Posted at 11:18 AM (CST) by & filed under Jim's Mailbox.

Paying particular attention to the last chart, volatility of US Treasury flows has exploded over the last three years. With a backdrop of inflation everywhere one looks, and a Fed “tightening”, interest rates should begin to rise. Every major financial episode since 1974 has occurred AFTER interest rates bottomed.  The world today cannot stand a one full percentage point upward move in rates but here it comes. The only difference I see this time around is that due to the amount of debt outstanding…this episode will be systemic!


‘The market does what it should do; just not always when.’ Jesse Livermore. (1877-1940).

Posted at 9:21 AM (CST) by & filed under General Editorial.

Bill Holter’s Commentary

Powerful, and so true!

The Terrifying Lessons Of COVID-19
January 6, 2022

During the past 18 months, the relationship of the American people to the government has changed radically, as the Constitution’s failure to restrain the federal and state governments and to protect personal liberty has become manifest.

We know that for the past 100 years the growth of the federal government has been exponential. And we know that while formally the Constitution still exists, functionally it has failed miserably, as the deterioration of personal liberty since the spring of 2020 has been as grave as the losses of freedom in the past 100 years.

I am using 100 years as a benchmark because it marks the completion of the takeover of the federal government by the Theodore Roosevelt Republicans and the Woodrow Wilson Democrats who collectively comprised the Progressive movement. This movement brought us in a short 15 years the useless World War I, the destructive popular election of senators, the corrupt Federal Reserve, the theft of property called the income tax and the unconstitutional administrative state.

The war killed millions for naught. The popular election of senators undermined state sovereignty. The Federal Reserve destroyed economic freedom. The federal income tax legalized theft. And the administrative state created an unconstitutional fourth branch of government “experts” answerable to no one.

Yet the iron fist of totalitarian government visited upon the American people in the name of COVID-19 has struck at the heart of the Constitution and landed heavy blows on average Americans in far more acute and direct ways.

Here is the backstory.


Bill Holter’s Commentary

More insider trading? Do you think the game might be rigged?

Outgoing Fed Vice Chair Quietly Covered Up Suspicious Trades Made During March 2020 Market Rout
January 6, 2022

Several months have passed since FOMC members Boston Fed President Eric Rosengren and Dallas Fed President Robert Kaplan abandoned their posts following a trading scandal that raised questions about senior Fed officials.

Now, Richard Clarida, who is already on his way out the door at the Fed to make room for Biden appointee Lael Brainard, has become the latest senior Fed official to find his way into the ethics officials’ rifle sights.

Because according to the NYT, Bloomberg and a handful of other reports, Clarida sold at least $1M of shares in a US-traded stock fund in February 2020 before buying a similar amount of the same fund a few days later, on the eve of a major Fed policy announcement that would trigger an 18-month-plus torrid rally in stocks, bonds and other securities.

Notably, while Clarida’s purchase was previously disclosed and reported by Bloomberg News back in October, the initial sale of the fund shares wasn’t disclosed until last month, when an amended financial-disclosure form was finally filed with the government. Notably, this amended form was filed several weeks after the backlash to Clarida’s colleagues’ trades had died down.


Posted at 8:19 AM (CST) by & filed under Jim's Mailbox.

The game is called inflate or die!


‘When a government is dependent upon bankers for money, they, and not the leaders of the government, control the situation, since the hand that gives is above the hand that takes. Money has no motherland. Financiers are without patriotism and without decency. Their sole object is gain.’ Napoleon Bonaparte. (1769-1821).

Posted at 12:33 PM (CST) by & filed under General Editorial.

Real pictures versus the media version.


24 hours in a day and 24 beers in a case. Coincidence?  I think not!’ H. L. Mencken. (1880-1956).

Posted at 11:26 AM (CST) by & filed under In The News.

Bill Holter’s Commentary

If this turns out to be true, one thing is sure …”confidence” will have been broken. And when I say confidence, I mean confidence in EVERYTHING. If you understand only one concept of how our entire world turns, this is it. Everything runs on confidence, from finance, banking, trust in elections, trust in medicine/pharmaceutical concerns, integrity of schools, government promises regarding self-safety, retirement promises, and yes even to the value of the dollar itself…or lack of! As we said on our latest weekly call, EVERYTHING IS BULLSHIT and it has become nearly impossible to ferret out truth versus deceit. Wouldn’t it be funny if it were just plain vanilla bean counters (actuaries) who expose the fact that our current deceitful world is more stupid than a 20 year old comedy titled “Idiocracy”?

What If The Largest Experiment On Human Beings In History Is A Failure?
January 4, 2022
Authored by Dr. Robert Malone via Substack,
A seasoned stock analyst colleague texted me a link today, and when I clicked it open, I could hardly believe what I was reading. What a headline. “Indiana life insurance CEO says deaths are up 40% among people ages 18-64”.
This headline is a nuclear truth bomb masquerading as an insurance agent’s dry manila envelope full of actuarial tables.

People frequently write to Jill and myself. People we have never met. They call, they arrive at the farm by appointment or unannounced, they fill our email in boxes with their inquiries. They all want something; time, attention, an interview. Many want to tell us about their fear, illness, nightmares, or (what often seems like) outright paranoid conspiracies. And then, over time, these fears and “conspiracies” keep getting confirmed. As Jan Jekielek (a senior editor with The Epoch Times) recently said to me, it is getting harder and harder to tell which ones are mere conspiracy theories and which are true reality.

One farm visitor told me of his foreshadowing massive numbers of deaths within three years consequent to the genetic vaccines, and that this was all about the “Great Reset” and the depopulation agenda of the World Economic Forum (WEF). I tried to reassure him that, in my opinion, this was highly unlikely- while privately thinking about how easily people fall into this type of conspiracy ideation, and how I need to be careful to avoid going there when confronting so many public health decisions that appear either incompetent or nefarious. At the time, I only knew of the WEF as the host of a big annual party in Davos Switzerland where the uber rich and the hoi oligoi of the Western nations went to watch Ted talks, drink the best wine, see and be seen. Silly me. What a long, strange trip this has been. I doubt that even Hunter S. Thompson could have imagined it in his most drug and booze addled state. Suffice to say, I nominate Ralph Steadman as official illustrator of the SARS-CoV-2 pandemic. Or a resurrected Hieronymus Bosch.


Posted at 5:04 PM (CST) by & filed under Jim's Mailbox.

Dismal Dave gives you dots to be connected.


Then the Gods of the Market tumbled, and their smooth-tongued wizards withdrew,

‘And the hearts of the Meanest were humbled and began to believe It was true,

‘That All is not Gold that Glitters, and Two and Two make Four,

‘And the Gods of the Copybook Headings limped up to explain it once more.’ Rudyard Kipling. (1865-1936). From his poem, The Gods of the Copybook Headings*.

Posted at 2:30 PM (CST) by & filed under In The News.

Bill Holter’s Commentary

This has some serious long term supply consequences even though it is applauded today…

Oil And Gas Discoveries Plunge To Lowest Level In 75 Years
December 31, 2021

Much to the celebration of environmental “activists” and the chagrin of anyone applying common sense to the argument of why gas prices are so high at the moment, the world of oil and gas discoveries has run bone dry.

Oil and gas firms are currently having their worst year for new fossil fuel discoveries since 1946, a new report from Quartz revealed this week.

The industry is set to discover 4.7 billion barrels of oil this year, marking the worst performance in 75 years.  The ratio of “proven reserves to production” is now at its lowest level since 2011, according to data from research firm Rystad Energy.

Large discoveries have typically account for most of the world’s new reserves, the report notes. 40% of all petroleum discovered has come from just 900 oil and gas fields, Quartz writes, stressing the importance of these new discoveries for the industry. Once discovered, existing wells then begin to deplete. In fact, global oil production declines by about 7% per annum without additional investment in existing fields.


Posted at 2:21 PM (CST) by & filed under General Editorial.

We at JSMineset wish you all a Happy New Year going into 2022!

For those of you who have chosen to support us by pre-ordering a compendium, these will be shipping out in January.

If you wish to pre-order a compendium, they are still available at the following link:

Included in this USB key package (accessible by PC or Mac) is a searchable database of over ELEVEN THOUSAND articles posted since October 2008 from Jim Sinclair, Bill Holter, and many, many other guest contributors. This is one of the largest collections of articles related to the Gold market available today on any medium.

Compendium Volume 4 comes on a USB Key. To access it, you will need an available USB port on your PC or Mac.

Orders will be mailed out starting in December. All orders include shipping from the United States.

Thanks again for all of your continued support!

The JSMineset Team