Posted at 1:25 PM (CST) by & filed under USAWatchdog.com.

By Greg Hunter’s USAWatchdog.com (Saturday Night Post)

Financial writer, market analyst and precious metals expert Craig Hemke predicted last year (about this time) that silver was headed way up.  It was up more than 45% for 2020 and was one of the best performing assets of the year.  Now, Hemke is predicting “another 45% rise for silver” and a nice ride up for gold, too.  Hemke explains, “Look at all of the commodities here.  Lumber is up five times.  Iron ore is at new all-time highs.  Soybeans are at new multi-decade highs.  Corn, which goes into everything . . . and all these commodities are taking off, which is, in large part, a dollar debasement story. . . . The idea that ‘inflation is transitory’ is bogus. . . . We just got news that McDonald’s and Amazon are raising their minimum wage to attract workers.  That’s just more dollars being pushed out.  You have more dollars pushed out chasing a finite or decreasing amount of goods because of the supply chain problems around the world.  This is a double edged sword and why inflation is not ‘transitory.’  This is why rates are going to stay higher, and that’s why these negative real rates are going to get even deeper.  The markets are going to figure this out, and the prices of precious metals are going to surge in the back half of the year–again.”

Hemke says the Fed is stuck and is fearful of rising rates with massive U.S. debt.  Hemke contends, “The Fed cannot allow the bond market to sell off because that would translate to higher interest rates.  We are already at $30 trillion in a federal budget deficit . . . and they are averaging 1.5%.  So, they are paying $450 billion in interest alone.  If that goes to 3%, they are paying $900 billion.  If that goes to 4.5%, they are paying $1.3 trillion.  The whole budget deficit has already exploded, and there is no turning back. . . .  You saw the CPI at 4.25 %.  Who in their right mind is going to buy a Treasury note at 1.65%?  They will guarantee themselves a loss of purchasing power of 2.5%. . . . The Fed is promising that the inflation rate is going to come down, and it will be ‘transitory.’  I say it’s not ‘transitory.’  We have $3 trillion in deficit spending this year already, and it’s only going to get worse.  We are on the path of Modern Monetary Theory (MMT), and the Treasury issues the bonds and the Fed just buys the bonds. . . . This creates a very favorable environment for owning physical gold and physical silver even with the phony baloney pricing scheme of futures contracts.”

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Posted at 2:36 PM (CST) by & filed under General Editorial.

CFTC Commissioner Behnam: will you explain your comments about the silver price being tamped down and controlled.

JSMineset interviews Chris Marcus regarding silver manipulation.

Chris Marcus of www.Arcadiaeconomics.com joined us to give an update on his detective work into the silver manipulation and his letters to the CFTC.  Chris is a true soldier of truth and should be commended for his diligence and bravery!

Letter to CFTC’s Behnam PDF

Posted at 12:56 PM (CST) by & filed under Jim's Mailbox.

Jim warned us all this will happen here when Britain did the same.

Soo much irony … Beverly Hills is very much a liberal city, in a liberal state, that doesn’t believe in the nations laws … who will they complain to, Biden or Trump?

The Raid That Rocked The Met: Why Gun And Drugs Op On 6,717 Safety Deposit Boxes Could Cost Taxpayer A Fortune
October 24, 2009

The Finchley Road is one of the busiest thoroughfares heading out of London. It leads traffic north past Lord’s Cricket Ground and the multimillion-pound houses of some of the country’s richest hedge-fund managers all the way to the M1. At three in the afternoon it’s always pretty slow going, but on this particular summer Monday the traffic was almost at a standstill.

This was partly because the normal three lanes going north had been cut down to one. But it was also because of drivers slowing down to a crawl so they could gawp at the massive police operation unfolding on a busy corner of the road.

Police vehicles – both cars and menacing armoured trucks – jammed up two lanes. Dozens of armed officers in bulletproof vests were standing ready, waiting to be called inside an anonymous-looking building. From the sheer manpower and weapons on display it looked like the capital was under another terrorist attack.

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And now…

The FBI Seized Heirlooms, Coins, and Cash From Hundreds of Safe Deposit Boxes in Beverly Hills, Despite Knowing ‘Some’ Belonged to ‘Honest Citizens’
May 10, 2021

Dagny discovered that the FBI had seized the contents of her safe deposit box—about $100,000 in gold and silver coins, some family heirlooms like a diamond necklace inherited from her late grandmother, and an engagement ring she’d promised to pass down to her daughter—almost by accident.

She’d been asked by a friend to recommend a convenient and secure location for keeping some valuables. Dagny searched Yelp to find the phone number for U.S. Private Vaults, a Beverly Hills facility where she’d rented a safe deposit box since 2017. That’s when she saw the bad news.

“Permanently closed.”

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JB

Where is the least safe place to keep your property? The answer is in a safety deposit box.

Jim

Posted at 10:05 AM (CST) by & filed under In The News.

Bill Holter’s Commentary
OOPS!!!

LBMA Misleads Silver Market With False Claims About Record Silver Stocks
May 12, 2021
Submitted by Ronan Manly, BullionStar.com
In a shocking retraction, the bullion bank dominated London Bullion Market Association (LBMA) has just announced that it has been overstating LBMA silver vault holdings by a massive 3,300 tonnes of silver.
This overstatement relates to the total quantity of physical silver bars that the LBMA claimed were being held in LBMA vaults in London as of end of March 2021.
These LBMA vaults in London are operated by three banks, namely the infamous JP Morgan, the equally infamous HSBC, and the maybe not so infamous ICBC Standard Bank, and three security vaulters, Brinks, Malca Amit and Loomis.
On 9 April, to much fanfare, the LBMA published updated monthly vault data for London vaulted silver bars, claiming that as of end of March 2021, total silver held in LBMA London vaults had risen by a whopping 11.04% during March from 1.125 billion ozs (34,996 tonnes) to 1.249 billion ozs (38,859 tonnes), i.e. an increase of 124 million ozs or 3863 tonnes.
LBMA even claimed that this surge in silver holdings meant that there were record stocks of silver in London, titling it’s press release, ‘Record Stocks of Silver in London Vaults – End March 2021’:
“As at end March 2021, there was a record stock of silver held in London vaults. In total there was 38,859 tonnes of silver, representing an 11% increase on the previous month, valued at $30 billion which equates to approximately 1,259,310 silver bars.”
This, it turns out, was not true.

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Posted at 9:25 AM (CST) by & filed under In The News.

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Bill Holter’s Commentary

“At some point, private holders of Treasury debt will liquidate their holdings – as foreigners have begun to do – and rates will rise sharply. (See Figure 2.) For every percentage point increase in the cost of financing federal debt, the US Treasury will have to pay an additional quarter-trillion dollars in interest.”

US Fiscal Profligacy And The Impending Crisis
May 10, 2021

Massive demand-side stimulus combined with constraints on the supply-side in the form of higher taxes is a sure recipe for inflation and eventual recession.

The Fiscal Year 2021 US budget deficit will amount to 15% of US GDP after the passage of an additional $1.9 trillion in demand stimulus, according to the Committee for a Responsible Federal Budget, a proportion that the United States has not seen since World War II.

It is hard to avoid the conclusion that the Biden administration’s fiscal irresponsibility arises from a cynical political calculation. It evidently proposes to employ the federal budget as a slush fund to distribute benefits to various political constituencies, gambling that the avalanche of new debt will not cause a financial crisis before the 2022 Congressional elections.

The additional $2.3 trillion in so-called infrastructure spending that the administration has proposed consists mainly of handouts to Democratic constituencies.

Where is foreign money going?

During the 12 months ending in March, the deficit stood at 19% of GDP. Even worse, the Federal Reserve absorbed virtually all the increase in outstanding debt on its balance sheet.

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