Posts Categorized: In The News

Posted by & filed under In The News.

Bill Holter’s Commentary

…and where exactly does the capital come from for this new special tool called “countercyclical capital buffer”? I think they’re going to need a bigger boat?

Fed Considers New Tool for a Downturn
August 13, 2019

WASHINGTON—Federal Reserve officials are weighing whether to use a tool that could reduce the risk of a credit crunch in a downturn.

The tool is known as the countercyclical capital buffer. It allows the Fed to require banks to hold more loss-absorbing capital should the economy show signs of overheating, or to keep less of it during bad economic times. The buffer applies generally to banks with more than $250 billion in assets, including firms such as JPMorgan Chase & Co., Bank of America Corp. and Citigroup Inc.

More…

J. Johnson’s Latest – The Resolute Longs In Silver Have Yet To Blink!
August 13, 2019

Great and Wonderful Tuesday Morning Folks,    

     Gold has been making newer highs during the overnight with the trade now at $1,537.70, up $20.50 after reaching up to $1,546.10 with the low at $1,520.80. Silver seems to be leading the charge with its trade at $17.42, up 34.9 cents with the high so far at $17.49 with the low down at $17.035. With moves like these in the precious metals one would suspect the Dollar to have fallen but alas, it sits at the centrals support table with its value still pegged at 97.215, up 1.7 points and close to its low at 97.165 with the high at 97.455. All of this activity happened before 5 am pst, the Comex open, and the London close.  

     Our Emerging Markets currency watch is nothing but spectacular for the precious metal bulls! Down south in Venezuela, the Bolivar now has Gold priced at 15,357.78 proving a 199.75 Bolivar gain with Silver adding 4.444 Bolivar with its trade at 173.982. In Argentina, the Peso now has Gold priced at 81,394.88 Peso’s giving the people under that currency a whopping 13,199.54 A-Peso jump in value with Silver doing the same gaining 153.29 A-Pesos with its price at 921.968. The Turkish Lira now has Gold pegged at 8,633.40 showing a gain of 212.37 T-Lira with Silver gaining 3.4636 Lira’s with the price at 97.8137. Yes, it is still our opinion that these price jumps will occur in the primaries as well.    

     August Silver’s Delivery requests gained some purchases during yesterday’s actions with the count now at 210 fully paid for 5,000 ounce contracts, representing a jump of 20 demands for physical and with an early morning trading range between $17.315 and $17.31 and with a Volume of 2 up on the board so far. Of note during yesterday’s trades the Volume in August was way above 100 by the closing of the day giving us the idea that large swaths of EFP’s are still traveling over to London or the buyer of physical is a real manufacturer needing product not only now, but in the future as well. Silver’s Overall Open Interest is proving the Shorts are exiting the manipulation with the count now at 233,043 Overnighter’s proving 5,751 positions have left the field of play while Silver barely moved. We still have more to go, but if the Resolute Longs have finally gauged the play and are successfully pushing out the shorts, we’ll see not only the price of Silver jump, but the OI will continue to fall, how high the price and how low the OI goes is now on the front burner. So far, the Resolute Longs in Silver have yet to blink!  

More…

Posted by & filed under In The News.

Bill Holter’s Commentary

Barbarous relic?

Gold vs Berkshire Hathaway

Returns over Last 20 Years… Berkshire Hathaway: +387% Gold: +488% (see below).

Gold Is Outperforming Berkshire Hathaway Over The Last 20 Years

 

 

 

 

 

 

 

 

 

 

Bill Holter’s Commentary

100% insanity! Make sure you read the last paragraph because it is correct.

Denmark’s 3rd Largest Bank Is Now Paying People To Take Out A Mortgage
August 11, 2019

Back in 2016, when the first negative interest rate bonds first emerged, we offered readersa glimpse of the NIRP future:

After an intense pow-wow between the administration, Congressional leaders and the Federal Reserve, the Negative Mortgage Rate Program (NMRP) is born. The program is simple. Homeowners will be paid to borrow. The Federal Reserve declares that the NMRP is a brilliant extension of NIRP (negative interest rate policy), because it will benefit everyone, not just the 1%ers.

Here’s how it works: No downpayment needed. 100% financing.

No payments needed. This is the reverse of the negative amortization loans during the subprime era. In other words, it is a negative negative amortization, or neg-neg-am loan. The loan balance will decrease instead of increase.

No need for mortgage insurance since, with no payments, there can be no defaults.

No qualifying needed, hence removing the entire cumbersome loan application process.

Your interest cost will be -$1,000 per year. In other words, your loan balance will be $99,000, if you make no payments at all. Using a commonly accepted 30 year term, the loan balance at the end of 30 years would be around $50,000, all without the borrower having to pay a dime in mortgage expense.

Well for Denmark, the future is now, because three years later and with over $15 trillion in negative-yielding debt around the world, Denmark’s third largest bank is now offering borrowers mortgages at a negative interest rate, effectively paying its customers to borrow money for a house purchase.

Jyske Bank said this week that customers would now be able to take out a 10-year fixed-rate mortgage with an interest rate of -0.5%, meaning customers will pay back less than the amount they borrowed, or precisely what we said would happen in our 2016 preview of the dystopian future.

More…

Bill Holter’s Commentary

And just where do you believe capital will end up when fleeing negative yields?

Investors Ponder Negative Bond Yields In The U.S.
August 11, 2019

A steep slide in U.S. government-bond yields last week wrong-footed investors and left some pondering what was once unthinkable: whether interest rates in America could one day turn negative.

Historically, people who lent money out got more money back later, a way to compensate for inflation, for the risk of not being repaid and for forgoing other investments.

More…

J. Johnson’s Latest – Did The Silver Shorts Blink?
August 12, 2019

 Good Monday Morning Folks,   
      After a weekend of rest Gold continues to ink out a higher value with the trade at $1,517.70, up $9.20 and close to the high at $1,519.90 with the low below the Maginot line at $1,498.60. Silver is following with the trade at $16.975, up 4.4 cents with the high so far at $17.005 and the low at $16.80. The US Dollar, which will eventually be forced lower, is still holding onto its value with the trade at 97.35, up 2.8 points after reaching up to 97.55 with the low real close at 97.29. All of this happened before 5 am pst, the Comex open, and the London close.    

      Our emerging markets currency watch shows Gold still gaining with Silver still dragging its feet, barely that is. Venezuela’s Bolivar has Gold priced at 15,158.03 proving a gain of 22.97 with Silver now priced at 169.538 showing a loss of .449 in Bolivar value. Argentina’s Peso has Gold valued at 68,735.34 showing a gain of 279.54 A-Peso’s with Silver at 768.709 losing 0.158 A-Peso’s over the weekend. Turkey’s Lira has Gold priced at 8,421.03 giving their people a gain of 88.99 in T-Lira value with Silver now at 94.1701 proving a slight gain of 0.607 T-Lira.  

      The August Silver’s Delivery count continues to weaken with the demands now at 190 fully paid for receipts proving a drop in count of 66 requests, delivered either here or in London, and with a Volume of 7 up on the board so far this morning with an added feature of a trading range of $16.875 and $16.860 with the low being the last price traded. Silver’s Overall Open Interest is now at 238,794 Overnighters giving us a possible Silver Shorts Blink in the staring contest of a lifetime proving a drop of 4,997 Obligations since Friday morning’s early count. Hopefully, the Silver Shorts will blink some more, a lot more.  

More…

Bill Holter’s Commentary

Burgers are banned at University of London which is not half as idiotic as Bolsonaro of Brazil suggesting “less pooping” as a way to save the planet! Maybe someone should address chemtrails as a way to save the planet?…even if you ignorantly disavow them, something is definitely coming out of the “asses” of planes that does not resemble the contrails we saw as children. As a side note to President Bolsonaro, what should “regular people” who poop twice a day do???

University Bans Burgers To Help Save The Planet
August 12, 2019

Beef burgers have been banned by a university as part of efforts to tackle the climate emergency.

Goldsmiths, University of London said it is to remove all beef products from sale from next month as the institution attempts to become carbon neutral by 2025.

Students will also face a 10p levy on bottles of water and single-use plastic cups when the academic year starts to discourage use of the products.

The college’s new Warden, Professor Frances Corner, said staff and students “care passionately about the future of our environment” and that “declaring a climate emergency cannot be empty words”.

More…

Brazilian President Suggests Less Pooping To Help Save Environment
August 11, 2019

Brazilian President Jair Bolsonaro on Friday suggested eating less food, and therefore, defecating less, as an answer to some of the world’s problems.

Bolsonaro — who has come under fire in recent weeks after data showed increased deforestation of the Amazon rainforest — offered the response to a reporter who questioned if it was possible to boost the economy, feed those who are hungry and save the environment at the same time. It wasn’t clear if Bolsonaro was being sarcastic.

“It’s enough to eat a little less. You talk about environmental pollution. It’s enough to poop every other day,” Bolsonaro said, according to AFP. “That will be better for the whole world.”

More…

Bill Holter’s Commentary

Ebullient?

3 Charts Confirming The Global Economy Is Already In Recession
August 12, 2019

Over the weekend, it finally dawned on Goldman that a protracted trade war – which it not really a trade but a defining clash of the world’s two most advanced superpowers – is bad for the US economy. Yes, the bank which for the longest time was expecting 4 rate hikes this year and for the US-China “trade war” to magically end with an amicable handshake and a hug some time in the next few months, and which only changed its forecast to a rate cut after Powell said he would engage in “mid-cycle easing”, has now once again flip-flopped and in a report published on Saturday warned that it now expects a “bigger hit from the trade war” for the US economy.

The policy uncertainty effect may lead firms to lower capex spending as they wait for uncertainty to resolve. Relatedly, the business sentiment effect of increased pessimism about the outlook from trade war news may lead firms to invest, hire, or produce less. Using industry-level data, we find that greater exposure to sales to China has been associated with slower capex growth as the trade war has intensified. We estimate a total uncertainty and sentiment drag on GDP of 0.1-0.2%.

Overall, we have increased our estimate of the growth impact of the trade war. In our baseline policy scenario, we now estimate a peak cumulative drag on the level of GDP of 0.6%, including a 0.2% drag from the latest escalation. The drivers of this modest change are that we now include an estimate of the sentiment and uncertainty effects and that financial markets have responded notably to recent trade news. Based on our estimates, we have taken down our Q4 growth forecast by 0.2pp to 1.8% (qoq ar).

More…

Posted by & filed under In The News.

Bill Holter’s Commentary

…and this pabulum from the Pope dope who doesn’t need to build a wall because he already lives behind one!

Pope Francis Cautions Against Nationalism, Says Recent Political Rhetoric Has Echoed ‘Hitler In 1934’
August 10, 2019

Pope Francis on Friday said he was “concerned” about recent political rhetoric, cautioning against nationalism and saying that recent political speeches he’s heard “resemble those of Hitler in 1934.”

“I am concerned because we hear speeches that resemble those of Hitler in 1934,” he told Italian outlet La Stampa. “’Us first. We … We … These are frightening thoughts.”

The pope’s comments come after Italian Deputy Prime Minister Matteo Salvini called for the parliament to be dissolved and asked President Sergio Mattarella to institute snap elections as an attempt to push the country’s government further right politically, The Washington Post reported.

Mattarella hasn’t said whether he’ll act on Salvini’s request. But the Post reported that the request comes as Italy grapples with months-long tensions within its coalition government.

The paper noted that Salvini has drawn comparisons to President Trump for his rhetoric saying Italy should be put first and that the country should crack down on immigration.

More…

Posted by & filed under In The News.

Bill Holter’s Commentary

You are now a full blown “racist” if you disagree with anything the Liberals profess. Sadly, you are tagged with some sort of “ist” or “obia” whenever your real logic begins to dent their mushy brains. Thank our pristine Universities for cultivating idiots…

Biden Goes All In on the Race Issue
August 9, 2019

Those who believed America’s racial divide would begin to close with the civil rights acts of the 1960s and the election of a black president in this century appear to have been overly optimistic.

The race divide seems deeper and wider than at any time in our lifetimes. Most of the aspiring leaders of the Democratic Party have apparently concluded that branding the president a “racist” and “white supremacist” is the strategy to pursue to win the nomination and the White House.

Here is Joe Biden, speaking in Iowa as President Donald Trump was visiting the wounded communities of Dayton, Ohio, and El Paso, Texas: “This president has fanned the flames of white supremacy in this nation. … The energetic embrace of this president by the darkest hearts and the most hate-filled minds in this country says it all.

“We have a problem with this rising tide of … white supremacy in America. And we have a president who encourages and emboldens it.”

What had Trump done to invite such a charge?

More…

Bill Holter’s Commentary

Even if you believe central banks have the ability to bail out the entire global banking system (they cannot), have you ever asked yourself “how” and what it really means to currencies themselves?

Bailout #3: Chinese Bank With $200 Billion In Assets Is Nationalized
August 9, 2019

Step aside Baoshang Bank and Bank of Jinzhou, it’s time for Chinese bank bailout #3.

Last month, when reporting on the imminent failure of yet another Chinese bank in the inglorious aftermath of Baoshang Bank’s late May state takeover, we dusted off a list of deeply troubled Chinese financial institutions that had delayed their 2018 annual reports…

 

 

 

 

 

 

 

 

 

 

 

 

 

 

… and noted that the #2 bank on this list, Bank of Jinzhou recently met financial institutions in its home Liaoning province to discuss measures to deal with liquidity problems, and in a parallel bailout to that of Baoshang, the bank was in talks to “introduce strategic investors” after a report that China’s financial regulators are seeking to resolve its liquidity problems sent its dollar-denominated debt plunging.

Just a few days later, that’s precisely what happened, when in late July, Industrial and Commercial Bank of China (ICBC), the country’s largest lender by assets, China Cinda Asset Management and China Great Wall Asset Management, two of China’s four largest distressed debt managers, said on Sunday they would take stakes in Bank of Jinzhou.

More…

Bill Holter’s Commentary

Kathy Griffin on steroids? Liberals of today do not even resemble the liberals I remember, these people are demented. The odds of eventual civil war in the U.S. have never been higher.

Hollywood Blockbuster That Satirizes Killing Of ‘Deplorables’ Causes Outrage: ‘Demented And Evil’
August 9, 2019

A controversial movie about privileged vacationers hunting “deplorables” for sport is ruffling feathers more than a month before its scheduled release and after tragic mass shootings in El Paso, Texas and Dayton, Ohio.

“The Hunt” is billed as a satire that follows wealthy thrill-seekers taking a private jet to a five-star resort where they embark on a “deeply rewarding” expedition that involves hunting down and killing designated humans. The Hollywood Reporter reported on Tuesday that “Universal is re-evaluating its strategy for the certain-to-be-controversial satire” following the shootings after ESPN reportedly pulled a trailer for the film that had been previously cleared to air on the sports network.

“The violent, R-rated film from producer Jason Blum’s Blumhouse follows a dozen MAGA types who wake up in a clearing and realize they are being stalked for sport by elite liberals,” THR’s Kim Masters and Tatiana Siegel wrote. “It features guns blazing along with other ultra-violent killings as the elites pick off their prey.”

According to the Hollywood trade publication, characters in the film refer to the victims as “deplorables,” which is what Hillary Clinton famously dubbed Trump supporters during the 2016 election. The report noted that a character asks, “Did anyone see what our ratf–ker-in-chief just did?”

More…

Bill Holter’s Commentary

As we have said all along, China will do what China believes is best for them …

Is China Hoarding Food, Gold And Other Commodities In Anticipation Of A Global Collapse?
August 8, 2019

Does China believe that we are on the verge of a major global crisis?  The communist Chinese government has always been very big into planning, and it appears that they have decided that now is the time to hoard food, gold and other commodities.  Of course in recent days the fact that China is completely cutting off U.S. agricultural imports has made headlines all over the globe, but at the same time China is dramatically increasing the amount of food that it is importing from the rest of the world.  The end result is actually a substantial surge in Chinese imports, and this is starting to show up in the official numbers.  For example, we just learned that Chinese soybean imports in July were actually up 8 percent compared to last year…

More…

J. Johnson’s Latest – Who’s Buying All Those Short Term Calls in Silver?
August 9, 2019

Happy Friday Morning Folks,    

      It seems the term “Buy the Dip” is still the precious metals strategy of the day (and past few months) with Gold trading higher at $1,515.40, up by $5.90 after trading as high as $1,521.10 with the low close by at $1,510.50. Silver is trading in the positive as well with the trade at $17.02, up 7.9 cents after reaching up to $17.14 before being slammed down to $16.93 then the recovering again. The US Dollar is doing another steady Eddie move with the value pegged at 97.35, down 8.4 points and close to the low at 97.31 with the high up at 97.465. All this occurred in the dark, before 5 am pst, the Comex open, and the London close.    

     Our Emerging Markets Currency watch is showing a mostly negative trade period in the overnight session. The Venezuelan currency view has Gold priced at 15,135.06 showing another 54.93 Bolivar’s being added to the price with Silver at 169.987 showing at .25 Bolivar lose. Argentina’s currency now has the price of Gold at 68,455.80 A-Peso’s dropping 253.73 in the overnight with Silver losing 6.592 in A-Peso value with its price pegged at 768.867 Pesos. Turkey’s Lira now has Gold gaining 38.59 T-Lira with the going price at 8,332.04 with Silver seeing minor pressure with its price at 93.5631 down by .0222 T-Lira.    

      August Silver Deliveries are showing a sizable drop in demand with the count now at 256 fully paid for contracts waiting for receipts, proving a drop of 180 physical obligations or EFP’s going to London with a Volume of 10 up on the board with the repeating occurrence being, no trading range. Once again, the opaque parenthesis trades are equaling each other in count between the August and September contracts even though the prices are different and still with no trades posting. The Resolute Longs are causing quite the stir these days with the early morning Overall Open Interest count at 243,791 Overnighters, showing a drop of 1,902 obligations from yesterday’s early morning record breaking OI tally. It must be remembered my count is NOT the closing numbers given at the end of the day. My posted numbers are live and in the early morning. These tallies may reflect the added pressure we see in the early morning trade after the Comex close and the reopening of the global trade. The papers still dominate the price but the obvious stress is here showing plenty of reasons to support the Resolutes that have remained these past few years.

More…

Posted by & filed under In The News.

J. Johnson’s Latest – The Resolutes Longs Are Forcing The Shorts To Add More Shorts
August 8, 2019

Great and Wonderful Thursday Morning Folks,    

      Gold has a correction happening with the trade down $9.70 at $1,509.90 after dipping down to $1,503.50 with the high to beat at $1,518.60. Silver is following along with the trade at $17.045 down 15.1 cents and close to the low at $17.01 with the high to beat at $17.225. While all this pressure is being applied to slow the precious metals reactions, the Dollar ain’t doin’ much with its trade at 97.435, up by 9 points and close to the high at 97.45 with the low to beat at 97.255. All of this of course was done way before 5 am pst, the Comex open, and the London close.

      It’s still all positive in our emerging markets currency watch. Venezuela is still adding value to the Nobel metal with the trade now at 15,080.13, adding 39.95 more Bolivar with Silver at 170.237, it too adding .999 in Bolivar value. Argentina’s currency has added 551.83 Peso’s to the price of Gold with the trade at 68,709.53 Pesos with Silver trading at 775.606 adding 8.734 Pesos. In Turkey, Gold is now trading at 8,293.45 Lira adding 25.42 in value with Silver’s trade now at 93.5853, it too adding .5360 Lira.      

      August Silver’s Physical Demand count now stands at 436 fully paid for 5,000 ounce contracts waiting for receipts and with a Volume of 28 up on the board so far this morning. Once again, we have another day of no trading range (yesterday) to offer in the delivery month. We’re still challenging the opaque here, if the count is real, how can the additional 29 contracts be added to the mix without a price? Also of note, the closing price for the delivery month now stands at $17.156, adding .751 cents to the price from the previous day’s close. Maybe today we’ll see some lower price swings as the stage is set for an attempt at beating the Resolutes. The big question for today; are the Resolutes going to add more Longs? Stay Tooned!    

More…

Posted by & filed under In The News.

J. Johnson’s Latest – Resolute Longs And The Silver Stress Test Challenge!
August 7, 2019

Great and Wonderful Wednesday Morning Folks,    

       Gold is higher, and right now the December trade is at $1,505.90, up $21.70 and right close to the high of $1,507.70 with a low at $1,484.30. Silver is leading the charge with its trade at $16.945, up 50 cents with its high close by at $16.97 and the low down at $16.45. The Dollar is staying in place for now with the value pegged at 97.425, up 8/10ths of a point with the high at 97.535 and the low to beat at 97.225. All of this was done way before 5 am pst, the Comex open, and the London close.    

       Our emerging markets currency watch is all positive today! In Venezuela, the Bolivar now has Gold priced at 15,040.18, showing a gain of 313.61 Bolivar with Silver now at 169.238 adding 5.443 Bolivar to the price. In Argentina, the Peso has Gold valued at 68,155.04, a rocket ship launch of 1,229.08 Pesos with Silver now trading at 766.872, et tu adding an additional 22.437 in A-Peso value. Turkey’s Lira has Gold priced at 8,268.03 adding 107.80 Lira to its value with Silver now at 93.0493, a jumping of 2.2878 T-Lira’s.    

     August Silver’s Delivery requests now shows a post of 407 contracts, fully paid for and still waiting for receipts, with a Volume of 9 up on the board so far this morning. Just like yesterday’s trades, and after seeing the previous day‘s volumes go to 30, we still have no trading range to offer today, with the delivery month‘s closing price at 16.405 proving 7 contracts were settled out yesterday either in EFP’s to London or physical’s here. There’s nothing to worry about because all the trades being done in the delivery month are none of your business. The secret parenthesis’s trade has taken over the Comex. I’ll argue the point here that “if” these are spread trades entering or exiting, there HAS TO BE A PRICE COORDINATE! And they should be posted! Hello McFly! Silver’s Overall Open Interest is proving the shorts are still “staying the price” by adding more short contracts with the total count right now at 239,938 Overnighters still in play proving the addition of 1,430 more contracts where added just to keep Silver from breaking double zeros ($17.00).    

More…

Posted by & filed under In The News.

J. Johnson’s Latest – Can You Feel The Stress in Silver? I Bet The Bankers Do!
August 6, 2019

Great and Wonderful Tuesday Morning Folks,  

Gold is trading flat to lower in the early morning with the trade now at $1,474.50, down $2 and recovering from the low at $1,468.20 that was made only a few minutes ago, today’s high to beat is at $1,486.80 made after yesterday’s reopening. Of note, Gold is not even $458 away from making new all-time highs (really not that far away at all). Silver is flat as well but still trading positive with the price at $16.40, up 7/10ths of a penny with its low at $16.365 and the high to beat at $16.53. The US Dollar did what the president wanted yesterday but it wasn’t enough with the trade now at 97.405, up 9.7 points after dipping down to 96.98 before the sudden recovery with the high close by at 98.48. All of this of course was done sometime before 5 am pst, the Comex open, and the London close.  

     Our Emerging Markets Currency watch is a mixed bag this morning. In Venezuela, Gold is still gaining value with the price now at 14,726.57 proving a gain of 34.96 Bolivar, however, Silver is now priced at 163.795 showing a loss of .649 Bolivar. Argentina’s Peso now has Gold priced at 66,925.96 Peso’s adding another 1,333.35 in value with Silver now trading at 744.435 adding another 10.227 A-Peso to its price. Turkey’s Lira now has Gold valued at 8,160.23 showing us a loss of 1.02 T-Lira with Silver’s trade at 90.7615 as it loses .58 in T-Lira value.    

     August’s Silver’s Delivery Demands now show a count of 414 fully paid for contracts. This is only an 11 count drop from the previous days quote even with yesterday’s early morning Volume at 32 with the obvious note that the Volume always goes higher during the trading day. So far this morning the Volume is at 17, but once again, we have no trading range to offer, but those quotes in parenthesis are still ticking away as the opaque view remains the same, confusing. All the proof we need to show that Silver is about to do something major (up or down) is in the Open Interest. That count keeps going higher even with the price stuck in the mid $16’s with the early morning quote at 238,508 Overnighters proving a gain of 618 more short contracts being added in order to keep Silver from breaking through to newer highs. This is bringing us closer and closer to that commercial signal failure we’ve been waiting for. Can you feel the stress in Silver? I bet the bankers do!    

More…

Posted by & filed under In The News.

J. Johnson’s Latest – The Paper Vs. Real Rock Battle Goes On!
August 5, 2019

Great and Wonderful Monday Morning Folks,  

     I sure missed a day to remark on last Friday but today makes up for it all, with Gold breaking thru to newer highs with the trade now at $1,471.00, up $13.50 after traveling to $1,473.90 with the low starting point at $1,448.80. The Tag A Long Kid is doing fine as well with Silver’s trade at $16.465, up 19.5 cents after hitting $16.59 before all that calming paper was applied with the low at $16.135. The US Dollar is now trading at 97.435, down 41.7 points and right at the low of 97.425 with the high at 97.93. All of this was done before 5am PST, the Comex open, and the London close.  

     The Emerging Markets Currency watch now has Gold trading under the Venezuelan Bolivar at 14,691.61, showing a gain of 526.34 Bolivar since Thursday’s write up with Silver at 164.444 giving us a gain of 4.544 in Bolivar value. Argentina’s Peso now has Gold pegged at 65,592.61 proving a gain of 3,443.41 Peso’s with Silver now at 734.123 Peso’s showing a gain of 32.535. Over in the lands of Turkey, Gold is now priced at 8,161.25 T-Lira, it too proving a gain of 252.27 with Silver gaining 2.0474 with its price at 91.3415 Lira. We still think these prices moves are the future moves under the primary currencies, as the paper vs. real rock battle goes on.  

More…