Posted at 9:03 AM (CST) by & filed under USAWatchdog.com.

By Greg Hunter’s USAWatchdog.com

Financial writer John Rubino says gold is at new all-time highs, silver is vaulting upward and there is no end in sight for the massive money printing around the world.  Rubino say’s if you look deeper, you can see the “real message” in the unfolding events.  Rubino explains, “It’s fun to be a gold bug and see your stacks getting more valuable, but the real message here is the world is on the verge of spinning out of control.  That’s what gold and silver are signaling.  We’re just a mess with no way out of this because even before the pandemic hit, we were running deficits in the U.S. of a trillion dollars a year.  That is an emergency level of government borrowing, but we were doing it in the 10th year of a recovery or expansion.  Normally, everybody is back at work, paying taxes, government debt goes way down and sometimes it even turns into surpluses, but that wasn’t happening this time, which is a sign the monetary experiment that began in 1971 when we went off the gold standard and went to all fiat currencies everywhere was ending.  We are no longer able to manage economies with this much debt just by printing new currency and borrowing more money.  The system was going to break down anyway, but the pandemic has come along and accelerated the process.”

Rubino goes on to say, “So, now people ask:  Is there a pain free way of getting out of this and getting back to normality?  And the answer is probably no.  We have to get rid of this debt somehow.  I think the global debt to GDP is in the 350% to 400% range, which is the highest ever.  We have never had a society that has borrowed this much money before.  Past societies have seen their monetary system breakdown before they got to this point.  So, we are now an historical outlier as to how much debt we have taken on. . . . This means when all this debt gets wiped out, this might be historically worse than anything we have seen in the past.”

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Posted at 11:49 AM (CST) by & filed under Jim's Mailbox.

Our pal Manny sent us some Tues. humor and it’s a doozy! Maybe twitter should have censored this to save some “left face”, but maybe they just figure if it’s left it is right? I wonder if anyone ever explained this to him or if he still believes islands can just tip over?

Bill

Posted at 11:44 AM (CST) by & filed under In The News.

Bill Holter’s Commentary

Erik on the “privilege” of issuing the global reserve currency.

American Exceptionalism and the Reserve Currency_001

American Exceptionalism and the Reserve Currency_002

Bill Holter’s Commentary

He is saying fiat forever? Maybe he misses the point and does not understand? Gold IS money, everything else is credit…!

Rabobank: Yes, Gold Is Soaring, But Here Is What The Goldbugs Are Missing
July 28, 2020

By Michael Every of Rabobank

Golden Balls

‘Golden Balls’. That was the name of a not-very-successful UK game show from 2007. It was also what the British used to call David Beckham, arguably the most talented footballer of his generation locally. He bestrode the world football stage like a colossus from Manchester United to Real Madrid to LA Galaxy. Everyone around the world knew him and loved him. And yet, Becks never won anything when playing where it really mattered most – internationally, for England. There were several times when his England team almost nearly kinda could shoulda woulda won something…but never did. All they ever had were flashes of brilliance from Golden Balls and a memory of when they were winners in the distant past

All of which seems appropriate, to me at least, given there is so much obsession with gold at the moment. We are now close to USD2,000 and there seems no stopping it. Will we get to USD3,000, as one major bank with a Beckham-esque name is claiming, or will we go to USD5,000, as a razor-sharp friend suggested to me yesterday? Either is possible given the current trend. And, if you buy gold, technically that is going to make you money.

And yet that money is still going to be priced in US DOLLARS – and that gives the whole game away. Like fans of the England football team, gold fans can dream of the distant past when gold was the centre of the global monetary system; but they can keep dreaming if they think those days are ever going to return. Gold may be an appreciating asset, but all the evidence suggests that it won’t be one that is of any direct relevance to day-to-day life, finance, and business. Your currency won’t be tied to it. You won’t get paid in it. You won’t spend in it or save in it (other than to the switch back to US Dollars). You won’t be doing deals in it or importing in it.

Yes, as the gold bugs rightly point out, there are spooky parallels between today’s trends and those of the 1930s. Uncertainty abounds. We have political polarisation and the collapse of the centre almost everywhere, albeit tapered by the welfare state for now (on which front, the Republicans have apparently agreed on the details of a new US1 trillion stimulus package).

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Bill Holter’s Commentary

Donald Trump Jr’s twitter account was taken down for posting this. Youtube and Facebook appear to have scrubbed this video also. Just one comment, if “they” don’t want you to see it?…The information is probably very, very real in our world of nothing but coordinated and choreographed bullshit! Post note; we are not doctors but they are in the video. What we seek is free speech for everyone which has already been severely restricted, this is just another prime example.

American Doctors Address COVID-19 Misinformation with SCOTUS Press Conference
July 27, 2020

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Posted at 10:50 AM (CST) by & filed under General Editorial.

Great and Wonderful Monday Morning Folks,

        August Gold has made a new Life of Contract high in the early morning with the trade at $1,938.20, up $40.70 with the high nearby at $1,941.90 and the low at $1,899. September Silver seems to be leading the charge with its trade at $24.56, up $1.71 with the high up at $24.82 and the low at $22.94. The US Dollar is finally heading in the right direction as well. After all, a trillion here and a trillion there, makes for a damn good anchor with the value now pegged at 93.76, down 62.5 points, with the low right here at 93.705 and a high way up at 94.375. Of course, all this happened while we slept, before 5 am pst, the Comex open, the London close, and after another professor from the English Dept at Rutgers University declares that proper use of grammar is a hidden form of racism because it disadvantages students of “multilingual, non-standard ‘academic’ English backgrounds.” I say, don’t worry, we have apps to fix that with no “feelings” to hurt or convey and it’s cheaper to boot, and they can be used for home schooling too.

      Since the Dollar is finally making the plunge, the emerging markets currency activity should really start to pop with Gold’s price under the Venezuelan Bolivar now at 19,357.77 proving a 477.40 Bolivar gain with Silver at 245.293 Bolivar giving the holder an additional 17.977 Bolivar gain in value. Argentina’s Peso now prices Gold at 139,233.37 Peso’s giving the noble metal a 3,574.96 gain over the weekend with Silver adding 130.55 A-Peso’s with the last price at 1,764.34. Gold under the Turkish Lira, is now priced at 13,276.55 Lira giving the holder a 330.25 gain with Silver’s last trade at 168.235 T-Lira adding an additional 12.365.

      July Silver’s Delivery Demands, one of the most ignored plights (Comex-deliveries) in the overall topic called precious metals, now has an Open Interest tally at 1,031 fully paid for 5,000 ounce contracts and with a Volume of 35 already up on the board with a trading range between $24.37 and $24.195 with the last trade at $24.355 up $1.547 so far today. Last night, when trading started, Silver’s Volume hit 14 contracts with no price posted. What is more striking about this, is Friday’s trades within the delivery system. July Silver’s Delivery Demands dropped by 239 contracts with the full day’s trading range between $23.07 and $23.065. That’s a ½ penny trading range that had a Volume of 189, yet the Comex price fixers decided to allow the settling price to be much lower than any trade occurred at $22.808, dropping the value by 13.7 cents by the end of the day. I wonder if the version of “law” within the CFTC books is equal to the version of law under the eyes of the DOJ? That may be answered soon enough (JPM) as we pile on the questions as to how 189 contracts can trade in a ½ penny range but 35 has much more of a spread? Today’s buyers must not be part of the club. Silver’s Overall Open Interest now sits at 186,346 Overnighters going against the physicals proving a gain of 474 since Friday’s tally.

      July Gold’s Delivery Demands now has 524 fully paid for contracts posted and with a Volume of 165 already up on the board providing a trading range between $1,938 and $1,901.50 with the last trade at the high, up $40.70 so far today. The physical demand count has increased by 388 contracts from Friday’s tally that had a Volume of 474 with a single price for a trading range at $1,884.30. Yet the Comex Price Fixers settled the trade at $1,897.30, a gain of $8.20 (from Thursday’s close) even though there were no trades near that price. Gold’s Overall Open Interest also gained 1,088 more shorts going against the physicals bringing the tally to 610,362 Overnighters. Tomorrow is the July Options expiration day with Wednesday being the last day for July buyers, who need physicals immediately. Not only that, August Gold, a primary delivery month for the noble metal, has an Open Interest of 197,548 contracts. This tally has to drop or we may see $38,284,802,400 in purchases. What can go wrong? Nothing! That is if you have your metal already.

      The events of the year, have really taken a toll on just about everything in finance and economics. Everything has changed! What had value, no longer has it. What didn’t have value and was considered a barbarous relic, is all of a sudden, the must have. That’s why we are here, sticking to the topic that has been ignored by the fake media and the fake financial system that supported the media Creature Style. Their game is over, and ours has just begun.

      So, sit tight – you are right! Holding precious metals while the world hated it is proving to be one of the best decision’s one could have made. Most of those, that are trading in the various sectors of precious metals, have been beaten to a pulp, lying in pools of blood, with cuts and bruises, missing teeth, and with broken bones to boot. How could they have survived all this and still be right here and in place? Determination! I don’t know about you, but I think the central banks bullies, in the playgrounds of our sector, are getting tired. We may be a bloody mess, but we’re outlasting the bullies, like Steve Rogers, We Can Do This All Day Long! Prayers for all, and as always …

Stay Strong!

Jeremiah Johnson

JeremiahJohnson@cableone.net

Posted at 9:57 AM (CST) by & filed under Jim's Mailbox.

Jim/Bill,

Welcome to the wonderful world of taxes! This video is priceless and will probably be the best lesson the kid ever learns.

Denny

Yep, welcome to the world where there are only two certainties…death and taxes!

Bill

Viral Video Of Teen Discovering Taxes Is A Moment More Americans Need To Experience
July 27, 2020

“Jojo, how’s it feel openin’ up this first check, man?” Dad asks from the passenger’s seat of the parked car, his voice brimming with expectation. “Oh, c’mon, Papa,” Jojo exclaims with a beaming smile, “let me just open it up.”

The 18-year-old holds his first paycheck proudly toward the camera. Then, in the envelope equivalent of spiking a football, he drops the check’s paper casing to the floor with a flair of a seasoned magician. He unfolds the document, reads the figures, and then, slowly but surely, everything changes.

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Jim/ Bill,

The V shaped recovery is total fiction. We are living through an avalanche and Wall Street is whistling past the graveyard. The FED is propping up every thing with digital money from thin air.

Dave

The Virus Turns Midtown Into a Ghost Town, Causing an Economic Crisis
July 26, 2020

Editors and account managers at the Time & Life Building in Midtown Manhattan could once walk out through the modernist lobby and into a thriving ecosystem that existed in support of the offices above. They could shop for designer shirts or shoes, slide into a steakhouse corner booth for lunch and then return to their desks without ever crossing the street.

To approach this block today is like visiting a relative in the hospital. The building, rebranded a few years ago and renovated to fit 8,000 workers, now has just 500 a day showing up. The steakhouse dining rooms are dark.

On a sidewalk once lined with food carts, a lone hot-dog vendor stood one recent Friday on a corner below the building. His name is Ahmed Ahmed, and he said he used to sell 400 hot dogs a day.

How many now? “Maybe 10.”

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Posted at 9:50 AM (CST) by & filed under In The News.

Bill Holter’s Commentary

I truly feel for this guy as we were burned out of our home 9 years ago. The only difference is that my guns burned up in the fire whereas this fire seems to have moved him to wanting to buy a gun (don’t forget the ammo!). I would simply ask, why do you not already have one, or 10? I would also ask, have you bought any gold or silver yet? Better hurry!

Radio Host Mocked Trump By Claiming Seattle Is Peaceful, Then Rioters Wrecked His Apartment Building
July 26, 2020

Update: The story has been updated with further clarification on the premises damaged by rioters.

Seattle radio host and Twitter-based criminal defense advocate Paul Gallant “dunked” on President Donald Trump last month by denying that the riots are violent, then the radio host was scored on by rioters who trashed his apartment. Now he’s taking up arms.

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

By Greg Hunter’s USAWatchdog.com (Early Sunday Release)

Financial writer and precious metals expert Bill Holter says, “Gold is like a tractor in first gear pulling up a hill,” as it touches all-time highs once again.  Holter thinks the “gold tractor” is going to be shifting up a few gears in the not-so-distant future.  Holter, who has been dubbed the new “Mr. Gold” by the reigning “Mr. Gold,” Jim Sinclair, explains, “There is no rush like a gold rush.  The reason being is you get momentum followers.  You get people who are greedy who want to make money.  Then you have the fear trade, and the fear trade is probably the most powerful emotion.  What you are seeing around the world is big money understands we have a credit implosion coming, which is going to take the currencies with it.  Where do you hide?  The place to hide is in gold and silver.”

As much as Holter likes gold, he says silver is way undervalued compared to gold.  Holter has long said when silver prices takes off, “it will be like gold on steroids.”  Holter says, “The reason silver is undervalued is it comes out of the earth at 10 (ounces of silver) to 1(ounce of gold).  That’s God’s ratio.  Man’s ratio had gotten to 120 to 1.  I can tell you which ratio is right and which ratio is wrong.”  Holter thinks God’s ratio is the correct one.

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Posted at 9:13 AM (CST) by & filed under Jim's Mailbox.

Jim Bill,

Every time the banks have too much debt and get in to trouble the Federal Reserve bails them out. Heads they win…tails we lose.

Dave

Citigroup Has Been Paying Out More than It Earned for Years; Now It Has $102.5 Billion in Debt Maturing within Three Years
July 24, 2020

On June 24 Bloomberg News reporters Lisa Lee and Shahien Nasiripour dumped a bucket of cold water on Fed Chairman Jerome Powell’s official narrative that the mega Wall Street banks are “well capitalized” and a “source of strength” in the pandemic.

The Federal Reserve, and particularly the New York Fed which wore blinders leading up to Citigroup’s blow up in 2008, are walking a delicate tight rope in reassuring the public that all is well under their watch versus what any first year accounting major can see is happening on the mega banks’ balance sheets.

The Bloomberg News article revealed the following about the dividends and stock buybacks at Bank of America, Citigroup, JPMorgan Chase, and Wells Fargo:

“From the start of 2017 through March, the four banks cumulatively returned about $1.26 to shareholders for every $1 they reported in net income, according to data compiled by Bloomberg. Citigroup returned almost twice as much money to its stockholders as it earned, according to the data, which includes dividends on preferred shares. The banks declined to comment.”

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