Posted at 11:54 AM (CST) by & filed under In The News.

Bill Holter’s Commentary

Many say there is simply not enough gold to ever go back to a gold standard. I would correct that thinking by adding, “at the current price” there is not enough gold…but at some, higher price, there is certainly enough gold. Adding to what Erik wrote, no more new currency or debt needs to be added to the system to attain say, a gold price of $50,000 per ounce. The money supply and debt has already been created and only awaits a spark to start the huge bonfire of paper everything…!

The United States is a Long Way from Home_001

The United States is a Long Way from Home_002

Posted at 10:48 AM (CST) by & filed under Jim's Mailbox.

Jim/Bill,

I told listeners the bulk of the bail out money would NOT go to Main Street, it would go to Wall Street!

Dave

Senators Express Outrage at Hearing over Mnuchin’s Sneakiness with $500 Billion of Taxpayers’ Money
May 20, 2020 ~

Steve Mnuchin Gives Interview to CNBC Outside of White House on Friday, March 13, 2020

U.S. Treasury Secretary Steve Mnuchin

We’ve been watching Senate Banking Committee hearings for decades. There is typically some level of professional politeness by Senators toward witnesses that are testifying. That didn’t happen yesterday. Both Republicans and Democrats lashed out at Treasury Secretary Steve Mnuchin for effectively cooking up a deal that put him in charge of $500 billion of taxpayers’ money under the stimulus bill known as the CARES Act and has now left Congress in the dark about how that money is being spent. During the hearing, which was held virtually, Senator Elizabeth Warren of Massachusetts summed up the situation to Mnuchin like this: “You are boosting your Wall Street buddies and leaving Americans behind.”

The hearing was called to hear from both Mnuchin and Fed Chair Jerome Powell. The CARES Act, irresponsibly, gave Mnuchin control of $500 billion, of which $454 billion was earmarked to go to the Fed to be leveraged into a $4.54 trillion bailout program. Apparently, Democrats were promised the money would go to help Main Street while the actual crafters of the legislation conveniently forgot to put that language in the bill. The bulk of the numerous programs set up by the Fed, which will use CARES Act money to absorb losses, are structured as bailout programs for Wall Street or the fossil fuels industry.

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Posted at 9:20 AM (CST) by & filed under USAWatchdog.com.

By Greg Hunter’s USAWatchdog.com

With every new revelation about what President Trump calls “Obamagate,” you see the curtain being torn down and revealing the corrupt players who were running America and attacking our Republic. Former CIA Officer and counter-terrorism expert Kevin Shipp, who wrote a book about the Deep State called “From the Company of Shadows,” says any hint that POTUS is a tool of the Deep State is preposterous. Shipp explains, “That is absolutely ridiculous. Donald Trump has confronted the Shadow Government and Deep State more than any other president in history, and that includes JFK. JFK did, of course, confront the Deep State and we saw what happened there. There has been no other president that has had the guts to expose the Shadow Government and Deep State like Donald Trump has. What has the Deep State done? They have gone after him with a vengeance. Why would the Deep State attack their own with attacks to try to destroy him and his family if he wasn’t threatening to expose the Deep State? No, he’s not a Deep State president. He’s not perfect. We all know that. There are members of his cabinet that we are concerned about with connections to some of the central banks. We all know that, but Donald Trump is not Deep State. He is splitting the Deep State wide open. Look what DNI Rick Grenell just presented to the President. He authorized for release of names of all the unmaskers. Trump is exposing the Deep State, and, personally, I am proud of him because I have been waiting for this for 20 years for a president to come out and expose these things.”

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Posted at 9:10 AM (CST) by & filed under Jim's Mailbox.

Warren does some math for us from the US debt clock. As you can see, no matter which category of debt you look at, if our “supposed” gold were needed to settle that debt then the dollar price of gold would need to be multiples higher. If Ft. Knox gold was required to cover the entire debt pyramid, we see a VERY LARGE NUMBER! Leaving you with a question, will there be more, or less debt in the future? Either answer can be argued but the result is the same either way…fiat currency burns up in a very large cloud of smoke!

Hi Bill and Jim,

I thought I would add the Fed Balance Sheet and US Consumer Debt to the numbers too… shocking when looking at the big picture. Take your pick of any number and the Gold price should be multiples higher!

Data sources:

https://www.usdebtclock.org/

https://www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm

https://www.statista.com/chart/19955/household-debt-balance-in-the-united-states/

namgcnpadacpdoii

Cheers,
Warren

Jim/Bill,

The story never changes. Wall Street gets a bail out, the tax payer gets the bill.

Dave

Taxpayers Are on the Hook for 98 Percent of the Fed’s $6.98 Trillion Balance Sheet
May 19, 2020 ~

If there has been any positive outcome from the COVID-19 pandemic, it has been that the American people are beginning to take a cold, hard look at how the U.S. economy has been engineered as a vast wealth transfer system for the one percent.

We have peeled back the dark curtain further today on how the Federal Reserve has been structured as an unlimited money spigot to enrich that one percent as it privatizes profits for the criminally-inclined Wall Street titans and socializes the losses to the law-abiding 99 percent of hardworking Americans.

The Federal Reserve Board of Governors consists of seven individuals appointed by the President of the United States and confirmed by the U.S. Senate. As of today, only five of those Governor seats have been filled. As of last Wednesday, these five unelected individuals were overseeing a balance sheet of $6.98 trillion at the Federal Reserve, which is 28 percent of the $25.3 trillion federal government debt that is overseen by 100 elected Senators and 435 elected members of the House of Representatives.

Over just the past year, those five unelected Fed Governors have grown the Fed’s balance sheet by $3 trillion in order to bail out bad bets on Wall Street.

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Jim,

You were the first to tell your readers this banking crisis started long before any one heard of Covid-19. Now many are seeing what you saw early on.

Dave

Another Gigantic US Bank Bailout Under Cover Of A Virus
May 18, 2020

When the Dodd Frank Act was passed in 2010, President Obama triumphantly declared, “No more bailouts!” But what the Act actually said was that the next time the banks failed, they would be subject to “bail ins” – the funds of their creditors, including their large depositors, would be tapped to cover their bad loans.

Then bail-ins were tried in Europe. The results were disastrous.

Many economists in the US and Europe argued that the next time the banks failed, they should be nationalized – taken over by the government as public utilities. But that opportunity was lost when, in September 2019 and again in March 2020, Wall Street banks were quietly bailed out from a liquidity crisis in the repo market that could otherwise have bankrupted them. There was no bail-in of private funds, no heated congressional debate, and no public vote. It was all done unilaterally by unelected bureaucrats at the Federal Reserve.

“The justification of private profit,” said President Franklin Roosevelt in a 1938 address, “is private risk.” Banking has now been made virtually risk-free, backed by the full faith and credit of the United States and its people. The American people are therefore entitled to share in the benefits and the profits. Banking needs to be made a public utility.

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Posted at 8:12 AM (CST) by & filed under General Editorial.

Great and Wonderful Wednesday Morning Folks,

      We start our day off with more positive pricing in Gold than yesterday with the trade at $1,751.20 up $5.10 after hitting $1,757.60 with the low at $1,746.70. Silver just turned red in London with the trade at $17.85, down 6.1 cents after the push down to $17.755 and after Silver reached $18.155 which happened before London’s churn. The US Dollar doesn’t seem to be sticking to the “par” plan with the trade at 99.335, down 3.1 points after reaching down to 99.265 with the high at 99.57. Of course, all this happened already, before 5 am pst, the Comex open, the London close, and after 4 years of continual “failures to impeach,” making Trump the most impeached president ever, thus making him the most popular among the people! Heck, even the Treasury Dept was used and they failed too! No wonder the left needs mail in ballots, if they don’t there won’t be any votes for their side to count.

      In Venezuela, Gold is now priced at 17,490.11 Bolivar showing a gain of 170.79 overnight with Silver at 178.277 Bolivar regaining all of yesterday’s pull and more (+3.845). In Argentina, Gold gained 1,354.37 more Peso’s with the price at 118,945.22. Silver’s price under the same fiat gained 28.19 more with the trade at 1,212.34 Peso’s. Over in Turkey, where trading is just about done, Gold is at 11,899.64 Lira, proving a gain of 123.25 with Silver trading at 121.293 regaining most but not all of yesterday’s currency push.

      May Silver’s Delivery Demands now registers a 204 count up on the board and with a trading range between $18.04 and $18.025 with the last trade at the high for the 4 lot that is posted under the Volume already. Yesterday’s delivery activity happened between a trading range of $17.88 and $17.70 with the last trade at $17.86 with the adjusted close at $17.892 as 13 contracts swapped hands inside the delivery month. The short traders are piling on the promises to drop the price on Options Expiration Day as the Overall Open Interest shows a gain of 3,852 bringing the total “paper behind the price” count to 151,994 Overnighters. Over the years we’ve witnessed this Options Expiration event which we think should be looked at in a Pavlov Dog manner. They have rung this bell so many times and for years, which may mean to us believers of hard money, that this is where the real break may occur, when everyone is trained to be out, the price takes off. Of course, none of this matters when we have the physicals.

      May Gold’s Delivery Demands keep suggesting entities want the physical now with the count still elevated at 816 fully paid for 100-ounce contracts with no trading range for the 4 swaps posted up on the board already. Yesterday’s final trading range for the total Volume of 167, was in between $1,749.50 and $1,749.30 with an adjusted close way down at $1,744.20. Here’s something else that everyone else but us seems to ignore in the delivery month; the first 118 swaps had no price posted, but the last 49 trades posted that 20-cent trading range. Yup, nothing but integrity and trust here. Gold’s Overall Open Interest has gained another round of additional shorts, to the tune of 3,699 bringing today’s starting count to 528,638 Overnighters quite possibly Pavloving it for Tuesday’s trade.

      Lots of events seem to be happening to the news services lately, as more job cuts are being done with their revenues collapsing and still, the management cannot figure out why no one listens to their truths anymore? Last night, East Coast viewers of CBS news got a special treat when their services went dark, making their +20 viewers panic because they were not being fed their daily thoughts and new hates. Then we have the release of documents proving the past administrations involvement in attempting to remove a non-member of the “political” elite by any means possible, including treason, as Trump ordered the release of evidence so solid that the TV show hosts can’t spin it. Then we have the judge in Flynn’s case refusing to throw out the case as he attempts to wait it out for the next accusation from Pelosi and friends who also knew the case was based on lies. This judge has taken over the prosecution because the defense team did its job so well, he’s offended.

      On the more serious side of things, the global debt system is faltering. It matters not who’s debt is held, it’s becoming harder and harder to keep that system up when so many are on the verge of filing bankruptcy to get out from under that mountain of debt they cannot pay, before it crushes what’s left of their companies and everyone’s jobs. If there ever was a time for small businesses on a global scale, to file bankruptcy, this is it. Who can blame them after all? It wasn’t their fault that a virus, whether factual or not, was used to cause all this disruption. The disruptions have occurred, and it’s in over 184 nations. Small businesses are the life blood of our economy, and the dealers of debt will suffer the most because of what happened. The dealers, of course are the same ones that control all the paper behind the price. These debt dealers know what’s happened already and they are preparing too!

      Still they ask us, why we hold our precious metals so closely? So, hang on tight to the real, keep a smile on your face no matter what, even if it’s behind a mask. Keep a positive thought in the head, and a prayer for all, as always …

Stay Strong!

Jeremiah Johnson

More J.Johnson content is available with purchase of a JSMineset subscription.

Posted at 9:49 AM (CST) by & filed under In The News.

Bill Holter’s Commentary

Pushing on a string?

Central Banks Have Let The Genie Out Of The Bottle
May 17, 2020

(Bloomberg Opinion) — The world’s biggest economies have rolled out a plethora of monetary support measures over the past two months. If there’s one central bank that knows how hard bottling them back up will be, it’s Japan, where special operations have become a permanent fixture. Tokyo’s example suggests that policy makers will have an expansive role for years to come, particularly given the depth of the slump from the coronavirus outbreak.

Japan headed into its lockdown hobbled by poor choices, chiefly an ill-timed hike in the consumption tax at the end of 2019. Gross domestic product fell an annualized 3.4% in the first quarter from the prior three months, the government said Monday, following a drop of 7.3% from October to December. The contraction in the second quarter will be about 22%, according to economists surveyed by Bloomberg News, mirroring the scale of declines in the rest of the world.Everyone is reeling from Covid-19. What makes Japan stand out isn’t just the tax fiasco, but the long funk that preceded what’s likely to become the worst global downturn in a century. The Bank of Japan had been buttressing its economy with massive stimulus long before the Federal Reserve, Bank of England and European Central Bank embarked on a course of ultra-low interest rates and quantitative easing in the wake of the Great Recession. It took that trio a long time to withdraw their support; they had barely disembarked before the virus prompted them to dive back in.Given diminishing hopes for a rapid and vigorous bounce, it’s wishful thinking for central bankers to set expectations for a brisk exit from at least some Covid-era measures. Fed Chair Jerome Powell said in a May 13 speech that some programs will be put back in the box once the crisis has passed. He may be waiting a while, if the global financial crisis is any guide. Output is likely to remain well below pre-virus levels until at least the end of 2021.

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Bill Holter’s Commentary

And #29 is, you will not survive financially what comes…without gold or silver!

28 Reasons to Buy Physical Gold
November 22, 2017

Throughout human history, gold has constantly emerged as an unparalleled form of savings, investment and wealth preservation. Due to its unique characteristics and features, gold has inherent value and cannot be debased. When holding physical gold, there is no counterparty risk or default risk. Wealth in the form of gold can also be held and stored anonymously.

From its ability to retain its purchasing power over time, to its safe haven status in times of financial turmoil and uncertainty, to gold’s ability to diversify investment risk, there are many and varied reasons to own physical gold in the form of investment grade gold bars and gold coins.

1. Tangible with Inherent Value

Physical gold is real and tangible. It is indestructible, impossible to create artificially, and difficult to counterfeit. Mining physical gold is arduous and costly. Physical gold therefore has inherent value and worth. In contrast, paper money doesn’t have any inherent value.

2. No Counterparty Risk

Physical gold has no counterparty risk. When you hold and own gold bars and gold coins outright, there is no counterparty. In contrast, paper gold (gold futures, gold certificates, gold-backed ETFs) all involve counterparty risk.

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Posted at 10:33 AM (CST) by & filed under In The News.

Bill Holter’s Commentary

Erik with some history of life, liberty, and the pursuit of happiness. Maybe his best writing yet!

The Real Battle Will Be To Save The Constitution (Politics)_001

The Real Battle Will Be To Save The Constitution (Politics)_002