under destruction, the Argentine Peso, now has Gold valued at 86,165.98, still losing 378.28 in A-Peso value with Silver at 1,011.38 proving a gain of 5.27 A-Pesos. Over in Turkey, Gold is valued at 8,783.52 showing a gain for their people, who has a leader bent on starting a fight with Silver now trading at 103.113, proving a gain of 1.139 in T-Lira value.    

     There sure was a ton of movement in the Silver Deliveries during yesterday’s activities with over 135 contracts trading during yesterday’s movements proving a gain of 28 MORE purchases as the Resolute steps in giving the demand count a total of 317 Demands for 5,000 ounces of Silver each. Spread entering, or exiting, and/or new buys with old demands, getting filled are still unanswerable the way the Comex plays its delivery game numbers. So far this morning the Volume in the October Delivery system is at 8 with a single price of $17.30 posted for high/low/last. The bids are now priced at $15.505 with no stoppers taking the 20-cent hike in price, who is allowed to buy low and who is not? Tick Tock! Silver’s Overall Open Interest remains elevated with the total count at 210,234 proving a drop-in count of only 749 obligations and as the market trades higher. These short traders seem to getting a bit nervous. Makes one wonder why?

More…

Posted by & filed under In The News.

Bill Holter’s Commentary

Really?

Forbes Slammed For Encouraging Women to Vacation Alone in Pakistan
October 14, 2019

Forbes faced ridicule and condemnation after the media outlet encouraged women to travel alone to Pakistan, including to areas where the Taliban is active.

“Pakistan. It’s not exactly on every solo female traveler’s bucket list. But that doesn’t mean that it shouldn’t be,” states the article, which serves as promotional material for Vlogger Eva zu Beck, who made a video asserting that Pakistan “could be the world’s #1 tourism destination.”

The article even notes how Beck headed straight into “Taliban Territory” during the trip, which is obviously a fantastic idea for any female traveling alone.


More…

J. Johnson’s Latest – Silver The Signal!
October 15, 2019

Great and Wonderful Tuesday Morning Folks,   

      Gold is still trading higher but that Silver Signal, the one that everyone is supposed to ignore yet has proven to be factual, is still signaling, with Gold at $1,497.80, up 20 cents after being pushed down from the high at $1,503 to the low at $1,492.70, which happened only a few minutes ago. Silver the signal, is down 5.5 cents with its price at $17.655, up from the low (minutes ago) during London’s churn at $17.590 with the high to beat at $17.765. The US Dollars basket of currencies, is still being supported by those that print with the trade at 98.25 up 8 points and close to the high at 98.28 with the low at 98.005. All this was done before 5am pst, the Comex open, and the London close.   

      Venezuela’s Bolivar now has Gold valued at 14,959.28 showing a loss of 24.97 Bolivar from yesterday’s early morning quote with Silver at 176.329 virtually unchanged from yesterday. In Argentina, the Peso has Gold valued at 86,918.94, losing 163.96 Pesos in the overnight with Silver at 1,024.34 showing a loss of 0.460 in A-Peso value. In Turkey, Gold is now down 98.86 in T-Lira value, after all, a nation warring with its neighbor’s is nothing these days with Golds value now at 8,803.65 T-Lira. Silver under the same craziness is now trading at 103.756 Lira’s, losing 1.005 Lira’s.      

      October Silver Deliveries gained again during yesterday’s semi-holiday with the total demand count now at 339 fully paid for contracts waiting for receipts and with a Volume of 6 up on the board so far today but with zero trading range. We have to assume so much here; is this an entry into, or an exit out of, a spread trade? If these answers are yes, what is the damn price? Silver’s Overall Open Interest gained since yesterday’s early morning count with this morning’s total at 209,719 showing the shorts added 764 more contracts to stay the price or maybe even to push Silver into “the signal”.   

More…

Jim Sinclair’s Commentary

True according to the survey parameters, terribly wrong in terms of what was the matrix for levels determined historically. Therefore, same as above.

U.S. Inflation Expectations Slip to Record Low in Fed Survey
October 15, 2019

A gauge of inflation expectations from the Federal Reserve Bank of New York fell in September to the lowest level in data going back to 2013, the latest sign of weakness that could raise concerns among central bankers already fretting over muted price pressures.

The measure of inflation expectations three years from now slipped to 2.4% last month from 2.5% in August, according to the New York Fed’s monthly survey of consumer expectations published Tuesday.

More…

Jim Sinclair’s Commentary

Fidelity Investments eliminated trading commissions on its online brokerage, matching a step some of its biggest rivals unveiled last week.

This is the end of the occupation known as broker.

Fidelity Is Latest to Cut Online Trading Commissions to Zero
October 10, 2019

Fidelity Investments eliminated trading commissions on its online brokerage, matching a step some of its biggest rivals unveiled last week.

Beginning early Thursday, Fidelity stopped charging individual investors commissions on online trades of U.S. stocks, exchange-traded funds and options trades. For investment advisers, commissions will be cut to zero on Nov. 4. Fidelity’s online brokerage has 21.8 million accounts.

More…

Jim Sinclair’s Commentary

What is more important? Text book or on-the-job? I think on-the-job will become more important.

Elite M.B.A. Programs Report Steep Drop in Applications
October 15, 2019

Applications to some of America’s most elite business schools fell at a steeper rate this year, as universities struggled to attract international students amid changes to immigration policies and political tensions between the U.S. and China.

The declines affected some of the nation’s top-rated programs, with Harvard University, Stanford University and the Massachusetts Institute of Technology, among others, all reporting larger year-over-year drops in business-school applications. Some, such as Dartmouth College’s Tuck School…

More…

Posted by & filed under In The News.

Bill Holter’s Commentary

Just a thought, they tell us they can create “wealth” from nothing…can they also create clean energy from nothing and leave no trace of a footprint?

Electric Cars Could Be Just Another Ecological Disaster
October 9, 2019

As sea levels rise and climate-change protests grow ever louder around the world, the owners of electric cars may feel they are doing their bit to avert a global-warming crisis. If so, they may be deluding themselves. Electric vehicles currently account for less than 0.5% of the world’s cars. That will change soon. Many countries, including France, Canada, the UK and Norway, have set target dates for ending the sale of gasoline or diesel vehicles between 2025 and 2040, and major car manufacturers are racing to dominate this new and lucrative market.

Around the world, consumers have so far been reluctant to embrace electric cars, but a tipping point will come when there are sufficient charging points and drivers realize that a car that runs on fossil fuel has no resale value. And when that happens, whether the electric car is going to save us or destroy us will depend on what type of power we use to charge its batteries.

When the UK announced in 2017 that the sale of new gasoline and diesel vehicles would be banned from 2040, there was a sharp intake of breath from the national grid. With 9 million vehicles being charged daily, the current maximum peak-time demand for electricity could increase by as much as 50%, which is beyond current capacity. As this scenario will be replayed wherever millions of electric cars are plugged in, the most pressing question will be: Where will we get the electricity to charge them?

More…

Bill Holter’s Commentary

No kidding? But this is a central bank saying it…

Central Bank Issues Stunning Warning: “If The Entire System Collapses, Gold Will Be Needed To Start Over”
October 14, 2019

It’s not just “tinfoil blogs” who (for the past 11 years) have been warning that a monetary reset is inevitable and the only viable fallback option once trust and faith in fiat is lost, is a gold standard (something which even Mark Carney hinted at recently): central banks are joining the doom parade now too.

An article published by the De Nederlandsche Bank (DNB), or Dutch Central Bank, has shocked many with its claim that “if the system collapses, the gold stock can serve as a basis to build it up again. Gold bolsters confidence in the stability of the central bank’s balance sheet and creates a sense of security.”

More…

J. Johnson’s Latest – Ag – The Stress Is Still Here!
October 14, 2019

Great and Wonderful Monday Morning Folks,    

      Gold got some strength over the weekend with the trade at $1,500.30, up $11.60, just above the Algo made Maginot line, with the high close by at $1,501.50 and the low at $1,481.30. Silver is the Tag A Long Kid again with its trade up 11.1 cents at $17.655 with its “close by high” at $17.670 with the low at $17.455. The US Dollar is being supported as well, keeping up with that “Dollar supports Gold therefore Gold supports the Dollar” idea with its trade at 98.195, up 19 points with the close by high at 98.25 and the low to beat at 98.040. All this was done while everyone else but us traded, before 5 am pst, the Comex open, and the London close.   

      Over in the lands of heavily printed currencies we have the Venezuelan Bolivar, proving what will happen in the primaries once the algos break with Gold trading at 14,984.25 Bolivar, showing us a slight increase of 142.82 in Bolivar value with Silver at 176.329 Bolivar, gaining 2.147. In Argentina, the Peso now has Gold valued at 87,082.90 showing us a gain of 1,022.01 in A-Peso profit with Silver now at 1,024.80 Pesos showing a 14.90 Peso gain. Over in Turkey, Gold is now priced at 8,902.51 proving a gain of 201.12 in T-Lira value with Silver now at 104.761 gaining back 2.655 T-Lira, recovering almost all of Friday’s beatings. Not even a war can get the algos to break the controls set in precious metals, one day this too will matter.     

      The October Silver Delivery Count shows a 1 order gain during Friday’s trades giving us a total of 338 fully paid for contracts waiting for receipts and with a trading Volume of 2 up on the board so far this morning with a trading range between $17.54 and $17.525 with the high the last price traded. Silver’s Overall Open Interest continues to contract with the trade’s count losing 1,254 Overnighters since Friday mornings tally with the total now at 208,955 Obligations. All that’s needed now, is a continual drop in Ag’s overall Open Interest, as the Options play remains, then things could get really interesting.     

More…

Bill Holter’s Commentary

Journalism is dead…They have called us conspiracy theorists even though much of what we have spoken of has in fact been proven correct and factual.  I think the term used to describe journalists should be “conspiracists” because they create news to support their handlers agendas.  What kind of world do they think they are leaving their children?

Ummm…IS THIS REAL?! ABC News Appears To Have Used Gun Range Footage From 2017 Claiming It’s Current Combat In Syria
October 14, 2019

OK, so we’re not 100% sure this is actually real but wow…it certainly looks like the same footage. But as with all things Twitter, we are sharing with a grain of salt.

Maybe two grains of salt.

Watch.


It certainly looks like the same footage…and then there’s the alleged source of the alleged video.

More…

Bill Holter’s Commentary

Yes…and if pigs had wings they could fly?

Awkward! Chelsea Clinton Emphatically States A Person With A Beard And A Penis Can ‘Absolutely’ Identify As A Woman, While Mom Hillary Shuffles And Looks Conflicted As She Blames ‘Generational’ Differences For Not Being As Open To Trans Rights
October 13, 2019

It may appear Hillary and Chelsea Clinton always see eye-to-eye, but in a recent interview one topic cracked the facade of the like-minded mother-daughter power duo. 

The one issue Hillary and Chelsea don’t appear to agree on entirely is transgender self-identification.

In an interview with The Sunday Times, journalist Decca Aitkenhead asked the Clintons if someone with a beard and a penis can ever be a woman, to which Chelsea replied emphatically, ‘Yes.’

However, as Aitkenhead describes it, Hillary looked ‘uneasy’, and blamed generational gaps for being less accepting.

‘Errr. I’m just learning about this,’ Hillary responded. ‘It’s a very big generational discussion, because this is not something I grew up with or ever saw. It’s going to take a lot more time and effort to understand what it means to be defining yourself differently.’

More…

Posted by & filed under In The News.

Bill Holter’s Commentary

But whatever you do, don’t call it “QE”…because that denotes monetization?

Fed Looked to Advance Discussion of Reserves Amid Repo Turmoil
October 9, 2019

Federal Reserve policy makers, jolted by last month’s disturbances in short-term funding markets, talked at their most recent meeting about the appropriate level of bank reserves the system needs, paving the way for the likely balance-sheet expansion that Chairman Jerome Powell flagged on Tuesday.

The minutes from the Federal Open Market Committee’s Sept. 17-18 gathering showed that participants noted the possibility of resuming trend growth of the balance sheet to help stabilize reserves. Policy makers also suggested that the committee should consider the merits of introducing a standing repurchase agreement facility — a new tool to control short-term rates.

More…

Bill Holter’s Commentary

So what do you believe? Market based numbers or the BLS propaganda?

Global Air Freight Decline Now Worst Since 2008 Financial Crisis
October 12, 2019

The escalating trade war between the US and China has accelerated the synchronized global downturn. Global exports continue to collapse, and the global Purchasing Managers Index (PMI) remains under 50, stuck in contraction territory. All of these ominous signals indicate a global trade recession could be imminent in 2020.

New data from the International Air Transport Association (IATA) shows global air freight volumes, measured in freight tonne kilometers (FTKs), plunged 3.9% in August YoY, and this was the tenth consecutive month of contraction and the most extended decline since the 2008 financial crisis.

Global trade volumes are quickly slowing, down over 1% from a year ago.

Trade across the world could be at a standstill by 2H20. Air cargo volumes have been hit with tremendous macroeconomic headwinds from a global slowdown that started in late 2017. An intensifying trade war between the US and China has undoubtedly accelerated the global downturn, damaging emerging markets that are highly exposed to exports, like Europe, India, and many countries in Asia.

More…

Bill Holter’s Commentary

This is true for the entire system from top to bottom!

Beware of Funny Financials
October 11, 2019

(Bloomberg Opinion) — However frothy valuations currently seem to be, optimists can always argue they’re justified by strong earnings. In the past four years, S&P 500 operating earnings per share have grown by nearly 40%.

Those numbers, however, may be as airy as the asset prices they support. The U.S. government’s national income and product accounts — which cover a broader number of businesses than the S&P, use tax returns and adjust for certain accounting practices — suggest that corporate profits actually peaked in 2014 and have been stagnant since. The national accounts also show significant downward revisions to corporate profit margins over the previous five years. While one would expect some discrepancies between that data and S&P numbers, which are based on Generally Accepted Accounting Principles (GAAP), the gulf is too wide to be ignored.

What’s going on? In many cases, accounting choices appear to be distorting results. In early 2019, General Electric Co. reported GAAP losses of $2.43 per share; under adjusted figures it earned $0.65 per share. Tesla Inc. reported full-year GAAP losses of $5.72 per share but “non-GAAP” losses were only $1.33 per share. Over 95% of S&P 500 companies regularly use at least one non-GAAP measure, up about 50% over the last 20 years.

One question is how companies choose to recognize income. In the case of long-term, multi-year contracts, such as construction projects, reported revenue can be based on a formula: a portion of the total contract amount, calculated as costs incurred in the relevant period as a percentage of total forecast costs. Understating estimated final costs allows margins to be increased and greater revenue to be recognized up front.

Following the collapse of Carillion PLC, the firm was found to be aggressive in recording income which was sensitive to small changes in assumptions. Given the trend to converting sales of products (such as software) into long-term service contracts, these risks are only going to grow.

More…

Bill Holter’s Commentary

This should prove to be some good stuff!  Keep in mind, this whistleblower will have recorded voices/images as opposed to third hand hearsay.  The left while trying to protect an “anonymous” whistleblower, will somehow find fault and call for this person’s head!

“The CNN Tapes Are Coming”: Project Veritas Teases A Coming “CNN Whistleblower”
October 12, 2019

Having exposed the disturbing realities inside Facebook, Google, The New York Times, and The State Department; Project Veritas’ James O’Keefe just hinted at what could be his biggest exposé yet…

Teasing what appears to be a real whistleblower – and remember, these individuals should be protected, according to Schiff et al. – O’Keefe just told an audience in Washington DC that “our next Project Veritas #BeBrave insider is from within CNN.”

 

 

 

 

 

 

 

 

Teasing what appears to be a real whistleblower – and remember, these individuals should be protected, according to Schiff et al. – O’Keefe just told an audience in Washington DC that “our next Project Veritas #BeBrave insider is from within CNN.”

More…

Posted by & filed under In The News.

J. Johnson’s Latest – All This Daily Activity Is Simply A “Show Of Distractions”
October 11, 2019

Great and Wonderful Friday Morning Folks,   

      Gold is still being hammered during London’s trading period; we think it’s to keep everyone’s mind off all the printing that’s going on that’s collapsing the value of the US Dollar (more to come later). Gold is now trading at $1,486.00, down $15 and right by the low at $1,485.30 with the far away high at $1,508.00. Silver is being brought to bear as well with its trade at $17.44, down 16.2 cents and right by its London low of $17.42 with the high at $17.785. Now we look at the US Dollar’s value with the trade at 98.015, down 39.6 points and recovering from a low of 97.92 with the high at 98.450. Of course, all this happened before 5 am pst, the Comex open, and the London close.   

      In Venezuela, Gold is now valued at 14,841.43 Bolivar proving a loss of 272.65 Bolivar with Silver at 174.182 dropping 3.546 in Bolivar value. Argentina’s Peso now has Gold valued at 86,060.89 showing a 1,316.55 A-Peso drop in value with Silver continuing lower at 1,009.90 reducing the money of the people’s value some 17.66 Pesos. Over in Turkey, where the problems are many, Gold’s trade under the Lira is now at 8,701.39 Lira taking out more than double yesterday’s gains proving a loss of 215.12 in value with Silver now at 102.106 T-Lira, showing a reduction of 2.743 Lira overnight.    

      October Silver Deliveries now show a demand count of 337 fully paid for contracts waiting for receipts and for some reason not getting them filled showing a reduction of 2 from yesterday’s tally and with a Volume of 2 up on the board yesterday. So, once again, is this part of a spread exit or where there 2 more purchases and 4 receipts getting delivered? As of this morning, we have another 2 lot on the Volume side of the ledger and with a trading range between $17.595 and $17.40 with the last price being the low so far.    

More…

Posted by & filed under In The News.

J. Johnson’s Latest – Another Reason to Hold Precious Metals?
October 10, 2019

Great and Wonderful Thursday Morning Folks,   

      Gold was doing a lot better earlier with the trade now at $1,513.30, up 50 cents after hitting $1,522.30 with the low at $1,508.80. Silver is showing the “weak” signal with its trade at $17.795 down 1.5 cents after the high of $17.935 was reached at the restart of trade last night with the low at $17.695. The US Dollar finally has some movement in it, with its trade down 35.5 points at 98.46, recovering from the low at 98.37 with the high at 98.795. All of this was done before 5 am pst, the Comex open, and the London close.   

      Gold’s value under the Venezuelan Bolivar gained 60.92 overnight with its trade at 15,114.08 Bolivar with Silver losing a little, with its price at 177.728 dropping 0.399 Bolivar. In Argentina, the Peso now has Gold pegged at 87,377.44 Pesos showing a gain of 188.46 with Silver at 1,027.56 Pesos, proving a drop-in value of 4.17 Pesos. In Turkey, the Lira has Gold valued at 8,916.51 Lira giving those that hold a 125.25 T-Lira gain with Silver at 104.849 proving a gain of 0.832 in T-Lira value.   

      October Silver’s Delivery requests are now at 339 fully paid for (5,000 ounce) contracts waiting for receipts and again with zero Volume up on the board so far this morning. During yesterday’s trade 4 purchases showed up with prices yet, as of this morning, the delivery count was only reduced by 4 from yesterday’s numbers. So, where there 4 more purchases bringing the delivery total to 8 receipts or was it only 4? This is the problem in the ledgers the Comex numbers give with their lack of information regarding spreads entering or exiting inside the delivery month.      

More…

Bill Holter’s Commentary

Maybe not THE most insolvent nation on the planet but certainly the most insolvent in the EU… now issues bonds with a negative yield?  Umm, have the buyers never heard of the concept of “risk premium”?  Absolutely nuts and the entire episode will end as THE biggest credit collapse in all of history,  And remember, when credit goes, so do fiat currencies as they all have one thing in common…they have value because “credit” is their foundation!

For The First Time Ever, Greece Issues Negative Yielding Debt
October 10, 2019

As armies of fixed income strategists battle over whether US Treasuries are facing higher or lower yields, Greece has no such qualms and in a historic shift today, the former bond market pariah and Eurozone’s most indebted nation, joined the exclusive club of negative-yielding European nations when bond investors lined up to pay the nation that was at the heart of Europe’s sovereign debt crisis.

A sale of €487.5 million of 13-week bills on Wednesday drew Greece’s first-ever negative yield of minus 0.02% as investors now pay Athens for the privilege of lending it cash, as Bloomberg first reported. Greece joins the likes of Ireland, Italy and Spain – not to mention virtually all core Eurozone nations – which benefit from the ECB’s insane monetary policy and deepening fears of a global recession.

It’s been an unprecedented turnaround for twice bankrupt Eurozone member, whose bondholders suffered massive losses back in March 2012 when the country was forced to accept the biggest bond restructuring in history, bringing the Eurozone to the verge of collapse.

Just a few years and several trillions in bond purchases by the ECB later, the region is grappling with an altogether different problem – the spread of negative yields, which reduces borrowing costs for governments in a form of soft default, one which is crushing savers, pension funds and insurers, and which has prompted some of the most respected names in finance to shriek in terror as the cost of money in even Europe’s most insolvent nations is now negative.

More…

Posted by & filed under In The News.

Bill Holter’s Commentary

An excellent article by Ronan Manly. “Transparency” will not just destroy the paper gold markets but the entire system as we know it!

LBMA Needs Reform To Serve The Physical Precious Metals Market
October 8, 2019

Among the wider precious metals community, it would be fair to say that the London Bullion Market Association (LBMA) has always been looked upon with a degree of suspicion. The reasons for the suspicion include:

    That the LBMA banks created and unleashed on to the world the concept of fractional-reserve bullion banking, unallocated precious metal accounts, and synthetic cash-settled paper gold products unbacked or fractionally-backed by physical metal.

    That the founding members of the LBMA were a group of powerful bullion banks and brokers.

    That the LBMA was founded “at the behest” of the Bank of England.

    That the LBMA operates at the nexus of secretive central bank gold lending transactions where transparency is, to say the least, non-existent.

All of these reasons would be valid concerns, but they are not getting to the heart of the issue. The heart of the issue is that the LBMA does not represent the physical gold and silver markets nor does it champion the interests of physical precious metals savers and investors.

Rather, the LBMA promotes and protects and paper gold and silver markets and works on behalf of the bullion banks which operate and control these derivative paper markets through OTC precious metals trading, the London daily price fixings, and COMEX precious metals futures trading. All the while the LBMA with a straight face claims to be the “

” and ““. A global authority appointed by who you might ask? Well, the banks of course!

More…

J. Johnson’s Latest – Politics And Governments Shutting Down Is Nothing To Worry About (Until?)
October 9, 2019

Great and Wonderful Wednesday Morning Folks,   

      Gold is trading higher but not like earlier with the right now price at $1,507.20, up $3.30 after reaching $1,516.90 with the low close by at $1,505.10. Silver lead the charge and may be leading the calm with the trade at $17.835, up 13.5 cents with the low at $17.72 after hitting $18 before the story about China agreeing again, and again, and again, hit the tape. The US Dollar is stagnated with the trade at 98.745, down 7.7 points with the high at 98.865 and the low at 98.595. All this was done before 5 am pst, the Comex open, and the London close.    

      In our emerging markets currency watch we see a pullback in Gold’s prices but a good strong rally in Silver. In Venezuela, Gold is now priced at 15,053.16 Bolivar proving a reduction of 31.96 in value with Silver at 178.127 giving Silver a 0.703 Bolivar gain. In Argentina, Gold is now priced at 87,188.98 Pesos, it too losing 167.22 Pesos with Silver at 1,031.73 Pesos, a gain of 13.62. The Turkish Lira now has Gold priced at 8,791.26 Lira showing a loss of 25.32 with Silver at 104.017 showing a gain of 1.268 in T-Lira value.    

      October Silver Deliveries now show a request count of 343 fully paid for demands for physical and with zero Volume up on the board so far this morning. This proves a reduction of 5 contracts from yesterday’s early morning quote that either got their physicals here or in London (paper or physical?). Silver’s Overall Open Interest shows a gain as 2,840 more contracts were added to the mix in order to keep liquidity happy giving us an early count of 214,136 Overnighters keeping Silver in place.    

More…

Jim Sinclair’s Commentary

More than half of the amount of munis held by households—a third of the $4 trillion market—now sits in separately managed accounts or mutual funds, a trend that has changed the way the bonds are sold.

This trend exists not only in the muni market but has just been accelerated in the equity market. The idea of trading for free has eliminated the broker dealer leaving only major funds and EFTs as equity traders. This has very significant implications for what future markets will look like along with future implications of AI.

Money Managers Gain Sway Over Muni Market [Subscription Required]
October 9, 2019

A larger-than-ever share of municipal bonds is being managed by professionals, shaking up a market that has traditionally been the domain of mom- and-pop investors.

The rapid expansion of muni money managers, under way for more than a decade, reached a milestone in the past year: More than half of the total amount of muni bonds held by households—a third of the $4 trillion market—now sits in separately managed accounts or mutual funds.

More…

Jim Sinclair’s Commentary

Even with a rebound on trade hopes, the KBW Nasdaq Bank Index of large bank stocks has fallen more than 4% this month, compared with a 2% decline for the S&P 500

Apparently, more people understand the genesis of the problem in the repo market than before.

The Rebound in Bank Stocks Was Short-Lived
October 9, 2019

Bank stocks have erased much of their September rally and are sliding once again in October, hurt by bets on lower interest rates and expectations for a turbulent earnings season.

Even with a rebound on trade hopes Wednesday, the KBW Nasdaq Bank Index of large bank stocks has fallen 4.7% so far this month, compared with a 1.9% decline for the S&P 500. In the past 12 months, the gauge of lenders has slid 11%, while the S&P is slightly higher.

More…

Jim Sinclair’s Commentary

So far, trade talks have resume multiple times and in all probability will continue that partner?

Trade Talks Resume at Pivotal Moment in U.S.-China Relations
October 9, 2019

WASHINGTON—Senior U.S. and Chinese officials will square off for trade talks Thursday at a pivotal moment in the countries’ relationship, with higher tariffs looming if negotiators fail to break a five-month stalemate.

The backdrop for the talks has become more complicated. What started as a U.S. assault on Chinese trading practices has become muddied by other issues, from China’s repression of its Muslim minorities to the possible impeachment of President Trump.

More…