Posts Categorized: Jim’s Mailbox

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Wolfgang has a very good, although probably understated point!

Bill

Jim/Bill,

Goldman put out a gold positive article today but they are missing one, very important point:

What is the REAL price of gold today? All manipulative pressures from Central Banks and speculators aside.

“We apologise if we are getting a bit “picky” (not for “serious Goldbugs” perhaps), but Goldman doesn’t address the fact that the global gold market, including the LBMA (over 95% of the trading in unallocated “paper gold”), is a fractional reserve system, in which the ratio of paper to physical was estimated by the Reserve Bank of India at 92:1.”

At a 92-1 ratio of paper gold to physical, that means there is 92 times as many paper contracts outstanding as there is physical gold to cover them!

If you were to eliminate such manipulative speculation, and force these speculators to cover, the gold price (in my humble estimation) should shoot up 92 times in value. That would make gold close to $120,000 per ounce today!

Just a thought.

CIGA Wolfgang Rech

What Goldbugs Have Been Waiting For: Goldman’s New Primer On Gold
October 17, 2017

The good news is that Goldman believes “precious metals remain a relevant asset class in modern portfolios, despite their lack of yield” and disagrees with Ben Bernanke and the naysayers “They are neither a historic accident or a relic. Indeed, by looking at each of the physical properties of an ideal long-term store of value…we can clearly see why precious metals were initially adopted and why they remain relevant today.”

It was sounding really good – and there was 91 pages to go – although when it came to the drivers of precious metal prices, Goldman did not exactly re-invent the wheel “We see two key drivers of the precious metals markets: Fear and Wealth”

That said, there was a new take on what, in Goldman’s eyes constitutes fear as “in our new framework we see a closer link to growth expectations. However, we ?nd that many risk factors are relevant, depending on the sub-component of gold demand: real interest rates, debasement risks, sovereign balance sheet risks, geopolitical risks and other market tail-risks. Stated more simply, we are talking about the drivers of “risk-on”/”risk-off” behavior in markets.”

On the wealth angle, the good news for gold was that “as economies grow, they tend to go through a rapid gold accumulation phase at around per capita GDP of $20,000-$30,000, following a ‘hump-shaped’ relationship between per capita income and gold demand. As more EM economies (including China) are set to grow to these income levels over the next few decades.”

As in-depth students of gold market research, our mood was lifted by some genuinely original research. Goldman found that the ratio between gold purchases and household savings (global we assume) has been broadly stable at around 1.7% for almost 40 years. Who knew that.

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CIGA Dwight sends us a good one! Surely this is equitable? We should not be surprised when viewed from the standpoint of “swamp world”!
Bill

Posted at Miles Franklin by our good friend Jeremiah Johnson. Courtesy of JB.

Bill

Print Till It Dies
October 11, 2017

The US Dollar has had a wonderful run in its life time. Not too many fiat currencies have had the ability to sustain its usage for as long as this mighty experiment has and all who have reported on this instrument of trade are pretty much pointing to the same outcome that it can’t last much longer.

Today, the US Dollar trade sits at 93.55 down 8.6 points in the early morning on this Columbus Day. Not too long ago the dollar broke thru a multiyear downside target of 91.88 which originally happened in May 2016, just before we all went thru the election cycle and surprise of a lifetime, MAGA! That is until we hit a newer low of 90.795 on Sept 8th, 2017 which was just 1 week before the Triple Witch Roll Over (which includes the rolling over of all US debt as well as rolling out of the G7 currencies). It is also the end of the fiscal year for the United States Government (Sept 30), and another point of interest, the beginning of the Chinese National Golden Week.

Since these events have occurred we have witnessed nothing but a lull in all things trade-able. We even had an eclipse that covered almost all of United States and since that event, our side of the planet has had numerous catastrophic weather events surrounding the “New World” with the USA, Mexico, Cuba, The Virgin Islands, Puerto Rico, Tortola, and countless other islands. These people living in these areas have had life altering changes in infrastructure and livelihood, yet, when it comes to the markets, all we get is float.

Hundreds of billions of dollars (and possibly topping a trillion) have been lost in all things from daily life to all the jobs that are needed to have one. Yet, our stock market has done nothing but continue to rally as if the consequences that have affected millions of citizens no longer matter. What are we watching here in the markets when we have so much at stake and yet nothing works like it did in the past?

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Our very good friend David (from the witness protection program) avails us with some very interesting statistics and commentary.

Bill

Interesting statistics!

There are 30,000 gun related deaths per year by firearms, and this number is not disputed.

The U.S. Population is 324,059,091 as of June 22, 2016. Do the math: 0.009257% of the population dies from gun related actions each year. Statistically speaking, this is insignificant! What is never told, however, is a breakdown of those 30,000 deaths, to put them in perspective as compared to other causes of death:

• 65% of those deaths are by suicide, which would never be prevented by gun laws.

• 15% are by law enforcement in the line of duty and justified.

• 17% are through criminal activity, gang and drug related or mentally ill persons – better known as gun violence.

• 3% are accidental discharge deaths.

So technically, “gun violence” is not 30,000 annually, but drops to 5,100. Still too many? Now lets look at how those deaths spanned across the nation.

• 480 homicides (9.4%) were in Chicago

• 344 homicides (6.7%) were in Baltimore

• 333 homicides (6.5%) were in Detroit

• 119 homicides (2.3%) were in Washington D.C. (a 54% increase over prior years)

So basically, 25% of all gun crime happens in just 4 cities. All 4 of those cities have strict gun laws, so it is not the lack of law that is the root cause.

This basically leaves 3,825 for the entire rest of the nation, or about 75 deaths per state. That is an average because some States have much higher rates than others. For example, California had 1,169 and Alabama had 1.

Now, who has the strictest gun laws by far? California, of course, but understand, it is not guns causing this. It is a crime rate spawned by the number of criminal persons residing in those cities and states. So if all cities and states are not created equal, then there must be something other than the tool causing the gun deaths.

Are 5,100 deaths per year horrific? How about in comparison to other deaths? All death is sad and especially so when it is in the commission of a crime but that is the nature of crime. Robbery, death, rape, assault are all done by criminals. It is ludicrous to think that criminals will obey laws. That is why they are called criminals.

But what about other deaths each year?

• 40,000+ die from a drug overdose–THERE IS NO EXCUSE FOR THAT!

• 36,000 people die per year from the flu, far exceeding the criminal gun deaths.

• 34,000 people die per year in traffic fatalities(exceeding gun deaths even if you include suicide).

Now it gets good:

• 200,000+ people die each year (and growing) from preventable medical errors. You are safer walking in the worst areas of Chicago than you are when you are in a hospital!

• 710,000 people die per year from heart disease. It’s time to stop the double cheeseburgers! So what is the point? If the liberal loons and the anti-gun movement focused their attention on heart disease, even a 10% decrease in cardiac deaths would save twice the number of lives annually of all gun-related deaths (including suicide, law enforcement, etc.). A 10% reduction in medical errors would be 66% of the total number of gun deaths or 4 times the number of criminal homicides ……………. Simple, easily preventable 10% reductions! So you have to ask yourself, in the grand scheme of things, why the focus on guns?

It’s pretty simple:

Taking away guns gives control to governments. The founders of this nation knew that regardless of the form of government, those in power may become corrupt and seek to rule as the British did by trying to disarm the populace of the colonies. It is not difficult to understand that a disarmed populace is a controlled populace.

Thus, the second amendment was proudly and boldly included in the U.S. Constitution. It must be preserved at all costs.

So the next time someone tries to tell you that gun control is about saving lives, look at these facts and remember these words from Noah Webster:

“Before a standing army can rule, the people must be disarmed.” We now know what they’re trying to do, rule the defenseless.

Wolfgang checks in with some common sense.

Bill

Jim/Bill,

What’s in your wallet?

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Or should I say “What would you rather have in your wallet”?

3 solid gold coins?

Or 300 silver coins?

Or 1 virtual (intangible, promissory virtual note) bitcoin?

You always try on a pair of shoes before you buy them. Why not try a few precious metal coins on for size?

Then compare.

Look, there’s talk of bitcoin going to $10,000 or higher. Perhaps $50,000. To be fair, you have the same talk about gold and silver.

Furthermore, silver (and to a lesser extent gold) are indispensable components in today’s high tech world and medical arena.

You get double protection, not only from a global fiat implosion, but also an investment in vital and strategic metals.

Bottom line, either way you will ride the wave higher….unless, of course, someone pulls the light switch on cryptos.

And don’t kid yourself, it’s easy to pull the switch on the “cloud”.

Not so easy taking gold and silver from you!

CIGA Wolfgang Rech

Economics trends are a function of CREDIT, so what else is the article saying, please comment for readers?

Jim

Dear Jim,

As you know, the world runs on credit from financial markets to the real economy. Withdrawing “added liquidity” is like taking the punchbowl away or the next hit away for an addict. “Liquidity” has masked the fact of an insolvent system for years. If they (central banks) do actually stop adding liquidity it will be the same thing as backing out the oil drain plug to an oil pan, the motor will seize up. Maybe slowly at first but then all of a sudden…and totally frozen solid.

The credit system not only needs current liquidity adds but always will need MORE exponentially. Think of the old saying “a snowball’s chance in hell”, this is exactly the chance of central banks withdrawing liquidity (AND raising rates) without financial markets and the real economy going into seizure and death. If “zero liquidity add” is truly the future from central banks, they are guaranteeing the greatest credit contraction of all time as a result. This will happen on its own one way or the other, if they truly try to tighten then they will not have any cover to blame the carnage on other than themselves.

Best,

Bill

“This Is Most Worrying”: In One Year, Central Bank Liquidity Will Collapse From $2 Trillion To Zero
October 11, 2017

Is it complacency, or simply trader paralysis?

A question we first asked three months ago is getting a second wind this morning, when in a report by Deutsche Bank’s Alan Ruskin – “Vol: freeze or flight?” – the macro strategist points out that “the new 2017 Nobel laureate for Economics is not the only one at a loss to explain low stock market volatility, and thinks investors are in ‘freeze mode’ in the midst of global uncertainties.”

According to Ruskin, however, it’s all about to change.

But why? And what is “the most likely causes of a shift to ‘flight mode’ and a rise in volatility? Here’s one possibility: by the end of next year, the combined expansion of all the major Central Bank balance sheets will have collapsed from a 12 month growth rate of $2 trillion per annum to zero.”

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Jim/Bill,

The return of the Gold Standard!

As Mark Twain once said, ‘History doesn’t repeat itself, but it does rhyme.’

“The implications I see for the Chinese move are vast. We may witness the return of the gold standard, not as we had imagined, but simply as the result of a spontaneous turn to gold as a means of trade initiated by the Chinese measure.”

A Pandora’s Box has been opened and the U.S. Dollar will be at the mercy of Gold.

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“Here I pose a question: once the oil exporters get a good deal, receiving gold for their exports to China , what will the other major exporters of commodities to China be thinking? Think of iron ore, copper and all the other commodities that make up the recently recorded $1.817 Trillion of yearly imports by China.”

Brace yourself!

CIGA Wolfgang Rech

The Gold Worm on the Yuan Hook
October 6, 2017

Once again, I turn over in my mind the Chinese plan regarding their imported oil, which consists in convincing their oil suppliers to accept yuan in payment (and thus re-directing their sales outside the orbit of the US dollar) with an additional sweetener in case the oil exporters do not wish to hold assets denominated in yuan: the sweetener consists in offering to exchange the yuan received by the oil exporters, for gold purchased on the world markets – and not out of Chinese reserves.

Again, I mention that for the first time in 46 years – ever since that fateful date, August 15th, 1971, when Nixon took the US “off gold” – gold is once again mentioned as part of a commercial deal – and one of great importance.

“There is more than one way to skin a cat” says an old proverb. And there is another way to bring the US to its knees, besides using hydrogen bombs or EMPs.

If the US cannot stop China from implementing its “oil – for yuan – for gold” program, then the fate of the US is at hand.

Once the oil exporters accept the deal, they will all be permanently caught. The price of gold will begin to rise, and rise and rise as more and more oil income is exchanged for gold. Thus, the gold income received from prior oil sales will become much more valueable for the oil exporters. I do not see the price of oil going up in terms of yuan. The first sellers of oil to China in exchange for yuan, and then exchangeable for gold, will get a lot of gold for their oil. As the scheme progresses, the oil exporters will get progressively smaller amounts of gold for their oil.

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Exactly correct Wolfgang, another pertinent saying is monkey see, monkey do! Something “real” in exchange for another something real will be enticing as compared to today’s trading “something for nothing”…

Best,

Bill

Jim/Bill,

What does this say about America?

“President Vladimir Putin said on Tuesday crypto-currencies were risky and used for crime, as Russia’s central bank said it would block websites selling bitcoin and its rivals”

Keeping our mouth shut and allowing criminal uses speaks volumes.

Not to mention our modus operandi of protecting its citizens “after they’ve been had”, instead of being proactive.

It’s 5 PM. Who’s watching your back?

CIGA Wolfgang Rech

Russia Turns Cold On Crypto-Currencies
October 10, 2017

SOCHI, Russia (Reuters) – President Vladimir Putin said on Tuesday crypto-currencies were risky and used for crime, as Russia’s central bank said it would block websites selling bitcoin and its rivals – a change of tone from a month-old promise to legalize the market.

Central Bank First Deputy Governor Sergei Shvetsov told a conference in Moscow that the currencies were “dubious” and investors needed to be protected.

“We cannot stand apart. We cannot give direct and easy access to such dubious instruments for retail (investors),” Shvetsov said.

Around 1,000 miles (1,600 km) further south in the resort of Sochi, Putin told reporters that crypto-currencies could be used to launder money, evade taxes and finance terrorism.

“The usage of crypto-currencies carries serious risks. I know the central bank’s position on that,” Putin said.

“Crypto-currencies are issued by an unlimited number of anonymous bodies. Thus buyers of crypto-currencies could be involved in unlawful activities,” Putin said.

Russian financial authorities initially treated any sort of money issued by non-state approved institutions as illegal, saying they could be used to launder money.

But Finance Minister Anton Siluanov said last month that the authorities had to accept that the virtual currencies existed.

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Jim/Bill,

The height of lunacy.

Think about it……

if the anti-kneelers are boycotting advertisers,

and the kneelers are boycotting advertisers,

then why should advertisers even bother giving the NFL their business.

Bye-Bye NFL.

Bye-Bye $25 million dollar per year salaries.

Bye-bye $13 glass of beer, $7 bottle of water, etc.

College ball here I come.

CIGA Wolfgang Rech

ESPN’s Jamele Hill Suspended After Urging Fans To Boycott Anti-Kneeling NFL Advertisers
October 9, 2017

Update (3:30 pm ET): ESPN has suspended host Hill for her second violation of the network’s social media guidelines on Monday after she urged her twitter followers to boycott the Dallas Cowboys’ advertisers.

Here’s ESPN’s statement:

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Compliments of JB.

Jim

Meet the $4 Trillion Market that Donald Trump Just Bitch-Slapped
October 5, 2017

According to Federal Reserve statistics, as of the end of the first quarter of this year, the U.S. municipal bond market consisted of $3.8 trillion of debt outstanding with retail investors owning 42 percent of the market. Life insurance companies, property and casualty insurers, banks, mutual funds and foreign buyers are also major holders of municipal bonds.

Municipal bonds have performed well as a class over a century of booms and busts. They came through the Great Depression with an extremely low default rate. General obligation municipal bonds (GOs) are backed by the full faith and credit and taxing power of a jurisdiction like a state or county or city and GOs with AAA ratings are typically viewed as second in safety to issues of the U.S. government. Municipal bonds issued to finance a project are classified as revenue bonds and are frequently backed just by the revenues of that project, such as a toll bridge.

U.S. states, counties, cities and school districts issue muni bonds to build schools, roads, bridges and other critical infrastructure needs. Municipal bonds are essential to a vibrant U.S. economy and maintaining modern infrastructure and schools across America.

Heretofore, it has been unthinkable that holders of general obligation municipal bonds could be “wiped out” by edict. But during his visit to Puerto Rico on Tuesday, President Donald Trump was interviewed by Geraldo Rivera of Fox News. The interview was broadcast during the Sean Hannity program Tuesday evening. The president stated the following: (See video clip below.)

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Courtesy of JB.

Jim

Saudis Rock US Alliance, Say They’ll Buy Russia’s Top Plane Killer, S-400
October 05, 2017

WASHINGTON: That rumble under your feet you sensed this morning was the earthquake caused by the decision of one of America’s closest allies, Saudis Arabia, to join Turkey in buying Russia’s vaunted S-400 surface to air missile system.

The announcement carried extra diplomatic weight as Saudi King Salman was visiting Russia when the Saudis made the announcement.

Former NATO and European Command leader, retired Adm. James Stavridis, called the sale “a step backwards in US foreign and defense policy.” Since World War II, when President Roosevelt agreed with King Faisal that we would guarantee Saudi sovereignty in return for access to their oil, the kingdom has been one of our closest allies, notwithstanding the 911 attacks led by Saudi citizens.

“While the enormous global arms market is a free trade zone, it is disconcerting to see close US Allies like Turkey and Saudi Arabia buying significant systems like the S-400 air defense from Russia,” Stavridis, now the dean of the Fletcher School of law and Diplomacy, writes in an email. “It decreases interoperability, opens up cyber vulnerabilities, exposes additional real intelligence to Russia, and reduces the tendency of the US to truly open its technology transfer process to partners.”

While Stavridis, long known as a warrior-diplomat, does not say it explicitly, his comment about tech transfer is seminal. Should Saudi Arabia proceed with this sale, it may lead to the United States deciding not to sell advanced command and control systems or aircraft to them. Why? Fear that the Russians could get access to highly classified data about our systems’ vulnerabilities.

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Just one more coincidence since the major sun explosion. Compliments of JB.

Jim

Nate To Threaten US Gulf Coast As A Hurricane This Weekend
October 05, 2017

Nate will threaten part of the southern United States as a hurricane this weekend with flooding, strong winds and isolated tornadoes.

Since Nate will be moving inland over the U.S. this weekend, people may have little time to react and prepare for a tropical storm or hurricane.

Where is Nate likely to come ashore?

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“Nate will move northward over the central Gulf of Mexico on Saturday and make landfall along the U.S. upper Gulf coast on Sunday,” according to AccuWeather Meteorologist Brett Rossio.

Nate is likely to make landfall somewhere from the Florida Panhandle to southeastern Louisiana. The exact point of landfall will be determined once the storm begins to move north of Mexico’s Yucatan Peninsula.

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It’s called “human obsolescence” Wolfgang.

Bill

Jim/Bill,

Imagine going into a store and no one is around! Only robots. Who do you steal from?

Just how the hell is robber supposed to make a living now?

More unemployment I guess.

CIGA Wolfgang Rech

Robots To Replace All Human Cashiers At New York Shake Shack
October 4, 2017

A brand new Manhattan Shake Shack set to open its doors later this month in Astor Place will offer guests all the same great-tasting burgers, dogs and shakes as other locations but it will be missing one costly component that most other restaurants still depend on: cashiers.

As the NY Post points out today, Shake Shack will be using it’s newest location to test a fully automated ordering system that will allow customers to order at kiosks or via the company’s app and then pick up their food once they get a text.

Robots will replace humans and cash won’t be accepted at a soon-to-open Shake Shack in the East Village, reps for the popular burger chain said Monday.

Customers will place orders via an app and at touch-screen kiosks inside the restaurant, which is scheduled to open an Astor Place branch later this month, according to company CEO Randy Garutti.

Diners can also pay on smartphones and tablets using the restaurant’s app.

“The Astor Place Shack will be a playground where we can test and learn the ever-shifting needs of our guests,” Garutti said. “[It] represents our dedication to innovation and to providing the best for our guests and for our teams.”

“We’re excited to lead with kiosk-only ordering, putting control of the Shake Shack experience in our guests’ hands, and an optimized kitchen with increased capacity for mobile orders and eventual delivery integration to support ongoing digital innovation,” Garutti said.

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Tony the Tiger, Ford and none other than George Soros …flying under the radar?

JB

Donors Of Anti-Trump ‘Resistance’ Group Revealed
October 4, 2017

The hidden donors to a prominent anti-Trump “resistance” organization are revealed in unredacted tax forms obtained by the Washington Free Beacon.

The Center for Community Change Action, a Washington, D.C.-based 501 (c)(3) progressive community organizing group that does not reveal its donors, has been involved in direct action against President Donald Trump and Republicans before and after the November elections. The organization’s members sit on the boards of other prominent liberal activist groups.

The Free Beacon has obtained the group’s unredacted 2015 tax forms that shed light on its funders, who provide millions of dollars in assistance. The group appears to rely heavily on a few major liberal foundations, organizations, and unions.

The Center for Community Change’s largest contribution was $3,000,000 from the W.K. Kellogg Foundation, which was initially created by Will Kellogg, the food manufacturer and founder of Kellogg Company. The Ford Foundation, which was first created by the founders of the Ford Motor Company, added a $2,350,000 donation. The Open Society Foundation, a foundation run by liberal billionaire mega-donor George Soros, gave $1,750,000 to the Center for Community Change.

Other donors to the organization include the California Endowment, which gave $524,500; the Marquerite Casey Foundation, which gave $515,000; Fidelity Charitable Gift, which donated $505,100; and the National Immigration Law Center, which gave $316,000.

The Center for Community Change Action, the “social welfare” (c)(4) arm of the group, additionally relies on a handful of donors for almost all of its funding, according to its documents that do not include the privacy redactions.

Donors to its “social welfare” arm in 2015 included Every Citizen Counts ($1,750,000 contribution), a nonprofit that was created by allies of Hillary Clinton to mobilize Latino and African-American voters; the Open Society Policy Center ($1,475,000), another Soros group; the Sixteen Thirty Fund ($610,000), a progressive advocacy group; Center for Community Change ($150,000); Services Employees International Union (SEIU) ($150,000); Atlantic Philanthropies ($75,000); and the Tides Foundation ($50,000), the largest liberal donor-advised network, among other funders.

The Center for Community Change has been involved with anti-Trump campaigns for some time now. The group’s members also sit on the advisory boards of other prominent liberal organizations.

Deepak Bhargava, the executive director of the Center for Community Change, sits on the advisory board of George Soros’s Open Society Foundation.

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Especially when Algo’s are writing trigger stories that trigger other algo’s triggers…

JB

Google Admits Citing 4chan To Spread Fake Vegas Shooter News
October 2, 2017

Google News took the unusual step of confirming its use of the imageboard site 4chan as a news source on Monday. The admission followed Google News’ propagation of an incorrect name as a potential shooter in the tragic Las Vegas shooting on Sunday night.

A reporter from tech-news site The Outline posted the full text of an e-mail he received from an unnamed Google representative. Reporter William Turton said that he had not discussed any “attribution terms” before receiving Google’s e-mail, which confirmed that the Google News service was bombed into automatically reposting a false shooter’s name.

The incorrect shooter’s name, which Ars Technica will not repost to reduce any further robo-aggregated hits, began appearing on 4chan’s “pol” board, which is infamous for pushing intentionally inflammatory content. The name appeared on the board when its members began looking through people connected to names that had been mentioned by Las Vegas investigators. One of those people—a sibling of a person of interest who was later cleared by Vegas police of wrongdoing—had social-media attachments to left-leaning subjects such as MoveOn.org and MSNBC’s The Rachel Maddow Show. Both 4chan and right-wing misinformation sites like Gateway Pundit began spreading the false name as a suspect while calling the person a “far-left loon.” (GP’s article has since been removed, but a Google Cache of it still exists.)

Google News’ statement claims that these false reports landed on the service’s “Top Stories” feed due to a burst of activity for a name that had never received many search attempts. “When the fresh 4chan story broke, it triggered Top Stories, which unfortunately led to this inaccurate result,” the statement reads.

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Please read this note from long time CIGA Hugh. Telling the truth has been a very long and hard road. People are waking up slowly…then it will be all of a sudden!

Bill

Bill,

I have been trading for 35. I thought I had seen everything, until what I have witnessed for the last 5 or 6 years. I have tried to do what is best for my family and my clients. I have always been truthful with my clients and tried to relay what is really going on in the world. Last weekend I travelled up to Indiana to attend my brother’s wedding. During the time I stayed with my sister, I used the chance to reinforce what is going on in the world. She has listened, but I think she thought that her older brother was nuts. This time it was different because her 28 year old son was in the room. It was hard for me to believe but that young man believes as we do. He reinforced everything that I was saying. I returned home late Sunday with the satisfaction of helping my sisters family. Mid-morning Monday I got a phone call from my sister telling me about her story at the bank that morning. She had tried to withdraw her money from the bank that morning (around 10k). To her disbelief the bank told her they did not have the funds. They told her that they would be glad to order the money for her, for a charge, and have the funds in 1 to 2 weeks. She was horrified that the bank did not have the money and that they would charge her for the funds. She asked if one of the other branches would have the funds. Luckily one of the other branches had the money, of course she had to give them her driver’s license, they grilled her on where the funds were going, and several other questions. Needless to say my sister felt like a criminal and told me she would never keep the money in a bank again.

I tell you this story because I have had several over the years like this with clients and friends. The sad thing is I continue to believe as you and Jim, I listen, and continue to talk. September was another hard month for me as I lost 4 more clients. The story is the same, we believe in what we were doing but we cannot continue. We need to make a better return and the pm sector is not doing it for us. The markets continue to rise, and frankly, we are sick and tired of hearing the story, one of these days.

We continue to preach and speak the truth, but it does not matter, they are not listening. Has the world just gone numb and dumb!

It is hard for me to believe that I will see a wake-up call in the USA any time soon. This has gone on far longer than I thought possible. I think we are a very very small minnow in a very large ocean.

I know, be careful what I wish for.

I am losing clients, faith, and my income. I am 60 in December and am slowly losing what I have worked for to save and prepare!

Where do we go from here? I think it’s many months away, longer than any of us think. They will print until the end of time.

FYI: I am still holding my ground, along with the clients I have left.

I KNOW I BITCH A LOT, but this is what I see along with clients. Are we really making a difference?

THANK YOU FOR LISTENING. Peace and god bless.

With a heavy heart and restless soul.

HUGH