Posted at 8:18 AM (CST) by & filed under In The News.

The Precious Metals Mystery In Deliveries Has New Chapter In The Book Of Bullshit
April 3, 2019

Great and Wonderful Hump Day Morning Folks,  

     This early morning positive report shows Gold trading higher, adding $2.30 to the closing price, at $1,297.60 (June) after reaching to $1,299 with a low at $1,294.50. So far, only 70,650 contracts traded while London was labeled as being open with the Open Interest at 326,122 (June). The Volume will gain huge amounts all the while Comex is open and the movement in price stays the same. At least everyone in the scheme is getting paid including the governing bodies who are supposed to protect us as they too get algo generated commissions, profiting those who can trade within a few pennies daily using tens of thousands of positions which are used against the individuals and corporations that use this system to find real pricings. Silver is following the leader with its trade up only 3.9 cents at $15.10 with the high to beat at $15.16 and a low at $15.07. The Dollar’s rally seems to be taking a breather with it price pegged at 96.61, down 31.3 points and closer to the low at 96.525 with the high at 96.89, all this was done way before 5 am pst and the Comex Sleep. The Venezuelan Bolivar sure has been going thru some sort of correction with Gold now at 12,959.78, gaining back all of yesterday’s fall and some of Mondays as well proving a gain of 38.95 Bolivar overnight with Silver gaining 1.048 Bolivar at 150.811.    

     It looks like the precious metals mystery in deliveries has another chapter in the book of bullshit as Harvey O still cannot get the data we’re all supposed to get from the exchanges pointing to the EFP’s going to London and our own Comex physically traded Silver on the exchange;

Sorry… We are (conveniently) experiencing technical difficulties.

Our team is working on the issue and we will be back soon(er or later).

More…

Posted at 7:47 AM (CST) by & filed under General Editorial.

We have spoken for the last couple of weeks to subscribers how important it is to not allow your broker to hold your stocks if you wish to prevent them from lending them to short sellers.  I am amazed at how many readers have not done this as Jim has spoken of it since at least 2005.  He has also advised investors either DRS their shares or have physical certificates sent to them…yet here we are in 2019 and I am getting bombarded with questions like “why” and “how”.

How?  Contact your broker and tell them you want your shares sent to the transfer agent and then tell the transfer agent to send the certificate sent to you.  Why?  Because your broker effectively neutralizes your original purchase share for share when they lend them to a short seller who will do what short sellers do…SELL the stock you paid for and were dumb enough to allow your broker to lend them!

With regards to the mining share near and dear to our hearts, I have now seen a letter from a broker to a shareholder with my own eyes.  The broker offered 55%/per annum to their customer if they would lend their shares out.  One should probably ask “why”?  Why would a broker offer 55% to borrow shares of any specific company if the current norm to borrow is something like 5% or 6%?  We have also checked with various brokers to see what the cost to borrow is.  It seems the number is now approaching and even over 100% per annum.  Does this make sense in any fashion?  One could conclude there might be a tad bit of a problem on the short side, specifically finding borrowable shares?

In a world where interest rates hover near all time humankind lows, does your eyebrow raise when you hear a broker offering clients 55% per annum to lend their shares?  Does it not tell you something is very, very wrong in this instance?  Does anyone remember the VW short squeeze?

To quote again, “he who sells what isn’t his’n, buys it back or goes to prison?”

Standing watch,

Bill Holter

Holter-Sinclair collaboration

Posted at 9:49 AM (CST) by & filed under Jim's Mailbox.

Jim,

Why do so called gold experts keep quoting the same same lame claim/story that there is ZERO evidence to back up?

IE we the US have 8,133.5 tons of gold! Bullshit!

Dave

These Are The Six Countries With The World’s Largest Gold Reserves
April 1, 2019

Authored by Lawrence Thomas via GoldTelegraph.com,

For almost a decade, global central banks have been avid gold buyers. Gold purchases by central banks in 2018 rose 36 percent over the previous year. Central banks are now holding 366 tons of the yellow metal. These gold purchases are the largest since 1971 when President Nixon ceased the gold standard and the tie between the U.S. dollar and gold, which rapidly led to the devaluation of the U.S. dollar.

Not every central bank has followed this trend. Venezuela, which is in the midst of an economic collapse, sold 25 tons of gold in 2018 in an attempt to repay its debts. But Venezuela is an exception. Other central banks are eager to increase their gold reserves as a hedge against economic uncertainty. Gold ownership by central banks is at a 50-year high as global purchases have increased 75 percent over the past year.

  1. United States

The Federal Reserve holds the largest amount of gold of any other central bank, 8,133.5 tons. This is 75.2 percent of its foreign reserves. The Federal Reserve has not been as active in the gold-buying spree as other countries in an effort to keep the dollar from devaluing.

  1. Germany

Germany’s central bank has been busy repatriating 674 tons of gold from the Banque de France and the Federal Reserve Bank. During the Cold War, the country’s closeness to what was then Russia-controlled East Germany drove Germany to store its gold with other countries. Now, the Deutsche Bundesbank is calling its gold back home. This move is expected to be completed by 2020. Germany currently holds 3,370.0 tons of gold, which account of over 70 percent of its foreign reserves. Germany, which experienced hyperinflation in the 1930s which saw the Deutschmark become valueless, has learned its history lesson.

More…

 

Bill,

Hmmmm…

JB

Posted at 9:35 AM (CST) by & filed under In The News.

The Numbers Behind The Price, Tells Us The Real Story
April 2, 2019

Good Tuesday Morning Folks,   

      Gold is flat in our early morning report with the trade at $1,293.70, down 50 cents and ironically, trading closer to the high at 1,295.30 with the low at $1,289.50. The Silver signal is pointing lower with the trade at $14.995, down 10.5 cents and near its bottom at $14.965 with the high up at $15.085. The US Dollar is still the go to currency with support showing up within the European trading session giving the trade 16.1 more points of support so far with the value pegged at 96.96, after reaching up to 97.045 before calming down with the low to beat at 96.845. All this was done way before 5 am pst and before the Comex sleep. Very little news is coming out of So. America leading many to suspect more is going on within the emerging markets currency melee especially within Venezuela, where Gold’s price is now pegged at 12,920.83 losing another 18.98 Bolivar with Silver now at 149.763 Bolivar, losing .699 overnight.      

      April Silver’s delivery demands sure got a large distribution completed during yesterday’s trades with the count now at 197 obligations waiting for receipts with a volume of 10 up on the board so far this morning. Proving 509 contracts (over 2,500,000 ounces) were needed immediately making this pullback in price very interesting indeed. The numbers behind the price swings are telling, as the Overall Open Interest increased again while demand for physicals did the same with the count gaining 2,153 totaling 199,556 Overnighters. Maybe if we see more demands for physicals, we’ll continue to see lower prices, go team Algo!    

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Bill Holter’s Commentary

For those interested, GATA has documented the price manipulation of gold for the last 20 years. Here is an update of proof gathered over the years…

Chris Powell: Gold Market Manipulation Update, April 2019
April 2, 2019

[SLIDE 1: Introduction]

Remarks by Chris Powell, Secretary/Treasurer

Gold Anti-Trust Action Committee Inc.

Mines and Money Asia Conference

Hong Kong Convention and Exhibition Centre

Tuesday, April 2, 2019

Mining Investment Asia Conference

InterContinental Singapore Bugis Hotel

Singapore

Thursday, March 28, 2019

Most of us come to this conference to discover what mining assets are worth financially. Most people go to financial conferences generally to discover what various assets are worth.

For almost 20 years my organization, the Gold Anti-Trust Action Committee, has documented why mining assets particularly and other assets generally can not be valued accurately or even valued at all without first taking into account the largely surreptitious intervention in the markets by governments and central banks, surreptitious intervention that lately has become almost comprehensive.

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Bill Holter’s Commentary

Another real reason the Fed cannot ever raise interest rates…it is called shooting one in one’s own foot!

Jim Grant: The Fed Was Technically Insolvent Last Year. Why Didn’t Anyone Care?
March 29, 2019

In finance today, comfort trumps propriety. As necks are tieless, so are earnings “adjusted.” As shirts are untucked, so are balance sheets encumbered. In the 21st century way of doing business, freedom of action is the beau ideal. Neither clothing nor rules should constrain it.

Has anyone noticed that the Federal Reserve is solvent again? Unlikely, as few realized that it was technically insolvent. At the Sept. 30 reporting date, cumulative unrealized losses in the system’s open market account totaled $66.4 billion, almost twice the $39.1 billion of capital available to absorb that hypothetical loss.

These are matters of form, not function, you will hear. The Fed does not mark itself to market. It pays its earnings into the Treasury, rather than retaining them. And it returned to technical solvency in the fourth quarter on the back of the year-end bond rally.

More…

Posted at 7:09 AM (CST) by & filed under In The News.

Bill Holter’s Commentary

Every step forward for China is a step backwards for the dollar…

The Beginning Of The End Of SWIFT: Russian Banks Join Chinese Alternative Global Payments System
March 31, 2019

With Russia actively dumping US dollars and buying gold at the fastest paced in decades, the writing is on the wall when it comes to what the Kremlin thinks of any possibility for a detente in the painfully strained US-Russian relations.

 

 

 

 

 

 

 

 

 

And with Russia now clearly seeking to end monetary ties with a dollar-denominated “west”, there is just one alternative – China. Which is why it will probably not come as a surprise that several Russian banks joined the China International Payments System (CIPS) also known as China’s “SWIFT”, to ease operations between the two countries, according to a senior official at the Central Bank of Russia (CBR).

“As for the cooperation on payment systems, a range of banks are already connected to CIPS, allowing to facilitate payments routing procedure,” Vladimir Shapovalov, who heads a division dealing with foreign regulators at the CBR’s international cooperation department, said earlier this week during the international Russian-Chinese forum.

More…

British Voters…Who Needs Them? All They Do Is Get In Their Way…
April 1, 2019

Great and Wonderful Monday Morning Folks,   

      Gold starts off our Monday down $2.90 with the trade at $1,295.60, approximately $3 off the low at $1,292.60 and almost equal to the distance from its high at $1,298.50. Silver is also down just a little with the trade at $15.065, off by 4.5 cents with its low at $15.03 and the high to beat at $15.145. At least the US Dollar is doing the exact same thing that is dropping in value, with its trade now at 96.69, down 15.5 points with the low at 96.61 with the high at 96.835. All this was done sometime way before 5 am pst and before Comex’s opening, we’ll call “the big sleep”. The value of Gold in Venezuela is now priced at 12,939.81 Bolivar, losing another 26.96 in value since Friday’s early morning report with Silver now at 150.462, barely losing .15 of a Bolivar as we hope to see the big change everyone knows will occur, sooner than later. The Argentinian Peso is now showing Gold has gained 16.3% with Silver gaining 17.5% since the first of this year as we wait for more emerging chaos to occur in the very near future.   

      April Fool’s day starts off with the Silver delivery demands at 706 contracts waiting for receipts either here or in London with a Volume of 13 posted up on the board so far this morning. Once again showing us all, the “delay in live data” is in total observation mode, showing once again, the OI count is unchanged from Friday mornings quote, helping to prove Comex is no longer leading anything but following, even in the most valuable and worthwhile data feed. This delayed data shows that Silver’s Overall Open Interest lost only 297 contracts (that only an April fool would believe) as we are forced to wait for Comex, which is why we want to blockchain all of this, making for a more accurate and “live” data feed.    

      Apparently the British love politics as a heaping pile of Teresa May Delay is still a major part of Friday’s leftovers that is carried over to now as the UK will ‘likely’ leave Europe without a withdrawal deal on April 12. Yeah right! And Teresa May will come up with another “wonderful” idea, another vote, just before that date. Whose side are the politicos on anyways? Politics has failed completely, Teresa May has delivered 2 and ½ years of Nothingburger and has been saying all along “My Deal or No-Deal with no time left to do anything else.” British Voters? Who needs them? Definitely not the politicians! All voters do, is get in their way.    

More…

Posted at 11:20 AM (CST) by & filed under In The News.

Jim Sinclair’s Commentary

The most powerful assume 2020 to be a strong economic period, therefore QE to Infinity – plus a shift to Fiscal Stimulation from practically nothing can be reliably anticipated.

– Reporting-Quality Issues Mount With Shutdown Catch-Up Data
– Fourth-Quarter 2018 GDP Growth Slowed Sharply, With Further Downside Adjustments Pending in July 26th Benchmarking
– Industrial Production Benchmark Revision Patterns Suggested Still-Slower Fourth-Quarter and Near-Contraction First-Quarter Activity
– Contracting First- and Second-Quarter 2019 GDP Activity Likely Follows
– Housing Sector Remains In Deep Recession, Despite Government-Shutdown Disrupted Headline Numbers
– U.S. Economy Continues to Weaken More Sharply and Quickly Than Widely Acknowledged, Signaling a Formal Recession Triggered by Overly Aggressive FOMC Tightening and Rate Hikes of the Last Year or So

“Bullet Edition No. 5”

www.shadowstats.com

Posted at 2:30 PM (CST) by & filed under Jim's Mailbox.

Courtesy of Dave.

Jim

The Fed’s Controlled Demolition Of The Economy Is Almost Complete
March 28, 2019

Authored by Brandon Smith via Alt-Market.com,

The Federal Reserve is an often misunderstood entity, not only in the mainstream, but also in alternative economic circles. There is this ever pervasive fantasy on both sides of the divide that the central bank actually “cares” about forever protecting the US economy, or at least propping up the US economy in an endless game of “kick the can”. While this might be true at times, it is not true ALL the time. Things change, agendas change, and sometimes the Fed’s goal is not to maintain the economy, but to destroy it.

The delusion that the Fed is seeking to kick the can is highly present today after the latest Fed meeting in which the central bank indicated there would be a pause in interest rate hikes in 2019. As I have noted in numerous articles over the past year, the mainstream media and the Fed have made interest rates the focus of every economic discussion, and I believe this was quite deliberate. In the meantime, the Fed balance sheet and its strange relationship to the stock market bubble is mostly ignored.

More…

 

Jim,

Pompeo removes any doubt what the US Middle East policy is all about.

Dave

Now It’s Official: God, Not the Russians, Elected Trump
March 28, 2019

. . .

 

Given the awfulness of the Pompeo remarks, one might wonder where is the condemnation of them on the editorial pages of the New York Times or the Washington Post? Surely there should be a demand for his resignation as he is suggesting that the United States should be fighting a divinely mandated war against Iran to protect Israel which is, for what it’s worth, not actually threatened by the Iranians while even the Pentagon has declared Iran to be a “rational actor” in foreign policy. But one hears mostly silence. The Washington Establishment clearly believes that one can and should condemn Russia without any evidence, but one cannot investigate or even challenge a Secretary of State who believes that he is receiving his guidance directly from God.

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Jim,

You have pointed out how important this statement is.

Dave

Ireland and EU Countries Must Seek ECB Approval to Manage Gold Reserves – Draghi
March 29, 2019

by Francesco Canepa on Reuters

. . .

The ECB and its President Mario Draghi realise gold is very important in terms of protecting the euro from collapsing both in terms of nations reverting to their national currencies but also in terms of the euro, dollar, pound and other fiat currencies collapsing in value, if the public loses faith in them.

The ECB President said of gold in October 2013 that gold is a “reserve of safety” that “gives you a value-protection against fluctuations against the dollar.” Draghi told an open forum at Harvard’s Kennedy School of Government, why central banks want gold and what value it offers. He said that there were “several reasons” to own gold including “risk diversification.”

More…

 

Bill,

I saw this and wanted to keep readers up on this important lawsuit.

Dave

Bombshell Lawsuit Claims FBI Knowingly Hid Evidence from Congress of Explosives Used on 9/11
March 27, 2019

In yet another major move from the great folks over at the Lawyers’ Committee for 9/11 Inquiry, Architects & Engineers for 9/11 Truth, and 9/11 victim family members Robert McIlvaine and Barbara Krukowski-Rastelli, a joint federal lawsuit has been filed to assess any evidence the FBI may have known about that contributed to the destruction of the towers on 9/11 which they may have kept from Congress.

The complaint cites the failure of the FBI and its 9/11 Review Commission to assess key 9/11-related evidence that the FBI can be shown to have had, or been aware of, regarding:

  1. the use of pre-placed explosives to destroy World Trade Center Buildings, 1, 2, and 7;
  2. the arrest and investigation of the “High Fivers” observed photographing and celebrating the attacks on the World Trade Center on 9/11;
  3. terrorist financing related the reported Saudi support for the 9/11 hijackers;
  4. recovered plane parts, including serial numbers from all three crash locations;
  5. video from cameras mounted inside and outside the Pentagon; and
  6. cell phone communications from passengers aboard airplanes.

More…

 

Jim,

This spells trouble ahead.

Dave

New Kind Of Deflation Impels The Great Bond Rally
March 28, 2019

A different kind of deflation is worrying the world’s central banks. The Federal Reserve began to back off planned increases in interest rates and reductions in portfolio holdings at the end of December, when equity and commodity markets crashed together.

A full retreat by the Fed as well as the European Central Bank arrested the fall in stock and commodity prices, but inflation expectations continue to fall in all major markets.

That’s a different kind of deflation, brought on by buyer resistance to price increases. We saw that vividly in the February report on the US labor market, where employers simply stopped hiring in sectors where wages had risen the most. We observe it in the housing market, where buyers are pushing back against higher prices, and (once again) in the market for wireless telephone service.

The worst performer on the S&P 100 today is Verizon, down more than 4% on investor fears that the wireless provider won’t be able to hold its pricing structure after T-Mobile merges with Sprint. A combination of technological change, market disruption and tight consumer budgets has steepened demand curves more or less across the board.

More…

 

Jim,

Just the facts on the ground.

Dave

Huawei Mocks US ‘Loser’s Attitude’
March 29, 2019

The face of China’s rise to compete internationally in high-technology industries had 100 billion reasons to brag on Friday, touting a huge revenue breakthrough, while at the same time taking shots at the US government.

Chinese telecommunications equipment and consumer electronics maker Huawei announced that its revenue exceeded $105 billion, a first for the company that is now on par with the likes of Microsoft and Google in that category.

The milestone was reached thanks to soaring sales of its smartphones – despite the fact that the devices are effectively locked out of the US market.

The company’s rotating chairman, Guo Ping, characterized US attempts to paint Huawei as an arm of the Chinese government as a desperate effort to hold them down.

More…

 

Jim,

You brought up this very important point.

Dave

Trump Owns the Economy Now, for Better or Worse
March 28, 2019

WASHINGTON — President Trump is getting exactly what he wants on the economy, but it may not last.

The Federal Reserve has abruptly stopped its march toward higher interest rates, as Mr. Trump demanded. The tax cuts he signed in late 2017 are in full swing. His attempt to rewrite the global rules of trade are underway, and he proclaims himself happy with the array of new tariffs he has imposed. His recent comments suggest he is unconcerned about slowdowns in China and Europe, which he considers economic rivals.

But while Mr. Trump points with pride to last year’s economic growth and promises even faster growth to come, there are signs that his most dependable talking point is eroding. On Thursday, the Commerce Department issued a downward revision of its estimates for economic growth in the fourth quarter, pushing one measure of the full year’s growth down as well.

More…